Mawson soars on copper hits Lorna SeatterThursday, 10 April...

Mawson soars on copper hits

Lorna Seatter
Thursday, 10 April 2008

COPPER and gold explorer Mawson West’s stocks leapt over 60% or 7c to peak at 18.5c in intraday trade on wide, high grade copper intercepts from the Kapulo project in the Democratic Republic of Congo, including an intersection grading 35.5% copper.

Copper mineralisation at Mawson West's Kapulo joint venture with Anvil Mining in the Congo

Nearly 18 million shares changed hands before Mawson’s stock cooled to finish the day at 16c.

The hits came from the Katanga and Safari prospects, form part of the 5500 square kilometre Kapulo project which borders Zambia and the Democratic Republic of Congo.

According to the company, the 35.5% copper grade came from diamond drill hole 017 at Katanga.

Mawson managing director David Frances told MiningNews.net the peak grade came from a 1m hit.

“[The hole] includes one metre at 35.5% copper at a depth of 88 metres, within a four metre zone also containing 20 percent, 15.4 percent, and 13.7 percent copper – this forms part of the larger zone of 14 metres at 11.03 percent copper,” he said.

Other assays from Katanga included 82m at 2.8% copper from 22m, including 39m at 5.08% copper from 22m, and 77m at 2.73% copper from 99m, including 27m at 7% copper from 99m.

Perth-based Mawson is earning a 65% stake in the project from Africa-focused copper producer Anvil Mining by spending $US4 million over four years.

Kapulo is 130 kilometres from Anvil’s copper-silver Dikulushi mine.

Mawson drilled 23 holes at the Katanga prospect and a further nine holes at Safari North, with mineralisation remaining open along strike and at depth at both deposits.

The better intersection at Safari was 8m at 6.49% copper from 47m.

Perth-based joint venture partner Anvil ended the day unchanged at $13.90