PERTH (miningweekly.com) – The share price of ASX-listed Archer Exploration increased by nearly 22% on news of a copper discovery at Broken Hill, in New South Wales.
Archer on Wednesday reported the discovery of two new large copper targets at the North Broken project, some 20 km north of Broken Hill, while hunting for cobalt.
Archer has been undertaking a regional rock chip sampling and mapping exploration programme over the North Broken Hill project, which covers a combined area of some 459 km2.
While undertaking the cobalt-focused exploration, Archer also identified significant surface copper mineralisation, most of which has never been mapped or recorded. In nearly all instances, the copper mineralised outcrop disappears under cover, meaning that the overall dimensions of the mineralisation remain unknown.
The company noted that only half of the North Broken Hill tenements had been sampled so far, with Archer planning to continue its regional rock chip sampling across the rest of the project area.
The ASX-listed junior on Wednesday told shareholders that the new North Broken Hill copper targets would add to Archer’s existing copper prospects at Blue Hills, and would complement existing cobalt targets in the region.
Archer shares were trading at a high of 6.3c a share on Wednesday, up from an opening price of 4.7c a share.