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Lumina Copper’s (CVE:LCC) massive copper/gold/molybdenum deposit in Argentina now has two new copper mineralized zones with intersects of 222 meters grading .83% copper equivalent.
Lumina Copper’s stock was largely unchanged by the news, starting the day up but then finishing the day down 1.51% to $9.14.
On Monday Ross Beaty, who owns about a quarter of Lumina Copper, lamented the political climate in Argentina, which he said is hindering development of the project.
Lumina’s news release discussed the intersect:
The first zone is located approximately 250 meters northwest of the current National Instrument 43-101 (“NI 43-101”) mineral resource estimate and has been defined to date by 24 holes (assay results for 4 holes received to date) over an area of 600 meters in a east/west direction by 600 meters in a north/south direction. The zone is characterized by high grade supergene copper mineralization associated with a broad north/south trending fault zone. Drill results received to date are highlighted by hole RC-19 that intersected 222 meters grading 0.69% copper, 0.13 g/t gold and 0.01% molybdenum (0.83% copper equivalent(1), including 40 meters grading 1.67% copper, 0.38g/t gold and 0.02% molybdenum (2.01% copper equivalent).
The second zone is located 750 meters to the north of the current NI 43-101 mineral resource and has been defined to date by hole 96, which intersected supergene copper mineralization starting 28 meters below surface over a length of 116 meters and graded 0.40% copper and 0.53g/t gold (0.71% copper equivalent) including, from 28 meters below surface, 18 meters grading 1.10% copper and 2.1g/t gold (2.32% copper equivalent).
Comments
JJ Butler
Franco-Nevada owns the Taca Taca royalty, and looks to benefit from the exploration success with the political risk.