Riedel Resources recovers high grade copper and cobalt from historic mine in Spain

Precious and base metals explorer Riedel Resources (ASX: RIE) has returned high grade assay results from rock chip samples recently collected at the historic La Profunda cobalt-copper-nickel mine in northern Spain.

The samples were collected from mineralised veins and associated alteration identified in the wall rock surrounding the La Cuevona (meaning “the big cave”) stope at the mine workings, situated within the company’s Carmenes cobalt-copper project.

One rock chip sample assayed at 27.2% copper, 0.27% cobalt, 35.3 grams per tonne silver, 0.32% antimony and 0.24% nickel. Other highlights included a sample returning 11.2% copper, 0.51% cobalt, 14.2g/t silver and 0.33% nickel, and another assaying 7.2% copper, 0.28% cobalt, 5.7g/t silver and 0.15% nickel.

The results are consistent with previous sampling carried out by Riedel’s joint venture partner in 2004 as well as sampling undertaken in the 1990s.

According to Riedel, the high-grade samples indicated excellent exploration upside potential for the Profunda mine prospect area, where the company is planning to commence drilling upon the near-term anticipated approval of its drilling program application.

“We are highly encouraged that the most recent assay results validate the high grades achieved from previous selective sampling completed at the site of the La Profunda mine,” Riedel executive chairman Jeffrey Moore said.

“Importantly, the presence of such high-grade mineralisation in the margins of the old workings gives us great confidence in our upcoming maiden drilling program, which has been designed to test multiple high priority targets defined within the Profunda mine prospect area,” he added.

The Profunda Mine prospect

Earlier this month, Riedel announced a recently completed ground geophysics program had defined five high priority drilling targets at the Profunda Mine prospect, which lies within the company’s broader Carmenes cobalt-copper project.

These targets will form the basis of a maiden drilling program, for which the company submitted an application in March.

In preparation for the program, a new access road has been constructed to facilitate better access to the project area.

Additional preparation activities including on-ground logistics and earthworks are well advanced, with drilling equipment set to be mobilised immediately upon receipt of approvals, Riedel stated.

The company is continuing to run target generation activities across its other prospects in the Carmenes project, including Profunda East, Profunda West, Fontun and Providencia East.

The market has reacted positively to the news with Riedel shares jumping up 14.3% to A$0.08 by afternoon trade on Thursday.