What is the story about?
What's Happening?
Nine Mile Metals has announced high-grade copper test results from its Wedge project in New Brunswick, Canada. Samples from the western part of the old Wedge mine revealed significant copper content, with one sample showing 18.27% copper. The company is targeting a copper-rich area to the west and an unexplored depth extension below 150 meters. The Wedge mine, discovered in 1956, operated until 1968, producing 1.5 million tonnes of copper ore. Recent 3-D modeling indicates that more than 60% of the deposit remains untouched at depth.
Why It's Important?
The discovery of high-grade copper at the Wedge project is a promising development for Nine Mile Metals, potentially enhancing its exploration prospects and increasing its resource base. Copper is a critical component in various industries, including electronics and renewable energy, making this discovery significant for the company's growth and the broader market. The results could attract investment and support further exploration activities, contributing to the economic development of the region.
What's Next?
Nine Mile Metals plans to commence drilling now that the provincial fire ban has been lifted. The company aims to explore the untapped area at depth, potentially expanding its resource base. As exploration progresses, Nine Mile Metals will continue to assess the project's viability and potential for commercial production.
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