All the signatures of another Fruta Del Norte
Lundin Gold's Fruta Del Norte is one of the largest and highest-grade gold projects currently in production, and maybe there is a second down the road from the first, said CEO Ron Hochstein.
On Friday Lundin Gold's (TSX:LUG) Hochstein recorded Kitco Roundtable podcast with correspondent Paul Harris, Mining Audiences Manager Michael McCrae and editor Neils Christensen.
Opened last year, the 340,000 ounce per year gold mine is seeing some stopes grading 30-40 grams per tonne of gold, said Hochstein. The all-in sustaining cost is $770 - $830 per ounce. Acquired in 2014, the project came with a large land package, which the company is actively exploring. Hochstein said there are two drills turning at a project called Barbasco.
"Steve Leary, who was the exploration manager at Aurelian Resources when they discovered Fruta Del Norte, feels that the [project] has all the signatures of another Fruta Del Norte, and it's just seven kilometers away," said Hochstein.
The panelists also discussed record copper prices. On Monday, copper hit all-time high of $10,747.50. Copper has stayed above $10,000 level throughout the week. But copper did retreat and was down 1.1% for the week. The other news of the week was Filo Mining, which reported 858m at 1.80% copper equivalent and also a new high-grade feeder zone discovery at Filo Del Sol project in San Juan province, Argentina.
The good hole sent the company up 66% for the week to close at $7.57 a share on Friday.