06:31 AM EST, 11/12/2024 (MT Newswires) -- Coppernico Metals ( CPPMF ) on Tuesday gave an update of its inaugural drilling program being conducted through at its Sombrero Project in Peru.

To date, the company said it has identified six "significant" targets within the Ccascabamba target area on the project and initial drilling has tested only small sections of the first two. It added notable findings from the first five holes drilled within the Ccascabamba target area include 19 metres of 0.50% Copper and 27 m of 0.21% Cu drilled in hole 4, which is on the margin of a large and prospective chargeability zone subsequently drill tested by holes 6 through 8, for which assay results are pending.

According to Tuesday's statement, the objective in this early stage of Phase 1 target testing is to refine the three-dimensional understanding of the local geology and correlate it with geophysical and geochemical data. "While additional drilling is required, the first five holes have already proven invaluable", it said

Ivan Bebek, Chair and CEO, said, "We are well-financed and in the early stages of our budgeted 30-hole core drill program (49 holes permitted), with eight holes completed and assays back from our first five holes. We are highly encouraged with the early indications of the mineralized porphyry/skarn system in hole 4 on the edge of our Hojota target vectoring toward stronger mineralization, and the technical team advancing at a great pace.

COPR noted expanded drill permit applications are underway, aiming to increase from 49 holes currently permitted, to approximately 200 holes and capacity to operate additional drill rigs, providing flexibility to drill more extensively and more quickly within a larger polygon. Trading on the United States OTCQX is anticipated to commence as early as November 14.

COPR was down $0.005 at $0.37 on the TSX, yesterday.