Shares in Canadian miner Ivanhoe Mines (TSX:IVN) jumped Monday after it announced a significant new discovery of high-grade copper on its 100%-owned Western Foreland asset, west of the Kamoa-Kakula mining licence in the Democratic Republic of Congo (DRC).
The find, named Makoko, is Ivanhoe’s third major copper discovery in the DRC, as well as the first of multiple high-potential target areas identified by the company’s exploration team to be tested by drilling.
The company’s shares climbed in Toronto as much as 8.4 percent to C$2.98 on the news at 9:35 am, and were still trading 5.82% higher at C$2.91 by 11:49 am local time.
The find, named Makoko, is Ivanhoe’s third major copper discovery in the DRC, as well as the first of multiple high-potential target areas identified by the company’s exploration team to be tested by drilling.
The 6.75 sq. km discovery remains open in all directions, while the company continues drilling other targets on Western Foreland for high grade copper, Ivanhoe said.
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