Laconia Resources (ASX:LCR) has released an interesting exploration update on its Espanola 1 prospect in Peru, South America. A channel sampling program at the adit of Espanola 1 has revealed 21.5 meters of 2.55% copper, 2.26g/t gold and almost 51g/t silver, including an interval with an even higher average grade. These results confirm the historic high-grade zones, and we expect Laconia to conduct more exploration work at Espanola 1 in the very near future.
Espanola 1 is part of the company’s Kimsa Orcco land package which seems to be highly prospective and it’s no surprise the company now plans to drill-test the extension of the currently known copper-gold-silver veins on the property. As Laconia’s market capitalization is just A$2.6M, this year’s drill program in Peru could have a serious impact on the company’s valuation.
Disclosure: The author holds no position in Laconia Resources. Please see our disclaimer for current positions.