Puma Exploration (PUM.V) has announced an exploration update for the Nicolas-Denys project, where the company is aiming to identify a very large copper porphyry system which could be as large as one billion tonnes.
The company finished drilling the first hole of this year, and a depth of 1,215 meters was reached, which is deeper than the originally planned 1,000 meter. The drill rig has now moved to a position about 2 km north of the first hole, where Puma plans to drill another deep hole of approximately 1,200 meters.
These two holes will be extremely important to validate Puma’s hope for a large copper porphyry target. We expect to see the results of the first hole within the next few weeks.
Disclosure: The author holds a long position in Puma Exploration. Please see our disclaimer for current positions.