Demetallica (ASX:DRM) has announced assay results from its maiden drilling program at the Peake and Denison project, near the Prominent Hill Mine in South Australia.
Demetallica says three diamond drill holes were drilled into magnetic basement anomalies targeting Iron-Oxide Copper-Gold style deposits, and target depths were achieved at two.
The company intersected 27m grading 0.08% Cu from 449m, and 1m grading 0.15% Cu from 542n at Wills, and 2.1m grading 0.13% Cu from 356.9m and 6m grading 0.11% Cu from 384m at Mawson, saying both targets warrant further drilling.
Demetallica will be removed from the ASX January 23, following completion of the takeover offer from AIC Mines (ASX:A1M) and compulsory acquisition of the remaining shares in Demetallica.
AIC Mines' share price closed up 6% today.