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24/05/2024
Mining NewsUncategorized

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.

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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

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