Kombat Copper Inc. (
TSX: V.KBT,
Stock Forum) has released more results from drilling at its flagship Kombat Mine property in Namibia.
The Kombat mine opened in 1962 and produced 12.46 million tonnes of ore grading 2.62% copper over a period of 45 years.
Aiming to get the mine back into production within two years, the company is focusing its efforts on defining a near surface resource in close proximity to the existing infrastructure, which includes an 800 metre production shaft, extensive underground workings, a mill and concentrator.
On Thursday, Kombat shares were unchanged at 8 cents, leaving the company with a market cap of $9.2 million, based on 114.8 million shares outstanding. The 52-week range is 12.5 cents and 3.5 cents.
Following the close of trading Wednesday, Kombat said it has received assay results from nine more holes from a 35-hole program.
“The results observed to date continue to indicate a near-surface mineral resource,’’
the company said in a press release.
The company said the 35-hole program is now complete and all samples for assay have been submitted to the laboratory. Once the results are returned, Kombat will release the full interpretation of the drilling program.
“The vast majority of the holes being reported are in what is known as the Central Pit area which saw very limited mining at the end of the mine life in 2006-2007,’’ said Kombat Copper CEO Bill Nielsen.
“Our results have expended the known mineralization to the east and west and we are encouraged that this northern mineralized horizon may contribute to future estimates of mineral resources,’’ he said.
Kombat will be completing additional work to determine the structural setting of this horizon and its possible relationship to the southern horizon that was extensively mined underground.
The company said eight of the nine holes represented in Wednesday’s announcement have been drilled in the Central Pit area and have expanded this mineralized horizon east and west with indications that the mineralization could be extended a significant distance in either direction with further drilling.
Hole K15-014 has tested the east end of underground workings on the 2 level, where there was a significant gap in past drilling. Additional drilling is required to further define the mineralized zone that was intersected in this hole.
The remaining holes in the drill program have tested selected target areas along the strike length of 1,500 metres between the #1 shaft and to the east beyond #3 shaft , where past mining has provided positive indications of near surface copper mineralization.
Drilling highlights include Hole K15-010, which intersected 1.16% copper and 11.104 grams per ton silver over a 19.25-metre core length.
Hole K15-012 intersected 1.37% copper and 14.77 grams silver over