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Atalaya Mining PLC on Thursday said drilling results from its ongoing exploration programme in Spain have indicated a potential new massive sulphide discovery and a new high-grade zone.
The Cyprus-based copper producer found the polymetallic sulphide discovery in a second hole in a previously undrilled area at the Mojarra Trend at the Masa Valverde project.
Step-out drilling in the western area also discovered a new high-grade zinc zone at the Masa Valverde deposit.
Atalaya Mining said these achievements confirm its belief that the resource potential of the Masa Valverde project is under-explored and far from defined.
Looking ahead, Atalaya Mining said exploration will remain a key activity in 2023 and its exploration budget is expected to increase to reflect recent successes and the growing list of targets across its exploration portfolio.
‘We remain focused on expanding our resource base and identifying higher grade material that could be processed at our Riotinto plant, potentially providing an uplift to copper production by increasing the blended head grade,’ Chief Executive Alberto Lavandeira said.
Atalaya Mining acquired Proyecto Masa Valverde in 2020, having discovered the small but high-grade polymetallic Majadales deposit.
In April 2022, the company announced a new NI 43-101 compliance resource estimate for the Masa Valverde and Majadales deposits. Since then, Atalaya Mining defined new, shallow and potentially economic mineralisation at the Campanario Trend.
Atalaya Mining closed up 2.6% at 294.00 pence on Thursday in London.
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