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Copper Hill results impress gold miner

Dual-listed producer Alacer Gold has reported “impressive” results from initial drilling at the Copper Hill prospect, at the Kazikbeli exploration project in Turkey’s Black Sea region.
Copper Hill results impress gold miner Copper Hill results impress gold miner Copper Hill results impress gold miner Copper Hill results impress gold miner Copper Hill results impress gold miner

The Copper Hill prospect at Alacer Gold’s exploration JV in Turkey

Staff reporter

Among the highlights were 40.8m at 2.66% copper from 144.7m, including 16.7m at 4.7%; and 70.3m at 1.66% copper from 83.7m.

"The intercepts are high grade, close to surface and appear to be very low in contaminates," Alacer said, adding the low levels of other metals or arsenic was unusual for skarn-type deposits.

Seven of the eight diamond holes, drilled in 2018 and 2019, intersected significant copper mineralisation and the company said it would recommence drilling at Copper Hill pending permits and weather.

Copper Hill is a 50:50 joint venture with long-term partner Lidya Mining, which has a 20% stake in Alacer's Çöpler gold mine.

Alacer (TSX: ASR, ASX: AQG) has said it's continuing to pursue opportunities to expand its current operating base to become a sustainable multi-mine producer focused on Turkey.

Çöpler produced a consolidated 391,213 ounces of gold in 2019 and Alacer has earlier forecast 310,000-360,000oz for 2020.

The company plans to release its first quarter results on April 30.

Its shares gained 6.25% in Toronto yesterday to C$6.80 and CHESS Depository Interests were up 5.4% in midday Australian trade to A$7.22.

Alacer is trading near the upper end of its 52-week range and is capitalised about US$1.4 billion.