Vancouver – International Barytex Resources (IBX-V) released a resource estimate for the Shituru copper property in the Democratic Republic of the Congo that puts indicated resources at 7.88 million tonnes grading 4.4% copper and 0.08% cobalt.
The Lower zone holds 5.22 million tonnes grading 4.8% copper and 0.09% cobalt, while the Upper deposit hosts 2.66 million tonnes grading 3.7% copper and 0.07% cobalt. Inferred resources add 2.15 million tonnes grading 2.7% copper and 0.04% cobalt.
The estimate is based on 43 holes, or 6400 metres, of drilling over a strike length of 800 metres. The inferred resource is primarily at depth.
With a resource estimate in hand Barytex plans to move ahead with a preliminary assessment, expected in the next few months. In addition, drilling in the property has continued to support a reserve estimate.
The Shituru property is located near the city of Likasi with access to power and water. Barytex has an option to acquire up to an 86.67% interest in private East China Capital Holdings, whose sole asset is an option to acquire a 75% interest in the Shituru deposit from Generale des Carrieres et des Mines, which is held by the Congolese government.
News of the resource estimate boosted Barytex 10 to close at $1.80 on July 11th trading. The stock has a 12-month trading range of $1.53 to $2.30.
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