Shares in ECR Minerals associate THEMAC Resources Group has increased the copper resource for the Copper Flat project above 1 million pounds.

The copper and molybdenum, gold and silver project in New Mexico was sold by ECR then known as Mercator Gold through a deal agreed back in March 2010, in return for 19% stake in THEMAC.

ECR relayed a statement by THEMAC in which the latter detailed the updated NI43-101 compliant resource estimate for Copper Flat. ECR stock rose in reaction and by 11.37am, was trading up 5.22% at 1.21 pence.

The measured and indicated resource now stands at 194 million tonnes of material grading 0.26% copper, 0.008% molybdenum, 0.002 ounces per tonne gold and 0.05 oz per tonne silver.

The update has increased the amount of contained copper in the measured and indicated categories by 56% over the previous estimate to 1.006 million pounds. The Copper Flat orebody remains open and drilling is set to recommence in spring.

Mr Patrick Harford MD of ECR Minerals said that “This is an excellent result for THEMAC and for ECR and should substantively strengthen the economic case for the return of the Copper Flat deposit to production. We feel confident that if Copper Flat continues to grow in scale and importance, as we expect it will, THEMAC has the capability to develop a copper mine with robust economics.”

(Sourced from www.proactiveinvestors.com.au)