Mutapa Copper & Cobalt Inc - Phase two drilling has already begun. See earlier news below.
Mutapa to begin phase II drill programme on Little Deer
Mutapa Copper & Cobalt Inc
MUA
Shares issued 3,562,514
1999-02-08 close $0.73
Tuesday Feb 9 1999
Mr. David Cook reports
The company has signed a drill contract with Logan Drilling Ltd. for up to 6,500
metres of drilling budgeted at $650,000, which will be phase II of the exploration
programme for the Little Deer project on the Big Deer property, Notre Dame Bay
area, near Springdale on the island of Newfoundland. Phase II drilling will further
test the 1,500 metre linear anomaly identified by a deep penetrating pulse
electromagnetic (PEM) ground survey carried out by Mutapa in 1997
(Stockwatch, May 5, 1998). The phase I drilling programme of eight holes (4,406
metres) completed in July 1998, intersected significant grades of copper in all
holes within a volcanogenic massive sulphide (VMS) of Cyprus type. That drilling
tested only 194 metres of the 1,500 metre length of the anomaly. The VMS zone
was also tested to a vertical depth of about 600 metres. About 310 metres of this
vertical depth was below the former Little Deer mine (approximately 300,000
tons of 1.53 per cent copper). The phase I drilling indicated an overall grade of
about 2 per cent copper containing higher grade intersections of up to 12 per cent
copper. Preliminary work on the cobalt content of the deposit suggests a copper
equivalent of about 0.5 per cent copper. Down-hole PEM surveys indicate
continuity below the 600 metre depth. The summary of the phase I drill
programme was released in Stockwatch, Sept. 24, 1998.
Phase II drilling will commence on Feb. 15, 1999 and will further test along the
length of the 1,500 metre PEM anomaly and below the VMS intersected by the
phase I drilling.
The funds to carry out the phase II drill programme will be supplied from current
cash reserves and a financing presently being arranged.
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