(MENAFN - ProactiveInvestors - Australia) Southern Hemisphere Mining (ASX: SUH) non-executive director Richard Billingsley has not sought re-election to the Board.
The company continues to demonstrate the potential to grow the resource at its flagship Llahuin Copper-Gold Project in central Chile with recent strong new intersections.
Drilling at the project will be accelerated following completion of the landmark US35 million farm-in agreement with the over US3 billion market capitalised Lundin Mining Corporation (TSX: LUN), providing US6 million of committed funds for drilling.
Recent results include more thick intersections of up to 398 metres at 0.43% copper equivalent from 32 metres, including 46 metres at 0.85% copper equivalent, from the Central Porphyry Zone.
They also include higher grade results of up to 90 metres at 0.55% copper equivalent from 116 metres from the Cerro de Oro porphyry zone, located 1 kilometre to the south, where a breccia zone has been identified.
Importantly, the latest results have further extended the high grade core within the Central Porphyry Zone, which already hosts 51 million tonnes at 0.5% copper equivalent of the total current resource.
This core is easily accessible and has the potential to provide higher grade feed during the early stages of production, which could significantly enhance project economics.