Metminco begins diamond drilling at Los Calatos

AIM-listed exploration and mining company Metminco has begun diamond drilling at the TD2 target copper deposit in Los Calatos, southern Peru.

Metminco said while a large percentage of the target is covered by younger volcanic cover, surface mapping has identified the presence of copper oxides.

It said the TD2 target shares similarities with the key features that characterise the presence of mineralisation at the Los Calatos Porphyry Complex, supporting the basis for the drilling.

Managing director William Howe said: “The drilling of the hydrothermal breccia at TD2 is important, as it has the potential to increase the resource base at Los Calatos, and with it to enhance the economics of any future mine development.

“In parallel the process of securing a funding partner is progressing, with a number of interested parties undertaking due diligence, with further site visits planned."

At 1234 GMT, Metminco shares were up 26% to 0.20p.