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Pembridge Resources upbeat as wide-ranging exploration programme gets underway at Minto

Pembridge wants to add to and expand existing reserves through the fully-funded C$2.1mln drill programme

Pembridge Resources PLC -
The MAG survey will help identify potential new copper mineralisation

Pembridge Resources PLC (LON:PERE) has stepped up exploration at the Minto copper mine in Yukon, Canada with a sizeable drilling campaign now underway following an aerial magnetic (MAG) survey over the site.

The first phase of drilling will see 53 holes drilled over 14,000m in the already identified deposits at Copper Keel West, Copper Keel North, Copper Keel South and Minto East II.

Pembridge wants to add to and expand existing reserves through the fully-funded C$2.1mln programme.

Assay results are expected from March onwards, by which time Pembridge will have started the second phase drilling of 52 holes to target step-out opportunities close to known mining zones, though the results of the MAG survey will influence how this programme develops.

The MAG survey was undertaken to identify magnetite, which is highly correlated with the copper at Minto.

Gati Al-Jebouri, Pembridge’s chief executive and chairman, said the initial results from the MAG survey suggest a high possibility of missed mineralisation around the Minto mining area, which until now was unidentified.

Pembridge is also remodelling the Ridgetop deposit from an open pit to an underground mine, which will be cheaper to operate and have less impact on the environment.

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Price: 3.25 GBX

LSE:PERE
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Market Cap: £2.42 m
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