Kombat Copper Inc. (
TSX: V.KBT,
Stock Forum) said Monday it is continuing on its path towards production after announcing the first batch of results from a 34-hole drill program.
Kombat is a Canadian junior mining company, with a fully-permitted copper and precious metals project in Namibia, one of Africa’s most mining friendly jurisdictions. The property contains a former copper mine with a long history of production.
The former Kombat Mine yielded 12.5 million tonnes of ore at 2.62% copper over a 45-year period, starting in 1962.
The company’s strategic goal is to prove up sufficient economic ore on surface to restart the mine and generate enough cash flow to fund development of underground resources.
In keeping with that goal, the company recently launched a 34-hole diamond drill program that aims to target previously defined mineralized zones in the vicinity of old mine workings.
On Monday, the company released assays results from the first five holes.
Drilling highlights from the first batch of holes include Hole K15-001, which returned 1.24% copper, 0.0053% lead, 19.18 grams silver over a 29.65 metre core length, including 1.86% copper, 0.0044% lead, 29.34 grams silver over a 17.51-metre core length.
“Management remains confident that the results observed to date are indicative of a near-surface mineral resource which may support a higher-grade open pit mining scenario on the property,’’
Kombat said in a press release.
Trading at 9 cents on Monday, Kombat has a market cap of $10.3 million, based on 114.8 million shares outstanding. The 52-week range is 12.5 cents and 3.5 cents.
“We see that our initial interpretations are coming to fruition and with minor corrections, we feel that we can consistently hit copper mineralization along an appreciable strike length,’’ said Kombat CEO Bill Nielsen.
“We have more work to do to confirm sufficient tonnes and grade to support an initial open pit operation, but this limited program has been met with very encouraging initial results,’’ he said.
Kombat has said a second phase of drilling will be required to attain sufficient density of data to calculate a compliant mineral resource estimate.
FULL DISCLOSURE: Kombat Copper is a client of Stockhouse Publishing.
