As Norsemont Mining (NOM-T, NOMFF-O) continues to define its Constancia copper deposit in the high Andes of Peru, its share price continues to build momentum.
The most recent results from its ongoing third phase of drilling at the copper-molybdenum-silver porphyry project were highlighted by 146 metres averaging 0.77% copper and 0.026% molybdenum, 96 metres grading 1.04% copper equivalent, and 79.9 metres at 1.02% copper equivalent.
Norsemont has six drills turning at Constancia, in southern Peru, and has managed to drill a hefty 14,800 metres since results were issued in December.
Much of that has been infill drilling but the company is now doing definition drilling as well to establish the limits of the main zones of mineralization with an eye towards pit optimization.
Norsemont’s president and chief operating officer, Bob Baxter, said in a statement that once infill and definition drilling at the Constancia and San Jose zones is finished, the company will start drilling newly discovered anomalies near the deposits.
Norsemont took a full interest in the property with a final US$8-million payment to Rio Tinto (RTP-N, RIO-L) in March.
The project currently has an indicated resource of 70 million tonnes averaging 0.53% copper for 800 million lbs. and inferred resources of 250 million tonnes grading 0.51% copper for 2.8 billion lbs. A recently completed scoping study estimated production at 90,000 tonnes copper annually.
In Toronto on the news, Norsemont shares were up 12 at $3.79 on 467,000 shares traded. The company has roughly 48 million shares outstanding.
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