Taruga shares were up 120% to 27.5c this morning, valuing the company at $29 million as shareholders lapped up the opportunity to participate in projects ranging from advanced exploration with high-grade drill intersections through to early stage exploration.
The Perth-based company intends to take a 60% interest in areas where past drilling has intersected mineralisation including: 26.5m at 2% cobalt and 1% copper from 78.1m and 32.2m at 3% cobalt and 0.5% copper from 209.6m.
Recent channel sampling of the artisanal workings reported cobalt grades up to 13%.
The areas contain the same rocks that host the Ivanhoe Mines’ major Kamoa copper deposits but have seen little to no previous exploration.
Taruga will fast track soil sampling and shallow air core drilli...