January 17 (SeeNews) - Canada-based Nevsun Resources said it has discovered new high-grade copper and gold mineralisation 500 metres east of Timok Upper Zone project in Serbia.
The new zone has similar characteristics to the Upper Zone with massive, semi-massive and disseminated mineralisation that is dominated by pyrite with lesser covellite and energite, Nevsun said in a statement on Tuesday.
Exploration drilling will continue in 2018 aided by downhole electromagnetic surveying and will focus on expansion of the new zone of mineralisation, the Canadian company said.
"The assay results reported today are part of the 2017 exploration programme for new Timok Upper Zone style mineralisation on the license covering the Upper and Lower Zone projects. While the quantum of this new discovery is still unknown, mineralisation of a similar tenor could be processed at the Timok Upper Zone mill, further enhancing the already stellar project economics," the CEO of Nevsun, Peter Kukielski, said in the statement.
The results demonstrate the tremendous upside potential of the Timok project area for additional new discoveries, Kukielski added.
The Timok project consists of the Cukaru Peki Upper Zone and Lower Zone. Nevsun owns 100% of the Cukaru Peki Upper Zone. The Lower Zone is owned by a joint venture with Freeport.
The project is located within the central zone of the Timok Magmatic Complex, in the Serbian section of the East European Carpathian-Balkan Arc. The Timok Magmatic Complex has one of the highest concentrations of copper enrichment in the Tethyan Belt.