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Cobre Says Underground Mapping Confirms Chile Deposit Hosts Broader Mineralized Syste; Shares Fall 5%

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Cobre (ASX:CBE) said underground mapping confirmed that the Sierra Atacama deposit in Chile hosts a much broader mineralized system supporting future larger-scale open pit resources, according to a Wednesday Australian bourse filing.

Work programs at the company's copper operations in Chile are focused on converting the existing NI 43-101 resource into a JORC-compliant mineral resource estimate, per the filing. The company plans to appoint WSP Australia as independent resource consultant to undertake geological modeling and preparation.

Magnetic and magnetotelluric surveys generated priority expansion targets, the company said. Surface mapping of historical workings identified multiple parallel outcropping vein systems west of the current primary mineralized corridor.

Cobre's shares fell nearly 5% in recent trading on Wednesday.

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