Alara Resources (ASX:AUQ) has encountered high-grade copper sulphide ore at their Wash-hi mine in the Sultanate of Oman.
Blast hole and face samples have been collected and analysed at an onsite laboratory and have revealed copper grades ranging from 0.10% to 5.71%.
The LME spot copper price has returned to above USD 9000 per tonne, increasing the net present value of Alara’s interest in the project to USD 61.71 million (AUD 88.24 million).
Alara is continuing development of the mine and is pleased with the progress that has been made.