The company has completed two rotary drilling programmes; the first hole was drilled to a depth of 1,800ft and the second to a depth of 858ft, but field analyses indicated weak to nil copper values.

Vane Minerals chief executive officer David Newton said, "Although it is clearly disappointing that the drilling at Peg Leg has not proven successful in identifying another mineralised porphyry system, our overall programme is proving successful in concentrating our efforts, inexpensively, on our portfolio of copper prospects."

The company will cease work on this target and plans to commence rotary drilling at the next copper exploration target, Railroad.