Exploration firm NunaMinerals (NUNA.CO) has made a gold discovery on the sourthern tip of Greenland, the company said on Monday, lifting its shares sharply.
"Significant gold discoveries have been identified in two of five drilled targets in the Vagar exclusive licence," Copenhagen-listed NunaMinerals A/S said in a statement.
The company said further investigation, including drilling and test mining, would be needed to determine the grade and volume of the discoveries.
NunaMinerals' shares leapt 31.4 percent to 230 crowns by 1006 GMT.
The discoveries were made on the north coast of the 300 square km Niaqornaarsuk peninsula, about 25 km north of the Nalunaq Gold Mine, it said. Nalunaq, where commercial mining began in 2004, is Greenland's first gold mine.
"It is encouraging that the two largest targets yield remarkably higher gold contents than the target at Kirkespirdalen where Nalunaq Gold Mine is situated," Chief Executive Ole Christiansen said in the statement.
In addition to gold, scheelite, which is a tungsten mineral, has also been found at the prospect, NunaMinerals said.
"Tungsten is a strategic mineral and concentrates of scheelite are readily saleable," Christiansen said.
As a consequence of the discoveries, NunaMinerals has applied to enlarge the Vagar licence to about 470 km2 from 287 km2, the Nuuk, Greenland-based company said.
(Reporting by John Acher)
No comments:
Post a Comment