25 May 2012

Underground cheer for Discovery Metals

02/06/2011 Robert Tyerman

Discovery Metals (DME) says deep drilling at its Plutus deposit in Botswana has shown copper grades ranging from 1.4 to 3.3 per cent. Based in Brisbane and quoted Down Under and on AIM, the company indicates all 11 holes drilled at Plutus so far have intersected copper and silver at 350 metres below ground, with encouraging results below 480 metres, while best intersections include 8.7 metres at 1.8 per cent copper and 26.2 grammes of silver per tonne of ore and 4.6 metres at 2.3 per cent copper and silver at 31.9 grammes a tonne.

Managing director Brad Sampson says these early results suggest potential for underground mining at Plutus, which is part of Discovery's wholly-owned Boseto project. The company plans to start production from Boseto early next year, with an annual output target of some 36,000 tonnes of copper and more than one million oz of silver over an initial mine life of 15 years.

Recommended by Growth Company Investor in 2009 at 15.5p, Discovery shares how trade at 83.25p, valuing the company at £364 million. Partial profit taking might be prudent, while retaining a chunk for potentially significant longer term gains. 

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Tags: AIM market, Botswana, Brad Sampson, Copper, Silver

Sector: Mining

Companies: Discovery Metals

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