CuOro Resources' goal of becoming Colombia’s first copper producer received a shot in the arm in the form of its latest drill results.
The assays came out of eight drill holes at its Santa Elena project in the country’s Antioquia Department, roughly 120 km northeast of Medellin.
The results were highlighted by: hole SEDDH-84 intersecting 6 metres grading 4.9% Cu at a depth of 56 metres; hole SEDDH-91 hitting 5 metres grading 1.2% Cu at a depth of 35 metres and hole SEDDH-88 hitting 67.5 metres of 0.22% Cu at a depth of 145.5 metres. True widths of the intercepts are unknown at this stage.
And while the results were stellar, they failed to outshine a previous best intercept of 102.9 metres grading 1.44% Cu and that may have been why the company’s shares were off 2¢ or 2.5% to 78¢ on 2,000 shares traded in Toronto on July 31.
Vancouver-based CuOro has two drill rigs turning on the property as it pushes ahead on its 25,000 metre program. It has drilled roughly 19,735 metres.
The recently discovered mineralized sulphide body that the latest holes tested is roughly 65 metres in length, nearly parallel to surface and begins at no deeper than 40 metres below surface.
The drill program is being funded out of the $25 million that the company raised over the course of last year. As of March of this year it still had $17 million in the kitty and says it plans to spend a total of $9 million over the course of the year at Santa Elena.
Noranda first did work on the property back in 1997 when it identified a high conductive anomaly extending 900 metres by 500 metres.
Mineralization is being classified as a Beshi-Type VMS deposit and the project is reached via a paved road and has access to water and power.
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