30 C
Belgrade
Supported byspot_img
spot_img

Nevsun Hits in Serbia Timok project 556.8m At 1% Copper And 0.2g/T Gold

Member of Europium Groupspot_img
Supported byspot_img

Copper miner Nevsun Resources is excited by the “enormous potential” at its Timok Lower Zone in Serbia after assays highlights included 556.8m at 1% copper and 0.2g/t gold from 1,310m.

The abovementioned result also included 177m at 1.45% copper and 0.32g/t gold, and was among more than half a dozen results measuring in the hundreds of metres around the 1% copper grade.

The results are from the recently completed US$20 million exploration programme at the Lower Zone, which is a joint venture with major Freeport-McMoran.

Supported by

Nevsun CEO Peter Kukielski said the company believed the Lower Zone represented “a store of value” in an environment where large, high-quality and well-located copper deposits were becoming increasingly rare.

“We find ourselves in the enviable position to be able to deliver new copper production in the relative near term via the high grade Upper Zone and the future potential of Lower Zone development,” he said.

The company intends to release a prefeasibility study for its 100%-owned Upper Zone copper-gold project at Timok after market close today.

It aims to release a maiden resource for the Lower Zone in mid-2018.

Nevsun reported a net loss for 2017 earlier this month due to its investment at Timok and lower copper production at higher cost than expected at its 60%-owned Bisha mine in Eritrea.

Shares in the company have ranged between C$2.48-$3.54 over the past year and rose 5c yesterday to $3.01, capitalising it at $910 million.

Source: mining-journal

Supported byElevatePR Digital

Related News

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...

Guatemala revokes environmental license for Canadian-backed open-pit mine

The Guatemalan government has revoked the environmental license for a proposed open-pit mine near the border with El Salvador, citing multiple "anomalies," including forged...

Thailand’s $1.20 quadrillion mineral wealth: A catalyst for new industrial growth

Thailand is home to a treasure trove of mineral resources that could significantly boost its economy and spearhead the development of new industries. With...
Supported by
Supported by
Supported by
error: Content is protected !!