Shares of Highland Copper Company Inc. (TSX-Venture:HI) are on the move higher as the company announced an updated Mineral Resource estimate for its 100%-owned Copperwood Project located in Gogebic County, in the western Upper Peninsula of Michigan.
The updated Mineral Resource estimate represents a 46% increase in Measured and Indicated Resources compared to the previous resource estimate dated April 15, 2015.
The new resource is estimated at 42.5 million tonnes grading an average of 1.59% copper and 3.9 g/t silver containing 1.5 billion pounds of copper and 5.4 million ounces of silver in the Measured and Indicated Resource category, using a cut-off grade of 1.0% Cu.
News of the updated Mineral Resource had investors hitting the "buy" button to the tune of a gain of 12% in late-morning trading as the stock climbed $0.015 to $0.14.
With today’s news, shares are touching two-month highs. Should resistance at $0.14 be taken out, there is the potential for further gains, at least from a technical perspective.
