Shares in Auroch spike 10% on back of promising drilling results
Published on: | by Trevor Hoey
Auroch Minerals (ASX:AOU) released some promising results from its Alcoutim copper-zinc project located in Eastern Portugal on Wednesday. The company is earning 75 per cent in the project as a result of its investment in exploration.
AOU is in the process of drilling the third hole at the Alcoutim Project and the decision has been taken to continue drilling following the intercept of chalcopyrite mineralisation within a fault zone at the end of the hole and the interpretation of an electromagnetic conductor below the end of the hole from the downhole geophysics.
Commenting on the geological significance of this development, AOU’s Chief Executive Dr Andrew Tunks said, “Towards the planned end of hole, drilling has identified further intervals of vein related and disseminated chalcopyrite mineralisation, which when combined with a possible electromagnetic conductor and the observed rocktypes indicates we are in a highly prospective zone”.
It is anticipated that hole three will reach its new end of hole depth of approximately 1400 metres in the next two weeks, which could result in some promising newsflow.
Of course, as with all minerals exploration, success is no guarantee – consider your own personal circumstances before investing, and seek professional financial advice.
AOU’s Alcoutim Project is located immediately along strike of the supergiant Neves Corvo deposit, and the fact that disseminated and vein mineralisation has been logged in volcanic sediments interpreted to be similar rocks to the host sequence at this prolific copper zinc bearing deposit is a promising sign.
Shares in AOU responded positively to the news, hitting a high of 21 cents around midday, representing an increase of 10.5 per cent.