TNG shares surge on copper find
PERTH (miningweekly.com) – The share price of ASX-listed TNG increased by more than 17% on Monday on news of a significant high-grade copper discovery at the McArthur River zinc project, in the Northern Territory.
TNG said that a recent reconnaissance drill programme had revealed exceptional copper grades of 47% and 48%, and defined an immediate priority zone for follow-up drilling.
MD Paul Burton described the discovery of an extensive zone of high-grade surface copper mineralisation as a significant development for the McArthur River project. “This further demonstrates the substantial untapped exploration potential within our portfolio. We have so far been focusing on the potential for McArthur River to host a world-scale zinc system, which we believe remains a very credible and realistic exploration opportunity.”
Burton added, however, that the copper discovery indicated the potential for high-grade copper in the near-surface environment, which would potentially add significant value to the project.
The McArthur River project is part of a portfolio of noncore base metals assets held by TNG in the Northern Territory, which would be included in the demerger of Todd River Resources, planned for later this year.
TNG shares were trading at a high of 12c a share on Monday, up from a low of 10c a share.
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