PAIV:Copper Development Corp extremely excited about Basay project drill results
Copper Development Corporation (LON:CDC) chairman Mitch Alland told investors that he is extremely excited about the Basay copper project after the first batch of diamond drill results were received.
This morning the group announced that assays from the first three diamond drill holes confirmed high grade copper mineralisation.
CDC said the results showed exceptional copper grades, ranging from 0.69 percent over 255 metres to 1.01 percent coppers over 111 metres. The drill holes also encountered gold, silver and molybdenum by-products which give ‘copper equivalent’ grades 0.77 to 1.12 percent for the same intervals.
Crucially the grades are substantially higher than many other copper porphyry ore bodies.
"The exceptionally high copper grades from these initial holes demonstrate the exciting world class potential of the Basay project,” Alland said.
“We are extremely excited by the project as these results confirm not only high grades of copper, but also the presence of significant by-product credits in molybdenum, silver and gold.”
A five-rig drill programme is currently in full swing at the Basay project in the Philippines. So far 10 holes have been drilled for a total of 5,000 metres.
Aside from this morning’s assays, CDC added that visual interpretation of unreported drill holes supports the theory that the four known areas of mineralisation at Basay are the corners of a large rectangle, that are part of a much larger system with the potential to comprise a major copper deposit.
The group expects to release a JORC resource statement for Basay before the end of this year.
Separately CDC has subscribed for 6.6 million shares in Crazy Horse Resources (CVE:CZH) at a price of C$0.75 each, for a total subscription od UC$5,000.Subsequently Crazy Horse will have a 11.04 percent stake in Crazy Horse.
The Australia listed firm owns the Taysan Project, an advanced copper-gold porphyry deposit, 100 kilometres south of Manila.
Taysan has a 24 year mine life, with inferred resources comprising 4,720 million pounds of copper and 3.3 million ounces of gold.
