Belararox (ASX:BRX) said drilling at the Malambo copper-gold porphyry target at its Toro-Malambo-Tambo project in Argentina is progressing, according to a Monday Australian bourse filing.

The first hole at the target reached around 800 meters in depth and showed promising signs of porphyry-style veining and trace copper sulfides.

The first hole at Tambo South deposit concluded at a depth of 1,028.6 meters, revealing trace copper sulfides, but it did not reach the target depth. The second hole at the deposit has started, targeting a depth of around 1,300 meters.

Its shares fell 25% on market close on Monday, reaching an all-time low.