Base metal miner is under debt pressure
Battling miner 29Metals has reported copper exploration success at its Golden Grove operation in Western Australia.Extension drilling of the Europa resource included results such as 44m at 3% copper, 0.4 grams per tonne gold and 18gpt silver from 955m and 16.6m at 4.9% copper, 0.5gpt gold and 30gpt silver from 937m.The true width of the mineralisation drilled has been put at 35-60% of reported widths.Another hole hit 36.2m at 2.7% copper plus gold and silver from 1010m.
52 per pound of copper produced.29M's cash at the end of September totalled A$60 million, down from $85 million a quarter earlier, while debt is understood to currently total US$167 million.Earlier this month, 29M reported it was set to receive $21 million as part of an ongoing insurance claim related to its flooded Capricorn copper mine in Queensland.
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