Dunnedin Ventures Inc (CVE:DVI) told investors there was a chance of a major discovery at its MPD copper-gold porphyry project in British Columbia, Canada as it posted more encouraging sampling results.
Shares shot up 12.5% in early deals in Toronto to $0.09 before falling back to stand at $0.085- up 6.25%.
To prepare for an upcoming drill program this year, the Vancouver-based firm resampled two historic trenches in the Man area at the project and explored a broader, 25 sq km area that encompasses the historic Man, Prime and Dillard prospects.
READ: Dunnedin Ventures encouraged by first exploration results at MPD, which show potential for large system
Highlight findings have included new copper-gold targets 550 metres southeast of Man, in an area not yet tested by drilling.
Also, copper-gold and gold-silver mineralization was found at Prime, including 0.49% copper with 0.26 grams per ton (g/t) gold over 2 metres and 1.03 g/t gold with 9.40 g/t silver in grab samples.
"Results from surface sampling continue to identify significant surface mineralization across the MPD property, highlighting the opportunity for a major discovery within this under-explored, consolidated land package," said Dunnedin chief executive Claudia Tornquist.
"We are looking forward to the imminent start of our drill program and are especially excited that our first soil sampling program has already recognized new targets for follow-up in areas of the property not yet drilled by previous explorers," she added.
At the Dillard prospect, high copper and gold values were found, including 0.80% copper with 0.32 g/t gold, and 0.76% copper with 0.24 g/t gold in grab samples.
Porphyry deposits are very large underground systems that typically contain copper and other metals. They can be several thousand feet in diameter.
Dunnedin has applied for a multi-year area-based exploration permit with the relevant British Columbia authorities asking for up to 18 drill pads and up to 10 mechanical trenching sites in 2019 and 2020 at the project.
This application is in the final stages of the review process and drilling will start when the permit is received, which the firm expects in September this year.
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