(LUSAKATIMES) Share price of an Aussie listed company up 45% after announcing the discovery of high grade copper in Mumbwa

Thursday, February 23, 2012

(LUSAKATIMES) Share price of an Aussie listed company up 45% after announcing the discovery of high grade copper in Mumbwa

Share price of an Aussie listed company up 45% after announcing the discovery of high grade copper in Mumbwa
TIME PUBLISHED - Thursday, February 23, 2012, 6:08 pm

An Australian-based resources company called Blackthorn Resources caught investors’ attention in Australia when it announced that it had discovered high grade copper from its Mumba project exploration. The Company reported that it had intersected the best copper intersections recorded to date at the Company’s 100% held Mumbwa Project.

Included in this intersection were the high grade lengths of; 17 metres at 14.88% copper from 211 metres; 10 metres at 10.06% copper from 265 metres; and 10 metres at 9.11% copper from 283 metres.

Blackthorn is exploring the area for Iron Oxide Copper-Gold style of mineralisation.

Drilling is ongoing at the project, with the phase five program to include 19 holes for around 9700 metres, and will wrap up in about a months’ time – with assays to follow thereafter.

By the close, Blackthorn’s shares had added $0.315 or 44% on the day to $1.025, with more than five million shares changing hands.

[Proactive Investors news]

Labels: COPPER