Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Rio Tinto’s (NYSE: RIO ASX: RIO) subsidiary Kennecott has delivered first drill results at Alderan Resources’ Frisco copper/gold/silver project in Utah.
Kennecott has completed all four holes in the program, which is designed to test the possible continuity of mineralisation between the Cactus and Comet Cu-Au prospects as well as the large blind IP anomaly at Reciprocity.
According to the company, the drill returned a total mineralised intercept of 73.96m at 1.1% Cu, 0.35 g/t Au, 4.5 g/t Ag and 37.9 ppm Mo including
o 40.96m at 1.9% Cu, 0.62 g/t Au, 7.1 g/t Ag and 62.8 ppm Mo.
“We are highly encouraged by the results from this first hole drilled by Kennecott under the earn-in agreement, which is the best received to date in this prospect. We look forward to results from the other holes in the program which will provide further validation of the prospectivity of this and other prospects targeted.” said Alderan managing director Peter
Williams.
Rio Tinto’s subsidiary will earn 70% of the project by completing three stages which will total $30 million exploration expenditure.
Midday Tuesday, Anderan’s stock was up nearly 5% on the ASX. The company has a $21 million market capitalization.
