As Norsemont Mining (NOM-T) continues to define its copper deposit in the high Andes of Peru, the company continues to build momentum behind its share price.
The most recent results from its ongoing third phase of drilling at the Constancia copper-molybdenum-silver porphyry project in southern Peru was highlighted by: 146 metres at 0.77% copper, 0.026 % molybdenum; 96 metres at 1.04% copper equivalent and 79.9 meters at 1.02% copper equivalent.
Norsemont has six drills turning at Constancia and has managed to drill a hefty 14,800 metres since results were issued in early December of last year.
Much of those metres have been concentrated on 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 operator, 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)on Mar. 26.
The project currently has an indicated resource of 70 million tonnes at 0.53% copper for 0.8 billion lbs and an inferred resource of 250 million tonnes at 0.51% copper for 2.8 billion lbs. A recently completed scoping study estimated production of 90,000 tonnes of copper annually.
In Toronto on Mar. 25 Norsemont shares were up 12 to $3.79 on 467,000 shares traded. The company has roughly 48 million shares outstanding.
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