Mining group Rio Tinto (ASX:RIO) announced a discovery of a new zone of gold dominant mineralisation at its Winu copper-gold project in Western Australia.
The new zone, located approximately 2km east of the Winu deposit "provides further encouragement about the potential for the new development of multiple ore bodies,” Rio said in a statement.
“We are very pleased with the progress at Winu as it adds a further option to our strong copper portfolio,” the company added.
Rio Tinto added that the maiden inferred mineral resource, at a reported at 0.2 per cent copper equivalent cutoff, is 503 million tonnes at 0.45 per cent copper equivalent.
First production from Winu is expected in 2023.
Shares in Rio Tinto (ASX:RIO) are trading almost 4% higher at $107.