Infinity Mining (ASX:IMI) said that the re-logging of diamond drill core from a drill hole at the Cangai copper project in New South Wales identified the presence of magnetic pyrrhotite, associated with copper mineralization, according to a Thursday Australian bourse filing.
The results support the application of a magnetic survey at the project, to identify new drill targets.
The firm will reinterpret historical magnetic survey data from past programs and conduct 3D modeling of new magnetic data to define new high-priority targets for future drilling campaigns.
Shares of the mining firm tumbled 21% on market close.
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