Copper miner Nevsun Resources is excited by the “enormous potential” at its Timok Lower Zone in Serbia after assays highlights included 556.8m at 1% copper and 0.2g/t gold from 1,310m.
The abovementioned result also included 177m at 1.45% copper and 0.32g/t gold, and was among more than half a dozen results measuring in the hundreds of metres around the 1% copper grade.
The results are from the recently completed US$20 million exploration programme at the Lower Zone, which is a joint venture with major Freeport-McMoran.
Nevsun CEO Peter Kukielski said the company believed the Lower Zone represented “a store of value” in an environment where large, high-quality and well-located copper deposits were becoming increasingly rare.
“We find ourselves in the enviable position to be able to deliver new copper production in the relative near term via the high grade Upper Zone and the future potential of Lower Zone development,” he said.
The company intends to release a prefeasibility study for its 100%-owned Upper Zone copper-gold project at Timok after market close today.
It aims to release a maiden resource for the Lower Zone in mid-2018.
Nevsun reported a net loss for 2017 earlier this month due to its investment at Timok and lower copper production at higher cost than expected at its 60%-owned Bisha mine in Eritrea.
Shares in the company have ranged between C$2.48-$3.54 over the past year and rose 5c yesterday to $3.01, capitalising it at $910 million.