The share price of Australia-based minerals exploration and development company Intrepid Mines fell about 7.1% on the ASX after the company released an update on its drilling activity at the Mumbwa project, in west- central Zambia.

Despite the company’s announcement that assays from drilling on Target H at Mumbwa had delivered “further encouraging results”, its share price dropped from $0.14 to $0.13 in November.

Intrepid’s exploration update highlights a 0.91% copper grade over an intercept of 51 m between 229 m and 280 m of the name of the drill whole HDD_004 drill hole. In addition, a gold grade of 0.32 g/t was established over the interval.

A copper grade of 1.6% was also announced for the 23 m intercept between 233 m and 256 m at HDD_004.

The best 1 m assays include 2.52% copper at 252 m and 2.27% copper at 247 m.

HDD_004 was drilled on an azimuth of 310°, inclined 60° to a depth of 467.7 m, and a series of 340 samples, including quality control samples, was submitted for analysis.

The hole was drilled along strike from HDD_001 on the Target H copper-in-soils anomaly and an induced polarization geo- physical anomaly.

HDD_005 is currently being drilled 100 m along strike to test the continuity of results from HDD_004 and HDD_001, with the best intercept from HDD_001 being a 58 m section, grading at 0.61% copper from 185 m downwards, including a 16 m section grading at 1.02% copper from 193 m.

The HDD_002 and HDD_003 assays reported less promising results, with no intersections above the cut-off criteria of 0.25% copper over a 2 m interval reported at HDD_002 and a best intercept of 0.36% copper between 42 m and 68 m at HDD_003.

Similar disappointing results were reported at JRC_001, which was designed to test a soil geochemical anomaly and coincident magnetic and gravity anomalies. However, no intersections above the cutoff criteria were reported.

Further assay results announced included the KANDD_001 assay, which reported no intersections above the cutoff criteria, and the KITDD_071A assay, which reported a best intercept of 4 m, grading at 0.32% copper.

Intrepid states that Lulu, Target H and Kantonga are now the highest priority areas for future exploration.

Intrepid CEO Scott Lowe says the company continues to be encouraged by results from Target H and looks forward to releasing results from Lulu and further results from Kantonga once received.

“We are particularly pleased to have identified mineralised areas outside of Kitumba and follow-up drilling will be planned and prioritised once these results have been analysed.”