Intrepid Mines (ASX:IAU) has announced some assay results from its drill program at the Mumbwa project in Zambia, where it has completed a 12-hole drill program for a total of 2,251 meters.
This drill program seems to have been pretty successful, as Intrepid encountered 30 meters at 2.13% copper and 23 meters at 1.87% copper, almost starting from surface as both mineralized zones were discovered at a depth of respectively 15 meters and 23 meters. And yes, there are even shallower high-grade intervals such as 14 meters at 1.13% copper starting at just 5 meters from surface and almost 9 meters containing 1.63% copper at a depth of 2.25 meters.
That’s great, but the main issue will very likely metallurgy as the copper zones are highly oxidized and located in clay rich zones which might make it a bit more difficult to effectively recover the copper. The grades are excellent, but the jury is still out on how economic this project could be.
Go to Intrepid’s website
The author has no position in Intrepid Mines. Please read the disclaimer
