The company recently achieved a number of important milestones, including the completion of a successful drill program delivering the highest grade results ever seen at the project.
The 66-hole, 9,570-metre drill program resulted in a substantial increase in the JORC resource.
The total resource increased 80% to 45.9 million tonnes grading 1.27% copper equivalent.
The resource upgrade was supported by drill results including 11 metres at 1.96% copper, 23 metres at 1.39% copper and 39 metres at 1.01% copper.
Working towards feasibility study by end of year
Mark Sumner, chairman, said: “We look to continue this momentum into 2018 by providing an update to the project scoping study, commencing a follow on drill campaign at Berenguela and push towards a project feasibility study by the end of financial year.
“We also look forward to updating the market on the results of the recently completed surface sampling program as they become available.
“Initial results are most encouraging and give us further confidence that Berenguela is shaping up to be a very large Peruvian copper play.”
Surface sampling testing large outcrops
A surface sampling program has been completed to test large outcrop formations at the project.
Results expected in the near term.