TAKEOVER target Tethyan Copper has hit additional wide zones of high-grade mineralisation at its Reko Diq copper-gold project in Pakistan ahead of a new resource estimate for the Western Porphyry's zone.
Drilling and Sampling Crew at Tethyan Copper's Reko Diq project in Pakistan
The best hit was 297 metres at 0.74% copper and 0.44 grams per tonne gold, significantly achieved in an area 200m east-south-east of any previous drilling.
Tethyan said the result extends the high-grade zone of the H15 complex at Reko Diq by 200m to the south.
The result comes from the large Western Porphyry's zone of Reko Diq, an area which will be brought into production following the development of the smaller Tanjeel project area. A revised scoping study is being conducted on the Tanjeel project ahead of a bankable feasibility study.
The total Reko Diq resource currently stands at 7 million tonnes of copper and 10 million ounces of gold.
In addition, hostile bidder Crosby Capital partners have renewed its bid for Tethyan, extending its takeover offer by a further month. Crosby, a Hong Kong based investment bank, pushed its takeover offer for Tethyan back for the fifth time since it was announced in July 2004, this time from January 19 to February 20.
The move comes just days after Tethyan signed on Chilean copper miner Antofagasta as a joint venture partner for Reko Diq, at the same time removing BHP Billiton's clawback rights to the project.
Crosby Capital has offered 64c per Tethyan share, with the company's shares jumping almost 20% to 71c on December 28 as the Antofagasta deal was announced.
The company's shares closed unchanged yesterday at 68c
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