International Enexco Ltd. (TSXV:IEC,OTCQX:IEXCF) announced that an updated mineral resource estimate for its wholly-owned, Nevada-based Contact copper project shows that measured and indicated resources at the project amount to 1.06 billion pounds of copper, a 49 percent increase compared to the previous estimate.
As quoted in the press release:
Mineral Resource Estimate reported at 0.10% Copper cut-off.
Category Tons Copper (%) Pounds Copper Measured 58,977,000 0.26 306,680,000 Indicated 156,733,000 0.24 752,318,000 Measured + Indicated 215,710,000 0.25 1,058,998,000 Inferred 70,921,000 0.24 340,421,000
- An increase of 49% in the Measured & Indicated copper resources to 1.06 billion pounds; and
- An increase of 17% in the Inferred copper resource, to 329 million pounds; also at a 0.10% copper cut-off.
Arnold Armstrong, International Enexco’s president and CEO, commented:
The substantial increase in copper resources at our Contact Copper Project validates the work we have done in property acquisition and drilling.” commented Arnold Armstrong, President & CEO of Enexco. “We are very pleased with the updated resource figures and the progress we have made in advancing the project to a feasibility study. Our drill programs have produced steady and significant increases in the resources at Contact since 2007, and we still have exploration targets on the property to test by drilling.
| Updated December 2015
Get Our Expert Guide to Copper Investing FREE!Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.