Copper Giant Resources drills 135m at 1.60% copper equivalent at Mocoa
The interval exceeds modelled grades inside the conceptual pit, while a daughter hole extends the breccia system 184 metres west.
Mara Quinlan
Copper Giant Resources Corp. CVECGNT OTCMKTSCGNRF FRA29H0 reported on Tuesday that drilling returned 135 metres grading 1.60 per cent copper equivalent at its Mocoa copper-molybdenum project in Colombia. The MD-074 interval grades nearly three times the indicated resource average of 0.54 per cent copper equivalent.
Copper Giant shares CVECGNT rose 8.33 per cent to C$0.91 on the TSX Venture Exchange at 4 p.m. EDT on Oct. 26, before the assay release.
The interval begins at 474 metres, lies within the conceptual pit shell and exceeds the grades in the resource model, the company said. It sits within 724 metres grading 0.78 per cent copper equivalent, with the hole still mineralized at its bottom.
All three holes reported on Tuesday were excluded from the resource estimate announced on Oct. 14 because their assays arrived after its drilling cutoff. A separate directional daughter hole extended the breccia system 184 metres west of historic drilling, testing ground beyond the current estimate.
The headline interval contains 1.02 per cent copper and 0.107 per cent molybdenum. It includes 52 metres grading 2.24 per cent copper equivalent, which the company described as part of its highest-grade interval longer than 100 metres at Mocoa.
The reported lengths are downhole measurements.
"The grade follows the breccia, and MD-076 has shown that breccia continues west into ground that had never been drilled," vice-president of exploration Edwin Naranjo Sierra said in the release.
On the northern side, hole MD-075 returned 108 metres grading 0.69 per cent copper equivalent. It reached potassic alteration, which the company interprets as pointing toward the system's hotter centre.
The Oct. 14 resource release sets out the metal prices and recoveries assumed in calculating copper-equivalent grades for the resource estimate. It assumes copper at US$4.75 a pound and molybdenum at US$25 a pound. Assumed recoveries are 88 per cent for copper and 90 per cent for molybdenum. The formula adds copper grade to 5.383 times molybdenum grade, with both expressed as percentages.
Mocoa's resource estimate, effective Sept. 24, contains 290 million indicated tonnes grading 0.54 per cent copper equivalent. The inferred category separately contains 1.60 billion tonnes grading 0.40 per cent copper equivalent; mineral resources have not demonstrated economic viability.
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Assays remain pending from four holes. They include MD-072 and MD-077 at La Estrella, south of Mocoa.
Copper Giant plans to file its technical report containing the preliminary economic assessment based on the updated resource by the end of November 2026.
