Time: 17:05 News ID: 31377
Union Resources Reports Second 'Significant' Copper Find In Iran
Tehran, P.I.N., 2006/11/04
LONDON -- Union Resources Ltd said that it has found a second 'significant' copper find at the Mehdiabad deposit in Iran.
The find at hole 5302 is considered significant because it is located about 120m north of drill hole 8416, which recorded a zone of 35m
4.3 pct copper from 167m from the same stratigraphic position.
Union said it is awaiting the results of about nine more holes currently being assayed, prior to having an independent copper resource estimate made.
Union Resources had announed last week that it was looking at lower cost development options for its Mehdiabad base metal project located in central Iran as it said earlier plans for a $1.6 billion financing would be very difficult to carry out at this particular time.
In a report on the quarter to end-Sept, Union said a development with a more modest initial capital requirement could be financed. Therefore Union is considering doing the project in stages which would allow some development to occur as soon as possible and this would benefit Union and its partners from the current high base metal prices.
Union is now fast tracking a scoping study into a number of lower cost capital development options.
Union said that in the third quarter of 2006 extensive diamond drilling has outlined a resource totalling 394 million tonnes at 4.2 pct Zn, 1.6 pct Pb and 36 g/t Ag at Mehdiabad.
This is one of the largest undeveloped zinc resources in the world, it said.
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