Montezuma Mining Company drilling program follows up high grade copper targets
Montezuma Mining Company (ASX: MZM) has re-commenced reverse circulation drilling at the Butcherbird Manganese Copper Project to follow up on a number of copper and cobalt targets highlighted by previous work.
The 5,500 metre drilling program is seeking extensions to the discovery and previously untested targets.
In 2011, drilling confirmed extensive copper sulphide mineralisation, with a peak result of 6 metres at 6.08% copper and 631 parts per million (ppm) cobalt, within a broader intersection of 61 metres at 1.96% copper and 228ppm cobalt from 113 metres.
The copper targets at Butcherbird are located in a 6 kilometre strike corridor, along or adjacent to the Butcherbird shear zone.
A scoping study by Engenium in late 2011 showed that a mine producing between 0.5 million tonnes and 1 million tonnes of lump and chip ore per annum could be developed at Butcherbird.
Ore was graded at 36% manganese and the mine life is expected to be at least 10 years.
The study projected a net present value of up to A$376 million and an internal rate of return of up to 50%.
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