LONDON (Alliance News) - Rambler Metals and Mining PLC Thursday announced results from drilling at its Little Deer prospect and said it is on track to meet or exceed its full-year production guidance, after increasing copper production in its third quarter compared to the previous year.
The copper and gold producer, which operates in Newfoundland and Labrador in Canada, said production in the three months ended April 30 increased 36% to 6,238 tonnes of copper concentrate when compared to the previous year, but fell 9% when compared to the previous quarter.
The company also said the number of dry tonnes mined overall increased 12% to 49,355 tonnes when compared to the previous year but also fell 3% when compared to the previous quarter.
Rambler said its gold, silver and copper recovery rates and head grades were all within or above its guidance for the full year.
"I am confident that Rambler is on track to meet or exceed the top end guidance for copper recovery, concentrate produced and metal production," Chief Executive Norman Williams said in a statement.
The company separately announced that its joint venture partner Thundermin Resources Inc has found copper regions from drilling at the Little Deer Copper Deposit in Newfoundland.
It said two separate holes at the site found copper in multiple regions including a 3.4 metre space with 2.9% copper grading and a 3.8% copper graded region within a 2.0 metre space.
The company said the 3,800 metre drill programme was designed to increase the mineral resources at the site and to further upgrade resources into the indicated category on the eastern portion of its deposit.
The two parties are now compiling further drill information and selecting additional holes to be drilled at the site.
Rambler Metals & Mining shares were down 0.3% to 25.05 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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