HudBay Minerals finds new copper gold zone in Manitoba
Monday, 28 Sep 2009
The Canadian Press reported that HudBay Minerals Inc shares soared to their highest price in more than a year as investors reacted to the company's excitement over evidence of a major new copper and gold zone in the Flin Flon area of northern Manitoba.
As per report, HudBay stock jumped more than 15% on the TSX after the Toronto based zinc and copper miner touted its new Copper Gold mineralization zone, a find the company's CEO called one of the best he has seen in four decades in the mining business.
The company said that recently discovered zone is more than a kilometer beneath the surface and deeper than other deposits previously found in a geological area known as the Flin Flon Greenstone Belt. The 4 zones are part of the Lalor deposit which is wholly owned by HudBay and near the company's Snow Lake metals concentrator which processes mineral ore.
Mr Peter Jones CEO of HudBay said in a statement that the copper and gold contained in a recent drill hole is among the best I have seen in nearly 40 years in the mining business and the new Copper Gold zone may be very significant.
HudBay said that it expects to provide a more detailed resource estimate of the zinc contained at the Base Metal zone on the Lalor deposit by early October as well as conceptual estimates for the Separate and Contact Gold zones.
Mr Jones said that "Excluding the new Copper Gold zone, HudBay's target is to reach 3 million contained ounces of gold. The Lalor project is our focus and we will continue to advance it to a production decision with the highest priority."
Mr John said that "We will optimize our Manitoba operations through exploration, project development and acquisitions."
He said that "Since 2007 and especially this past year, considerable effort has been invested to advance the Lalor project. We have committed to high standards of transparency to our investors and are pleased to now be sharing these extraordinary results and our plans with them. In addition, we expect to immediately commit to a pre feasibility study and consideration of an early access to the deposit."
