It took the company a very long time to release the final assay results from the 2022 (!) drill program but Infinitum Copper (INFI.V) has finally released the assay results from the final six holes of the 12-hole drill program completed at La Adelita last year.
Infinitum used the assay results from hole AD-22-0028 as its headline result, and it’s pretty clear why. The 48.7 meters (on a true width basis) containing 1.22% copper-equivalent is an excellent result. The majority of the copper-equivalent result indeed consists of copper (0.80%) while the drill bit also intersected 0.35 g/t gold and 19.4 g/t silver in the same assay. There were two distinct (slightly) higher grade zones of around 21.5 and 21.9 meters of 1.34% copper-equivalent within the hole.
The location of hole 28 was also interesting as it is located about 65 meters north of hole 18 and 175 meters north of hole 19 which encountered respectively 20.6 meters of 3.71% CuEq and 32.3 meters of 1.74% CuEq and this confirms the exploration theory the mineralization continues towards the north. The mineralization remains open to the north, east and west.
The company also released the assay results of hole 21 which encountered almost 20 meters of 1% copper-equivalent from a depth of just 34.5 meters down-hole.
Infinitum also confirmed it has now closed its previously announced private placement, raising a total of C$1.67M in a financing priced at C$0.07 per unit. Each unit consists of one common share in Infinitum as well as a full warrant allowing the warrant holder to acquire an additional share in the company for C$0.14 during a two year period.
The cash proceeds of this financing will be used to fund a new drill program at La Adelita which should start within the next few weeks (the company aims to have the drill rig up and running next week). This means we can likely expect more drill results to be released during the summer and perhaps already in June.
Disclosure: The author has a long position in Infinitum Copper. Infinitum is a sponsor of the website. Please read our disclaimer.
