Dunnedin Ventures Inc (CVE:DVI) is expecting assays in January next year after it completed the first drill program at the MPD copper-porphyry project in British Columbia, it told investors on Thursday.
The work was completed on time and below budget and exceeded the target of 1,500 metres by completing 1,766 metres in three separate holes, the Vancouver-based firm told investors.
All holes hit prospective sulphide-bearing, altered porphyritic host rocks, the firm added.
READ: Dunnedin Ventures launches $500K financing to fund copper exploration projects in British Columbia and Arizona
"With this first program, Dunnedin has successfully confirmed our exploration thesis that the MPD project overlies a large porphyry system," noted president and CEO Claudia Tornquist.
"We are encouraged to see promising mineralization in all drill holes and are looking forward to receiving the assay results in January.
Tornquist added that the group would now focus on exploration plans for 2020, which include further drilling at MDP and an initial exploration program at its 100%-owned copper porphyry Mohave project in Arizona, USA.
Also in today's statement, the company revealed it had closed a private placement of non-flow-through (NFT) units and flow-through (FT) units for gross proceeds of C$605,850 to be used for exploration in British Columbia and Arizona, and for general corporate purposes.
The company issued 3,608,000 NFT units at C$0.075 a throw and 2.98 million FT Units at C$0.1125 each via the offering, while proceeds will be used to fund exploration programs on its wholly-owned, advanced-stage copper porphyry exploration projects in British Columbia and Arizona, and for general corporate purposes.
Shares zoomed up over 16% in Toronto to C$0.070 each.
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Contact the author at giles@proactiveinvestors.com
