Develop Global (ASX:DVP) said drilling at its Woodlawn copper-zinc mine in New South Wales returned "spectacular results" grading up to about 16% copper equivalent, supporting the company's push to increase the project's mine life by 50% to 15 years, according to a Thursday filing with the Australian bourse.
The drilling also identified several new highly prospective targets and extended high-grade mineralization, per the filing.
Assays include 12.2 meters at about 16% copper equivalent; 14.8 meters at 8.4% copper equivalent; nine meters at 8.4% copper equivalent; 10.8 meters at 6.8% copper equivalent; 2.7 meters at roughly 13% copper equivalent; and two meters at 6.4% copper equivalent, among other readings.
Develop Global said it mobilized an additional underground diamond drill rig to the site to expedite its Project DM15 production-growth initiative.
The company's shares rose 5% in recent Thursday trade.