M3 Mining jumps 18% on historical copper workings find in WA

M3 Mining (ASX:M3M) shares jumped more than 18% to 6.5cps in the first hour of trade on the news of new copper finds.

Specifically, the company has identified 14 historical copper workings on-site its Victoria Bore project in WA near Onslow.

Those 14 instances occur along a 600m strike length and are surrounded by a 1.3km long geomag copper anomaly 3km away from the historic mine after which the project is named.

“The workings all contain remnant copper oxide mineralisation,” the company wrote on Thursday.

“Grab samples have been obtained from all sites in addition to other copper occurrences that were found between the workings.”

Specimens containing the electrification metal were confirmed by pXRF analysis in a soil sampling program located some 3km southeast of the historic Victoria Bore copper mine proper.

“These samples are currently being dispatched to independent laboratories in Perth with results expected later in the current quarter,” the company added.

“The group of workings could relate to the ‘Victoria West’ Minedex entry which may have been mistakenly lodged (or the product of incorrect coordinate conversion) as occurring 1.5km to the north, however, this is yet to be confirmed.”

The company noted on Thursday further follow-up work will now be conducted.

“These workings were not previously recorded and were ‘rediscovered’ by a recent pXRF soil sampling program. The significance of finding further historic copper workings at Victoria Bore cannot be understated,” M3 Mining chief Simon Eley said.

“The team will focus all their attention on identifying the scale and nature of the copper mineralisation across the 600m extent where the fourteen workings were found.

“The importance of copper continues to grow and is expected to remain a critical commodity.”

M3M last traded at 6.5cps.