Azarga Metals Corp (CVE:AZR) reported good progress on the ongoing drill program at the giant Unkur copper silver project in the Russian Far East where two holes have hit copper sulphide mineralization.
Notably, the two holes were sunk at the asset's Unkur southeast target, 2 km southeast of the current inferred resource.
"The copper sulphide seen in drill holes AM19-002 and AM19-003b are encouraging and appear to support our interpretation of the recent geophysical surveys," said Dr Alexander Yakubchuk, the vice-president of exploration.
"If the assay results show significant copper and silver grade, this will extend the known envelope of mineralization quite some distance to the southeast at Unkur and bodes well for the drilling of other areas extending over several kilometers identified as drill targets in the magnetic survey."
Last month, the resource firm received results from its recently completed geophysical surveys, including a property-wide ground magnetic survey and nine induced polarization (IP) traverses.
The magnetic survey covered an area four times the area previously covered by similar studies and identified potentially mineralized horizons more than three times longer than the previously drilled strike length.
The two holes above were drilled in areas identified by the magnetic survey and "appears to verify the interpretation that mineralization at Unkur is located between magnetic highs and magnetic lows," said Azarga.
First assays from the current drilling program are expected to be received in mid-December this year and given the scale of the overall program, drilling is expected to continue through the first quarter of 2020, noted the company.
After a first phase physical exploration program at Unkur between 2016 and 2018, the company estimated an inferred resource of 62 million tonnes at 0.53% copper and 38.6 grams per ton (g/t) silver for the project.
Shares advanced 7.14% to C$0.075 in Toronto.
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