High-grade copper results provide some relief to 29Metals after earlier mine shutdown

Base and precious metals miner 29Metals Ltd (ASX:29M) has picked up a swathe of high-grade results from drilling at its Capricorn Copper project in Queensland, as the company looks ahead to a potential restart of operations there, having suspended them in March.

29Metals carried out a three-hole drill program at the project, reporting intercepts such as 4.8% copper (Cu), 10 grams per tonne silver (Ag) and 199 parts per million cobalt (Co), and further delineating a new mineralised zone to the east of its Mammoth orebody.

The drilling provided more information on this zone, dubbed ‘Woolly’ – confirming its orientation and also continuity – with results including 47 metres at 1.1% Cu, 3g/t Ag, 60ppm Co from 567 metres, including 7.2 metres at 4.8% Cu, 10g/t Ag, 199ppm Co, from 583.3 metres.

High-grade copper mineralisation was also intercepted along strike outside of the Mammoth mineral resource estimate (MRE), with this being achieved through resource extension drilling.

Results from this included 45.4 metres at 2.5% Cu, 9g/t Ag, 161ppm Co, from 345 metres.

CEO James Palmer said the results were encouraging in relation to what might be found at the project.

“These results highlight the potential value to be unlocked at Capricorn Copper and the prospectivity of 29Metals’ ~1,900km2 Mount Isa inlier position,” he said.

“We plan to continue exploration investment in parallel with progressing imperatives for a sustainable and successful future restart of operations, aiming to build on a long history of successful step out drilling at the asset to grow and enhance the already sizable metal endowment at Capricorn Copper.”

The suspension of operations – reported at the end of March – was a result of freak rainy weather caused by consecutive tropical cyclones in the region, and pushed the price of 29Metals shares down 35%.

By contrast, the market has recorded a slight lift this time around, with shares trading at 38 cents at 12:13 AEDT – a rise of 2.70% since the market opened.