LONDON (Alliance News) - Kodal Minerals PLC Monday said the results of preliminary underground sampling and surface geophysics at the Grimeli copper project in western Norway had shown the grade potential of the project.
The company said two underground channel samples taken from the lower mine returned grades of 4.93% copper over 0.96 metres and 4.7% copper over 0.86 metres. Surface magnetic survey work has returned multiple magnetic responses over the historic Grimeli mine area, it added.
The total strike of the geophysical responses over the Grimeli Project is now 3,200 metres, and the most consistent geophysical response is a 1.1 kilmetre-long anomaly to the east of the previously mined area.
Kodal said it is now planning a drill program to test these geophysical targets as well as depth extensions of the previously mined area.
"The channel sample grades, while limited in number due to the challenging sampling conditions, do show the grade potential of this project. The previously mined areas adjacent to the sampled pillars were typically two metres wide," Kodal Chief Executive Luke Bryan said in a statement.
"Having 3,200 metres of magnetic anomaly around a mine which produced close to five per cent. copper is a very positive start to our exploration program at the Grimeli Project," he added.
Kodal Minerals shares were up 3.2% at 0.320 pence early Monday.
Its shares rose last Thursday after it said it had identified three new anomalies that could potentially extend the main deposit at its Kodal project in Norway, after it got the results of surface mapping and geophysical studies it undertook over the summer.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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Kodal Minerals (KOD)