First Quantum cuts cobalt at Lufua

The discovery of cobalt-bearing sulphide minerals in drill cuttings form the Lufua zone in the Democratic Republic of Congo has prompted First Quantum Minerals (FM-T) to re-assay all of its drill holes from the property.

Hole LURC-65 returned 123 metres (from 9 metres below surface) grading 1.5% copper and 0.393% cobalt, including 31 metres (from 33 m) of 3.35% copper and 0.921% cobalt.

So far, First Quantum has sunk 6,715 metres worth of reverse circulation (RC) drilling in 43 holes plus 13 diamond drill holes totalling 1,496 metres at Lufua. The zone was discovered in mid-September (T.N.M., Oct. 6-12/03).

Highlights include:

• hole 42, which intersected 81 metres grading 1.79% copper;
• hole 45, which intersected 59 metres grading 1.98% copper and 15 metres grading 0.51% copper;
• hole 44, which cut 33 metres grading 1.9% copper; and
• hole 19, which returned 19 metres of 1.25% copper.

First Quantum intends to table a global copper resource at Lufua during the first quarter.

News of the discovery sent shares in First Quantum 50, or nearly 4%, higher to $14.15 in late afternoon trading in Toronto on Jan. 20.