Reservoir Serbia Cukaru Peki drilling results raise attention
Alongside Timok cooper-gold project which Lundin might take over, Reservoir recently reported on its second exploration drilling results Cukaru Peki.
Just over a month after Lundin Mining signed a US$262.5 million pact to take Freeport McMoRan’s stake in the Timok project off the US-based company, Reservoir has, once again, made the investment community stand up and take note of the project.
The highlight of the 12 infill holes focused on the Upper Zone at Cukaru Peki was a 136m intercept (true thickness of 119.3m) grading 6.05% Cu and 6.80g/t Au from 463m depth. Within this, was a 49m hit (from 509m depth) that came with an average grade of 13.74% Cu and 11.82g/t Au.
These high grade hits – which bolster a maiden inferred resource of 65.3 million tonnes at 2.6% Cu and 1.5g/t Au at Cukaru Peki – present Reservoir with both a dilemma and an opportunity.
The Toronto-listed company, which owns 45% of the Timok joint venture, is currently weighing up an option to match Lundin Mining’s offer for Freeport’s 55% stake in the JV, but knows it would have to break out of its prospect generator model and potentially dilute its shareholders, or find a partner, to match the pact.
Either way, such high grade hits will reinforce the point deposits like Cukari Peki don’t come along very often.
Source: Mining journal
Latest Posts
- Serbia, The real plans of the Jadar project
- Eurasian Resources Group highly commends the publication of the Critical Raw Materials Act
- Rio Tinto has spent more than a million euros on land in Serbia at the proposed site of a lithium mine that was eventually cancelled a year ago
- A new grievance mechanism for Chinese overseas mining needs to be free to use
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
Popular Post
- Serbia, The real plans of the Jadar project
- Rio Tinto Ultra lithium mining project in Serbia
- Lithium extraction in Europe
- Erin Ventures boron Piskanja project in Serbia, drilling report updates
- Who are the main players in the ore exploration business in Serbia
- Serbian calcite exploitation company Belkalhan opening supply channels toward Europe industrial users for delivery contracts 2024/2025
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
- First Quantum Minerals, Roaring Back to Life thanks to sale of Kevitsa nickel-copper-platinum mine in Finland
- What Are The Major Natural Resources Of Macedonia?
- Canadian mining companies in Europe & ISDS