The Champion Iron Limited (ASX: CIA) share price has fallen 4.72% lower on Thursday morning despite strong results from its 9,350-metre drilling campaign completed in Autumn 2018 at its wholly-owned Powderhorn property in Newfoundland, Canada.
What did Champion report from the exploration?
Champion's drill program was designed to test the lateral continuity of the zinc-rich intervals intersected by Champion in Spring 2018 and several drill holes yielded significant zinc values for the company.
The company reported Powderhorn can now be viewed as polymetallic (as opposed to its classification as a zinc project previously) after Champion reported one interval with 23.6% zinc and 163 grams per tonne of silver over 0.88 metres.
COO David Cataford said the drilling results are "very encouraging" with the occurrence of a copper-gold zone close to the surface and the continuity of high-grade zinc at depth.
How has the Champion share price performed so far this year?
The Champion share price has been a standout on the ASX as it has rocketed 85% higher to start the year.
With a market cap of $912.6 million, Champion has proven to be a standout as it has significantly outperformed the S&P/ASX300 Metals and Mining Index (ASX: XMM) which has risen a tidy 16.8% over the same period.
As a Canadian-domiciled company, Champion reported its Q3 interim financial statements on 15 February which showed continued strong growth as it achieved record monthly production of 697,700 wet metric tonnes (wmt) in the quarter.
The company reported a total cash cost of $49.4 per dry metric tonne (dmt) and an all-in sustaining cost (AISC) of $55.5/dmt with strong production of 66.4% high-grade iron ore in the quarter.
Net income of $31.2 million and revenues of $147.5 million for the quarter indicate that the company remains on track to deliver on its growth potential which is a key reason why it has outpaced its larger Australian rivals including BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) so far this year.
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