Develop Global Drilling Supports Extension of New South Wales Copper-Zinc Mine Life; Shares Gain 5%

MT Newswires Live08-27 10:40

Develop Global (ASX:DVP) said drilling at its Woodlawn copper-zinc mine in New South Wales returned "spectacular results" grading up to about 16% copper equivalent, supporting the company's push to increase the project's mine life by 50% to 15 years, according to a Thursday filing with the Australian bourse.

The drilling also identified several new highly prospective targets and extended high-grade mineralization, per the filing.

Assays include 12.2 meters at about 16% copper equivalent; 14.8 meters at 8.4% copper equivalent; nine meters at 8.4% copper equivalent; 10.8 meters at 6.8% copper equivalent; 2.7 meters at roughly 13% copper equivalent; and two meters at 6.4% copper equivalent, among other readings.

Develop Global said it mobilized an additional underground diamond drill rig to the site to expedite its Project DM15 production-growth initiative.

The company's shares rose 5% in recent Thursday trade.

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