By far the most impressive exploration drill results tabled during the report period ended May 4 came from Freeport-McMoRan Copper & Gold‘s “Deep MLZ” underground target, which represents the deepest extensions below the DOZ underground mine at the gargantuan Grasberg copper-gold mining complex in Indonesia.
Freeport has received results from 23 diamond drill holes comprising 9,000 metres at Deep MLZ, and plans to complete at least 37,000 metres in 65 holes this year. Core loggers encountered copper-gold mineralization in 19 of the 23 holes, with lengths ranging from 24 to 737 metres (averaging 340 metres) and grades ranging from 0.76% to 5.24% copper-equivalent (and averaging 1.8%). However, with metal prices in broad decline, even the stellar drill results weren’t enough to keep Freeport’s stock afloat: shares sank US84 to US$30.96.
Hecla Mining witnessed its gross profit nearly double to US$13 million during the first quarter as silver prices rocketed 43% and gold prices rose 14%. Hecla produced 2.1 million oz. silver in the quarter at an average total cash cost of US$1.43 per oz., and mined a further 56,000 oz. gold. More than 37,000 oz. of the total was produced at La Camorra in Venezuela at an average total cash cost of US$142 per oz. The miner’s shares closed down US16, to US$6.13.
Vancouver-based Polymet Mining‘s shares gained US20, to US70, on the pink sheets as it received an independent study that verified the capital and operating costs for its large NorthMet base and precious metals project in northeastern Minnesota.
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