Single commodity focused Atalaya Mining (AIM: ATYM) is reporting some high-grade copper intercepts from its Proyecto Masa Valverde (PMV) project in southern Spain, including a potential new massive sulphide discovery at the Mojarra Trend.
The company says the newly discovered Mojarra Trend is “very promising”.
A second hole at the previously undrilled area at the Mojarra Trend intersected 18.75m of mineralisation at 0.84% copper, 0.63% zinc, 0.66% lead and 76.24 grams per tonne silver.
The hole included a high-grade interval of 6.8m at 1.22% copper and 101.6g/t silver.
Other hits at PMV
The company acquired PMV in 2020 after discovering the small but high-grade polymetallic Majadales deposit.
Apart from Mojarra, Atalaya has reported other high-grade hits from PMV.
At the Masa Valverde prospect, step-out drilling in the western area has discovered a new high-grade zinc zone, returning 18m at 0.25% copper, 8.3% zinc, 2.49% lead and 60.17g/t silver.
On the Campanario Trend, drilling intersected 7.5m at 0.45% copper, 1.09g/t silver and 6.67g/t gold, along with another hole close to the historic Campanario mine, which returned 9.1m copper, 3.6% zinc, 2.65% lead, 73.79g/t silver and 0.99g/t gold.
Ultimate resource ‘far from defined’
Chief executive officer Alberto Lavandeira said the discovery of the Mojarra Trend is very promising and demonstrates the value of the systematic exploration approach being implemented by the geological team.
“We acquired PMV in 2020, having discovered the small but high-grade polymetallic Majadales deposit, and in April 2022 announced a new NI 43-101 compliance resource estimate for the Masa Valverde and Majadales deposits.”
“Since then we have defined new, shallow and potentially economic mineralisation at the Campanario Trend and have now made a potentially new discovery at the previously undrilled Mojarra Trend.”
“All of these achievements, together with the numerous geophysical targets that remain untested, confirm our belief that the ultimate resource potential of PMV is underexplored and far from defined,” Mr Lavandeira added.
PMV is located 28km from Atalaya’s flagship Proyecto Riotinto copper mine, which produces around 52,000-54,000t per annum of copper and hosts ore reserves of 197Mt.
Atalaya describes itself as a “premier pure-play copper producer in Europe”.