29Metals Unveils High-Grade Copper Discoveries at Capricorn Copper
29M (29M) Share Update July 2024 Sunday 21st
29Metals Announces High-Grade Copper Drilling Results at Capricorn Copper
29Metals Limited (ASX: 29M) has announced significant high-grade copper drilling results from their Capricorn Copper project, highlighting the potential for new mineralised zones and resource extensions.
Instant Summary:
- Three-hole drill program confirms continuity and orientation of new mineralised zone east of Mammoth orebody.
- Significant results include 47m @ 1.1% Cu, 3g/t Ag, 60ppm Co, with a high-grade interval of 7.2m @ 4.8% Cu, 10g/t Ag, 199ppm Co.
- Resource Extension drilling intercepts high-grade copper outside existing estimates, including 45.4m @ 2.5% Cu, 9g/t Ag, 161ppm Co.
- New discovery named 'Woolly' remains open up and down dip and along strike.
- Future drilling programs planned to define the extent of Woolly and target extensions to Mammoth resources.
Drilling Results
29Metals Limited has revealed the outcomes of a three-hole drilling program at their Capricorn Copper project. The drilling results confirm the continuity and orientation of a new mineralised zone east of the Mammoth orebody, now named 'Woolly'. The most significant interval reported is 47 meters at 1.1% copper, 3 grams per ton of silver, and 60 parts per million of cobalt, including a high-grade section of 7.2 meters at 4.8% copper, 10 grams per ton of silver, and 199 parts per million of cobalt.
Resource Extension drilling has also intercepted high-grade copper mineralisation along strike outside the existing Mammoth Mineral Resource estimates. Notable results include 45.4 meters at 2.5% copper, 9 grams per ton of silver, and 161 parts per million of cobalt from a depth of 345 meters.
Exploration and Future Plans
The recent drilling builds on results from the March quarter 2023 drilling program, which included significant intervals such as 228 meters at 1.2% copper and 103 meters at 1.2% copper. The Woolly zone is within 310 meters of existing development at Mammoth and remains open up and down dip and along strike, presenting a sizable exploration opportunity.
Future drill programs, yet to be determined, will aim to define the extent of the Woolly mineralised zone up dip and target extensions to the Mammoth Mineral Resources estimates. These results are not included in 29Metals' updated Mineral Resources & Ore Reserves estimates as of 31 December 2023.
CEO's Comments
James Palmer, Chief Executive Officer of 29Metals, commented on the results, stating, 'These results highlight the potential value to be unlocked at Capricorn Copper and the prospectivity of 29Metals’ ~1,900km2 Mount Isa inlier position. We plan to continue exploration investment in parallel with progressing imperatives for a sustainable and successful future restart of operations.'
The announcement of high-grade copper drilling results is likely to positively impact 29Metals' stock price as it indicates potential for resource expansion and increased future production. The discovery of the Woolly zone and the promising results from Resource Extension drilling could enhance investor confidence in the company's exploration strategy and long-term growth prospects.
Investor Reaction:
Investors and analysts have responded positively to the news, noting the potential for significant resource expansion at Capricorn Copper. The high-grade results and the strategic plan for future drilling programs have been highlighted as key factors that could drive the company's growth.
Conclusion:
29Metals' recent drilling results at Capricorn Copper suggest substantial potential for resource expansion and increased production. Investors should keep an eye on future drilling updates and the company's strategic developments to assess the long-term impact on their portfolios. The company's commitment to continued exploration investment and sustainable operations bodes well for its future prospects.