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By: AllPennyStocks.com
The journeys gold and other precious metals take to market start at intriguing
and far-flung places around the globe, making the efforts of mining companies
great and small all the more remarkable. Some spots in South America are proving
particularly rich sources of gold and copper, attracting companies from this
side of the Equator.
As the first full week of July drew to a close, Vancouver-based AQM Copper Inc.
(TSX-Venture:AQM) chimed in with exciting news, announcing continuing positive
drill results from the Zafranal project located in the northwestern extension of
the Southern Peru Copper Porphyry Belt near the city of Arequipa.
The company expanded its High-Grade Enrichment Zone, intercepting 188 metres of
0.73% Copper and 0.13 grams per ton (g/t) Gold. Mineralization ranged up to 1.37
Copper and 0.19 g/t gold. The results from this hole confirm the presence of
high-grade enriched copper mineralization as well as significant hypogene
mineralization in the eastern half of the Main Zone.
AQM, formerly known as Apoquindo Minerals, is a well-financed junior Canadian
mining company focused on the rapid expansion and development of Zafranal.
Located in the resource-rich district of the Southern Peru Porphyry Copper Belt,
Zafranal is ideally situated amongst the world's largest operating copper mines.
AQM is also a joint-venture partner with Minera S.A. in a near surface,
leachable copper oxide project located near Antofagasta in Northern Chile.
Minera vested 60% of the project after spending $16 million in a work program
that included exploration and infill drilling, metallurgical testing, amongst
other pre-feasibility activities. An updated resource calculation and a
definitive pre-feasibility report are both expected before the year is out.
The day before its big announcement from Zafranal, AQM announced it was changing
its original option agreement with Teck Peru S.A., a subsidiary of Teck
Resources Limited (TSX:TCK.B) whereby AQM will immediately vest at a 50%
interest in the Zafranal Project and Teck and AQM would form a 50/50 JV for the
continued exploration and potential development of the Zafranal Project through
a sole purpose Peruvian company. Clearly, Zafranal is a project of which AQM is
justly proud.
What’s more, there is still room for this company’s stock to grow. More than
379,000 AQM shares changed hands on July 9, driving the price up a nickel to 76
cents a share, still well below its 52-week peak of $1.10, achieved in January,
but also quite a bit above its yearly trough of 50 cents, to which it fell last
July. With big things on the horizon for its Peruvian project, and allies in a
bigwig such as TCK, this junior miner looks for lots of upward momentum in the
months ahead, and invites small-cap investors to take a closer look at them.
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