Resource Mining Corporation Ltd (ASX:RMI) shares are trading 150% higher after the company made significant discoveries at its Mpanda Copper-Gold Project within the Ubendian Orogenic Belt of Tanzania.
Assay results from soil and auger samples have confirmed two anomalous targets - Stalike and Mpanda Ndogo - with assays for the other seven anomalous areas pending.
A shallow pit within the Stalike anomaly was tested through grab samples with results indicating very high-grade copper values (4.12% to 13.58%) and gold mineralisation (1.41 g/t to 3.24 g/t).
The Mpanda Ndogo anomaly has also been confirmed by laboratory analysis, with significant coincidental copper-gold anomalies present along a 5-kilometre strike length.
Shares up 150%
Investors have welcomed the news with RMI shares 150% higher in the first hour of ASX trading to $0.040.
These initial results confirm the copper soil and auger anomalies as defined by hand-held XRF. This pXRF soil sampling program delineated nine distinct copper-in-soil anomalies in the project area with each having a strike length of more than 2,000 metres.
Further analysis of numerous other anomalies is ongoing with many along strike from known copper-gold occurrences and mine sites.
The company is awaiting assays from other potential significant anomalies, which are expected to follow the results reported to date, confirming these anomalies and providing information on coincidental gold mineralisation.
“Opening a valuable new opportunity”
“These initial results from the Mpanda Copper-Gold Project grading up to 13.6% copper and 3.2 g/t gold are extremely exciting and open a valuable new opportunity for RMC within the Tanzanian project portfolio,” Resource Mining Corporation executive chairman Asimwe Kabunga said.
“Significantly, these results not only provide confidence in the copper soil and auger anomalies defined throughout all of the projects, but they also provide confirmation of gold mineralisation coincidental with the copper anomalies, signalling a significant base and precious metals opportunity to create value for shareholders.”