Discovery Metals Ltd (LON:DME) announced today that their Boseto Mineral Resources had increased by 68% to 1.422 million tonnes of contained copper, resulting in a 17.2% hike in share price.
The Boseto Copper project, of which Discovery Metals owns 100%, is located in North West Botswana in the district of Ngamiland. It is within a belt of copper-silver mineralisation that extends from the Zambian Copper Belt across north-west Botswana and into Namibia. Copper in the Boseto Project occurs predominantly in chalcocite, with minor amount of bornite and other copper sulphides. At shallow depths, malachite and chrysocolla exist in significant proportions within some parts of the mineral resource.
Following today's announcement, the total mineral resource of the Boseto project has risen from 60.4 Mt to 102.8Mt at 1.4% copper and 17.3 g/t silver. This amounts to a 68% increase from Septemeber 2009. The measures and indicated mineral resources have also increased by 92% to 22.5Mt at 1.5% copper and 18.7 g/t silver. Discovery Metals' Managing Director, Brad Sampson commented:
"The abundance of Mineral Resources with open pit and underground potential in the vicinity of the Boseto concentrator location, creates new options to optimise the value of the Mineral Resource and the Boseto Copper Project for shareholders. The evaluation of these exciting options will not impede our expectation of production from Boseto in late 2011."
