Vancouver – Landen Capital (LAN-V) has hit good copper and nickel grades as part of polymetallic drill results from its first exploration program at the Samapleu project in Ivory Coast.
The company secured an interest in the West African project as part of a take-over of Sama Nickel late last year in exchange for 12.5 million shares of Landen. The Samapleu project is now a joint venture between Landen and SODEMI, the state-owned mining company.
Currently Landen has a 66.6% equity stake in the project while SODEMI holds the remainder. Landen is responsible for funding all exploration work to the feasibility stage. The company has completed 2,100 metres of drilling over 11 holes since starting the drill program and has released results from the first two holes.
The first hole cut 17.6 metres grading 1.95% nickel, 1.95% copper, 0.07% cobalt, 1.5 grams per tonne palladium, 0.13 gram per tonne platinum and 0.27 gram per tonne gold from 84 metres. The hole returned a total of 60.7 metres of mineralization.
The second hole cut 50.4 metres averaging 0.25% nickel, 0.26% copper, 0.02% cobalt, 0.13 gram palladium, 0.28 grams platinum and 0.05 gram gold from 110 metres. The hole returned a total of 82.2 metres of mineralization.
Because of the number of metals present, the company plans to also test the drill holes for silver, iridium, rhodium and rare earths.
The Samapleu property spans 775 sq. km and is roughly 600 km northwest of Abidjan, the largest city in the country.
Landen started trading in November after it signed, as its qualifying tansaction, a deal to acquire Terraco Gold’s (TEN-V) interest in the Bonanza property located in La Paz, Arizona. The company can earn full ownership of the property by spending US$1.2 million over five years on the property as well as paying US$77,500 and issuing 500,000 shares to Terraco. Landen completed a mapping and sampling program at the site in April.
The company recently raised $1.9 million by exercising warrants from a November private placement. Landen accelerated the expiry date of the 9.3 million warrants after the company’s stock stayed above 30¢ for 20 days. A full 99.9% of the warrants were exercised.
Landen’s share price remained unchanged on news of the drill results to close at 39¢. The company has a 52-week share price range between 10¢ and 48¢ and 40 million shares outstanding.
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