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Junior Miner Announces Drill Results Of 188m of 0.73 Percent Copper and 0.13 g/t Gold
By: AllPennyStocks.com News
July 15, 2010
The journeys gold and other precious metals take to market start at intriguing and far-flung places around the globe, making the efforts of mining companies great and small all the more remarkable. Some spots in South America are proving particularly rich sources of gold and copper, attracting companies from this side of the Equator.
As the first full week of July drew to a close, Vancouver-based AQM Copper Inc. (TSX-Venture:AQM) chimed in with exciting news, announcing continuing positive drill results from the Zafranal project located in the northwestern extension of the Southern Peru Copper Porphyry Belt near the city of Arequipa.
The company expanded its High-Grade Enrichment Zone, intercepting 188 metres of 0.73% Copper and 0.13 grams per ton (g/t) Gold. Mineralization ranged up to 1.37 Copper and 0.19 g/t gold. The results from this hole confirm the presence of high-grade enriched copper mineralization as well as significant hypogene mineralization in the eastern half of the Main Zone.
AQM, formerly known as Apoquindo Minerals, is a well-financed junior Canadian mining company focused on the rapid expansion and development of Zafranal. Located in the resource-rich district of the Southern Peru Porphyry Copper Belt, Zafranal is ideally situated amongst the world's largest operating copper mines.
AQM is also a joint-venture partner with Minera S.A. in a near surface, leachable copper oxide project located near Antofagasta in Northern Chile. Minera vested 60% of the project after spending $16 million in a work program that included exploration and infill drilling, metallurgical testing, amongst other pre-feasibility activities. An updated resource calculation and a definitive pre-feasibility report are both expected before the year is out.
The day before its big announcement from Zafranal, AQM announced it was changing its original option agreement with Teck Peru S.A., a subsidiary of Teck Resources Limited (TSX:TCK.B) whereby AQM will immediately vest at a 50% interest in the Zafranal Project and Teck and AQM would form a 50/50 JV for the continued exploration and potential development of the Zafranal Project through a sole purpose Peruvian company. Clearly, Zafranal is a project of which AQM is justly proud.
What’s more, there is still room for this company’s stock to grow. AQM shares changed hands on July 15 at 66 cents, still well below their 52-week peak of $1.10, achieved in January, but also quite a bit above their yearly trough of 50 cents, to which the shares fell on July 15, 2009.
With big things on the horizon for its Peruvian project, and allies in a bigwig such as TCK, this junior miner looks for lots of upward momentum in the months ahead, and invites small-cap investors to take a closer look at them.
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