Southern Hemisphere Mining Limited (ASX: SUH, TSX-V: SH) added 33% on Tuesday after announcing an intersection of 302m grading 0.64% copper equivalent from its Llahuin project in central Chile and the expansion of its footprint.
CEO Trevor Tennant commented on the acquisition of the concessions from what it called a "Tier 1" mining company that allowed its licence to lapse:
“Many foreign-based mineral explorers are coming into Chile and doing expensive deals. Our Company excels at doing astute deals in tandem with monitoring the concession application system for opportunities.”
“We may well look back on this as the moment the Llahuin Project gained critical mass, all without the need to do a deal with a third party.”
After trading resumed at 12:30 the Vancouver-based explorer gapped higher to $0.16 on the Toronto venture board, at its highest for the day.
Around 35,000 shares in the micro-cap – which hardly ever trades – changed hands giving the company a market cap of the $24.5 million. The counter is still showing losses for 2012 – it is down 15.8% year to date.
Highlights from the drilling results include:
- Outstanding new intersection DDH-LLA-025 received 85m west of previous high-grade hit of 440m @ 0.75% Copper Equivalent*, confirming presence of higher grade core in the Central Porphyry Zone:-
- 302m @ 0.64% Cu Eq from 106m including:
- 36m @ 1.08% Cu Eq from 236m
- Additional down hole intercept of 56m @ 0.48% Cu (gold results awaited), increasing overall intercept to 358m.
- Newly acquired “Ferrocarril” concessions immediately to the south demonstrate similar geology and footprint to the Central Porphyry Zone – drilling underway.
- Further drilling at the Cerro de Oro Zone, 1km south of the Central Porphyry Zone indicates porphyry mineralisation at depth – diamond drilling underway to test vertical extension.