Overall, the company expanded the September 2020 measured and indicated resource 8% to 18.6 million tonnes grading 2.6% copper-equivalent, comprising the Main, Esso and Sumac deposits. Inferred resources grew 24% to 13.2Mt grading 1.6% Cu-eq.

Kutcho sees compelling further exploration potential between, below and along strike from existing resources, and has prioritised areas such as the Main-Sumac Gap of about 400m-by-380m between the Main and Sumac lenses, and below the three main deposits.

It says just 150m of a 1,500m-long geophysical anomaly has been drilled at Esso-West, about 300m west of the high-grade Esso deposit. 

Another priority target is the Footwall Zone beneath the Main zone, a stacked massive sulphide horizon that remains open and where previous drilling encountered 1.5m of 3.54% copper, 6.94% zinc, 316.9g/t silver and 1.47g/t gold.

Kutcho's 2017 PFS outlined a 12-year mine producing an average annual 33 million pounds of copper and 42Mlb of zinc, plus gold and silver by-products, with initial capex of C$220.7 million (US$166 million), an after-tax NPV (8% discount) of $265 million (US$199 million) and an IRR of 27.6%.

Kutcho acquired the project in 2017 with support from streaming company Wheaton Precious Metals involving a plus-C$100 million (US$75 million) financing package.

Kutcho shares (TSXV:KC) last traded at 53c, capitalising it at $41.2 million (US$32.5 million).