Silver City Minerals up 31pc on high-grade copper and gold results in Broken Hill
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Explorer Silver City Minerals has reported high-grade copper, gold, silver and cobalt in results from a second drill hole in Broken Hill.
Two significant copper sulphide intersections have been found in the drill hole at Silver City’s flagship Copper Blow project 20km south of Broken Hill.
Silver City’s (ASX:SCI) shares jumped 31 per cent to 3.8 c after the announcement and continued to climb to close at 4c.
Silver City is undertaking a 11-hole drilling program at the site.
Results from the second drill hole, announced today, show high-grade copper and gold mineralisation.
Broken Hill is known as home to the world’s biggest deposit of silver, lead and zinc – but Silver City is showing the western NSW town also contains an abundance of copper and gold.
In the latest results, one intersection came in at 4 metres at 6.1 per cent copper, 4.23 grams per tonne gold, 13 grams per tonne silver and 220 parts per million cobalt from 188 metres.
The intersection included 1 metre at 11.3 per cent copper, 10.7 grams per tonne gold, 25 grams per tonne silver and 405 parts per million cobalt from 191 metres.
The second intersection was 2 metres at 2.4 per cent copper, 0.8 grams per tonne gold, 5 grams per tonne silver and 95 parts per million cobalt from 162 metres.
The hole was drilled in the southern part of the prospect where little detailed drilling has previously taken place.
Silver City managing director Chris Torrey said the result shows high grade mineralisation was open to the south.
“Magnetic and RAB copper anomalies continue in this south and south westerly direction for a further 3 km providing significant exploration upside,” he said.
The first drill hole is part of a 11-hole, 2600 metre drilling program at the project which began in August. Silvery City is exploring a 750-metre-long target where historic drilling intersected multiple lenses of significant copper and gold mineralisation.
Previous results have been impressive with the first diamond drill hole at Copper Blow intersecting 13.5 metres of strong copper mineralisation only 110 metres below surface.
Results from the remaining eight holes in the program will be released to the market during October.
Silver City, which listed in 2011 and takes its name from Broken Hill, was initially focused on finding the next big silver-lead-zinc ore body in the region.
But after compiling historic drill hole data for its Copper Blow project – and building a 3D geological model — it became apparent that several very high grade copper-gold intersections appeared in drill cores from exploration dating back to early 1980s.
Silver City has a market capitalisation of less than $5 million and cash of about $1.2 million following a recent capital raising to fund the current drill program and pursue follow-up programs.
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