Syndicated Metals (ASX:SMD) has announced more exciting exploration results from its Barbara project which is a 50/50 joint venture with CopperChem which is funding the feasibility study at the project.
Of interest are the intercepts of 31.7 meters of 3.38% copper, including an intersection of 11.7 meters at 7.92% copper and 25 meters of 2.13% copper. According to the company, these drill results seem to confirm the existence of a thick high-grade copper zone in the Southern shoot of the mineralization. Syndicated Metals is still waiting for five more holes and when the assay results for those holes will be reported, the company plans to update the current resource estimate to include all new drill holes. We are confident these drill results will increase and upgrade the current resource estimate of 5.4 million tonnes at an average grade of approximately 1.45% copper containing approximately 175 million pounds.
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Disclosure: The author holds no position in Syndicated Metals. Please see our disclaimer for current positions.
