AIM Resources soars on Mumbwa update LONDON (ShareCast) - AIM...

AIM Resources soars on Mumbwa update
LONDON (ShareCast) - AIM Resources rallied by a third Tuesday as the Africa focused miner reported "exciting" results from its drilling campaign on the Mumbwa Iron Oxide-Copper-Gold (IOCG) property in Zambia.

The company, which entered into a joint (Advertisement)

venture with BHP Billiton (LSE: BLT.L - news) in 2004, said first phase drilling was completed in February, with eight drillholes having tested a number of targets.

"The results from seven of these holes are in line with historical results from previous drilling in the area," said the group.

"Results from the eighth hole are encouraging and indicate the presence of significant mineralization within this target area."

Drillhole S36, which targeted a 2.4km long feature, intersected a considerable thickness of mineralisation, over most of its length, with discrete intervals of higher grade mineralisation.

The nature of the mineralization is massive and the intersection can therefore be considered to represent true thickness, added the group.

AIM said it is in current discussions with a drilling company to target further anomalies indicated by the recent drilling programme.