Drilling by XXIX Metal Corp. (TSXV: XXIX) at the Opemiska Copper Complex in Quebec has found strong copper mineralization in an area between two former mines. Company shares gained.
The company on Monday reported a highlight intercept of 11 metres grading 5.3% copper and 1.2 grams gold per tonne, for 5.94% copper-equivalent, from a depth of 81 metres. The project near Chapais is about 700 km by road north of Montreal.
The drilling at the Saddle zone, between the old Springer and Perry mines, is in the project’s open-pit shell from a January 2024 resource estimate. The assays were part of a three-hole scout program to test a geological model to explain the zone’s vein orientations. The intercept shows a mineralized area along a northwest-trending fault distinct from those at Springer and Perry. This suggests that material currently classified as waste may be ore.
“These results confirm our thesis about the Saddle zone’s structural controls and point to its potential for resource growth,” CEO Stephen Stewart said in a news release.
This area remains underexplored compared to Springer and Perry, the company said. It suggested that more mineralization here could improve Opemiska’s mine plan and its future economics.
The Saddle zone’s model includes mineralized veins and halos around them. It offers potential to increase to the existing resource. It hosts 97.5 million measured and indicated tonnes grading 0.81% copper, 1.76 grams silver per tonne and 0.27 gram gold, or 0.97% copper-equivalent, for 1.75 million lb. of contained copper metal, 5.5 million oz. silver and 845,000 oz. gold. It’s the same as 2 million lb. of copper-equivalent metals in Opemiska’s Springer and Perry zones.
The company’s December investor presentation suggests more drilling at Opemiska. The company plans a larger follow-up drill campaign to refine the vein orientation model and expand resources in this critical zone.
XXIX shares closed at C$0.12 apiece on Monday in Toronto, up 8.7%. Shares have tested C$0.11 and C$0.185 over the period. It has a market capitalization of $32.3 million ($22.5m).
