Shares in Subiaco-based Syndicated Metals have jumped more than 27 per cent today after the company announced its has discovered new zones of high grade copper and gold mineralisation at its Mount Remarkable project in north-west Queensland.
At the close of trade Syndicated Metals shares were valued at 20 cents, up 3 cents.
In a statement to the Australian Securities Exchange Syndicated Metals said during soil sampling it has identified three zones of anomalous copper and gold.
Follow up rock chip sampling found high grade oxide copper and gold with values of up to 25 per cent copper and 5.54 grams per tonne of gold.
"The evaluation of this prospect is at an early stage but the initial results are considered very positive," the company said.
See company statement below:
As part of its aggressive 2010 exploration campaign, Syndicated Metals Limited (ASX:SMD) ("Syndicated") has conducted first pass soil and rock chip surface sampling over the northern section of the Leichhardt-Prospector IOCG (iron oxide copper gold) trend. This area is contained within Syndicated's Mount Remarkable project area, just 20 kilometres to the northeast of the Company's Barbara copper-gold project.
Syndicated's soil sampling program over the magnetic highs identified three zones of anomalous copper and gold that are being systematically followed-up with rock chip sampling.
The initial rock chip sampling produced immediate success, identifying high grade oxide copper and gold mineralisation at surface, often adjacent to occurrences of "copper weed", with values of up to 25% copper and 5.54g/t gold. The strongly elevated gold values in the samples are considered particularly encouraging.
Syndicated holds the northern and southern sections of the Leichhardt-Prospector Trend which extends over a total of 25 kilometres and is characterised by a series of intense aeromagnetic anomalies caused by hydrothermal magnetite alteration of sedimentary units. The overall trend hosts at least 14 copper prospects (held by other parties), including the Leichhardt copper deposit (1.14Mt @ 1% Cu). The most significant historic drill intersection along the trend is 71.5m @ 1.72% Cu and 0.18g/t Au from an RC hole drilled in the early 1990's.
Further surface rock chip sampling along the mineralised zone north of Syndicated's discovery outcrop is currently in progress and results will be released as they come to hand.
The evaluation of this prospect is at an early stage but the initial results are considered very positive.
