(Alliance News) - Pembridge Resources PLC on Monday announced drill results from a definition and step-out drilling campaign at the Minto mine in Yukon, Canada.
Shares in Pembridge were up 7.6% at 5.65 pence in London in morning trading.
These results, the miner said, strengthen Pembridge's "vision to extend mine life and demonstrate the continuity of underground ore deposits." Pembridge has an investment in Minto Explorations Ltd, the British Columbia incorporated business operating the Minto mine.
Drilling for the campaign took place at the Minto North II, Copper Keel South, Copper Keel West, and Copper Keel North areas from 2019 though 2020.
Results included 38.90 metes at 1.66% copper and 0.51 grammes of gold per tonne of ore from hole 20MIN1096 at Minto North II; 29.48 metres at 1.44% copper and 0.35 grammes per tonne of gold from hole 20MIN1080 at Copper Keel South; and 21.64 metres at 1.16% copper and 0.64 grammes per tonne of gold from hole 20UG110 at Copper Keel West.
Results at Copper Keel North included 8.51 metres at 3.13% copper, 0.87 grammes per tonne of gold from hole 20MIN1063.
A preliminary economic assessment report on the Minto mine, incorporating results from the drill campaign, is set to be published in the second quarter of 2021.
Additionally, Minto Explorations plans to conduct an exploration drill programme in 2021, aiming to further expand resources and advance "numerous high-priority near-mine and regional targets in the Minto copper belt".
Pembridge Chief Executive & Chair Gati Al-Jebouri said: "The extensive drilling programme was carried out during a difficult period with significant limitations due to the Covid 19 pandemic. The Minto team have done an excellent job to complete the 2019/20 drilling programme on budget and with a limited delay that was mainly due to the challenges of getting core samples to laboratories for testing and assay production.
"I am grateful to the Minto team and in particular to the geologists for executing this task efficiently. The initial results, that Minto is continuing to process, and I trust will enable them to produce a [preliminary economic assessment] by Q2 encourage me to believe that the Minto project has significant potential for mine life extension and value creation. I am looking forward to reviewing the PEA, which should show the true value of Minto."
By Anna Farley; annafarley@alliancenews.com
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