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Marimaca Copper (MARI.TO) shares rose 24% to a record after the company on Thursday reported significant copper sulfide and oxide intersections that extended the Pampa Medina deposit located 28 kilometers east of its Marimaca oxide deposit in Chile.
Highlights include 6 meters of 12.0% copper within 26 meters of 4.1% copper, and 40 meters of 2.1% copper.
"These results add a new dimension to our strategy and, we believe, strengthens our potential to be a globally significant copper producer in time," said chief executive Hayden Locke.
The company said it aims to complete 10,000 meters of drilling across 14 diamond holes for the next phase, looking to define the limits of the prospective sedimentary units, as well as understand the full potential of Pampa Medina.
National Bank of Canada maintained its outperform rating and $7.50 price target on Marimaca's shares following the company's release.
The bank said the rating is supported by Marimaca's expected peer-leading capital intensity aided by near-surface oxides that resulted in low stripping costs and proximity to existing infrastructure.
National Bank said it also expects further upside from an expected aggressive drill program this year.
Marimaca shares were last seen up $1.71 to $8.98 on the Toronto Stock Exchange, the highest ever and topping its prior 52-week high of $7.38.
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