COPPER FIND DRIVES SHARE PRICE SKYWARD
3 August 2010,
SHARES in junior explorer ActiveX Limited (AIV) shot up more than 50 per cent today following the announcement of a copper-gold-cobalt deposit near Cloncurry.
Managing director Doug Young says he cannot reveal the size of the resource at Florence Creek, but the combined minerals would be roughly worth $95 per tonne, which is a similar grading to OZ Minerals Limited’s (OZL) Prominent Hill project.
“It’s comparable to Prominent Hill which is worth about $105 per tonne, but they have a strip ratio that we don’t have to worry about,” he says.
“That seems to be working profitably but we wouldn’t have those stripping costs for our project – at the moment we’ve got two holes going into it and we’ll hopefully start drilling again in September.
“We are delighted with the outstanding success of our first drill holes into the Florence Bore targets which were identified from the positive results of our recently completed SAM (sub-audio magnetic) surveys.”
He says the next drilling will take around three weeks, depending on how deep the holes need to go.
AIV shares rose 50.88 per cent today to 8.6 cents this afternoon.