12:01 PM EDT, 04/10/2025 (MT Newswires) -- (Updates shares)

Blue Moon Metals (MOON.V) released Thursday a maiden mineral-resource estimate for the Sulitjelma volcanogenic massive sulfide deposit in Norway.

The project hosts 17-million tonnes of ore grading 1.06% copper and 0.21% zinc, the company said.

Blue Moon said the resource estimate does not include gold, silver or sulfur, which were historically recovered and considered by-product credits. The company said it plans to advance the project through additional exploration and technical studies to further evaluate its economic viability. Underground development is expected to start in the third quarter.

"We think Blue Moon can bring back mining in this district, with a much more efficient and modern practice by the end of this decade, with exciting regular drill results," chief executive Christian Kargl-Simard said. "The addition of gold, silver, sulfur and cobalt in a future resource would also increase the strategic nature of the deposit."

Blue Moon shares were last seen up $0.25 to $2.75 on the TSX Venture Exchange.

Price: 2.75, Change: +0.25, Percent Change: +10.00