-- Copper Giant Resources (CGNT.V) on Tuesday said its first directional daughter holes at the Mocoa copper-molybdenum porphyry project in Colombia returned intervals above the current mineral resource estimate (MRE) average grade of 0.51% copper equivalent (CuEq), confirming and locally exceeding the resource model.
Hole MD-060 returned 285 meters of 0.61% CuEq including 68 meters of 0.97% CuEq starting at 249m, ending in mineralization, and hole MD-059 returned 198 meters of 0.63% CuEq including 141 meters of 0.71% CuEq starting at 355m, ending in mineralization. MD-058 intersected mineralization in an area previously modelled as waste, including 92 meters of 0.39% CuEq over a recently discovered microdiorite porphyry phase within 448 meters starting at 273m, strengthening the vector toward the La Estrella target.
The company said all three holes were terminated at planned design depths, in each case while still in mineralization. Results from MD-058 continue to expand mineralization along the southern margin into areas previously modelled as waste, strengthening the vector toward the La Estrella target, where a third drill rig is now mobilizing.
Copper Giant said these results support resource conversion from Inferred to Indicated and advance the project toward a preliminary economic analysis. Drilling continues at full capacity with two drill rigs currently operating on site, it added.
Shares of the company were last seen up $0.04 at $0.76 on the TSX Venture Exchange.
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