Summo hopes to prove copper play is a champ

Drilling will soon begin at the Champion copper oxide property in Taos Cty., N.M.

Summo Minerals (VSE) plans to complete a 12-hole program of reverse-circulation drilling to test an area around, and along strike of, an adit that returned underground channel samples averaging 1.17% copper over 310 ft.

Previous drilling, including more than 100 holes, outlined a preliminary resource of 18 million tons grading 0.4% copper.

Summo believes the property’s exploration potential is more than double the current resource.

Summo is well-funded following a recent private placement of 3.7 million units priced at $1.05 each, to three placees.

Proceeds will fund the Lisbon Valley project in Utah through to the production financing stage, as well as cover ongoing exploration work on the company’s various copper-oxide projects.