Columbus Copper (CCU.V) has released the results of the sampling program at the company’s newly discovered Kavaklitepe gold target. The rock chip sampling program the company completed along a forest track returned 54 meters at 3.3 g/t of gold, including 21.5 meters at 7.2g/t.
Columbus’ story seems to be changing again; after hoping to revive an Albanian chromite mine and drilling for copper in a joint venture with First Quantum (FM.TO, LON:FQM), this new gold target could be very promising. The mineralization was found in an anomaly measuring 850 X 250 meters, so this might be a really good greenfields discovery.
A drill program to drill-test these surface anomalies is definitely warranted, but Columbus Copper might have to raise money first (or find another joint venture partner who’s interested in the Kavaklitepe-anomaly). Next step at Kavaklitepe would be trenching and an IP survey and meanwhile applying for drill permits.
> Click here to read the press release
Disclosure: The author holds a long position in Columbus Copper and no position in First Quantum. Please see our disclaimer for current positions.
