CONSOLIDATED ZINC - Resource Definition drilling continues to identify additional mineralisation with assays returning grades up to 52.8% combined zinc + lead (LV7040).
- Drilling from new cuddy 8.1 encounters significant massive sulphide mineralisation in 3 zones totalling 10.3m in aggregate outside of resource envelope (LV8004) assays awaited);
- Given recent drilling results and the target areas identified in the geophysical surveys, the Company has elected to allocate additional funds to regional exploration while maintaining the pace of ongoing resource definition drilling. Therefore the Company decided to cancel the accelerated acquisition of an additional 39% equity in the project as previously announced to conserve funding. The additional project equity will now be acquired in accordance with the original timetable.
Consolidated Zinc Limited (CZL:ASX) is pleased to present the following report detailing assay results and drilling intercepts received at the Plomosas project resource definition drilling program.
CUEVITAS RESOURCE DEFINITION DRILLINGUnderground drilling and development continued in Level 7 and the newly developed cuddy L8.1 testing down plunge extensions from Level 8.
Assays for drillholes LV7036 to LV7043 and LV7045 to LV7050 were received while those for completed holes LV7044, LV7051 to LV7053 and LV8001 to LV8004 are
awaited (Figure 2).
Drilling continues to demonstrate that mineralisation extends over several hundred metres of strike and up to 80m down-dip.
Managing Director Will Dix commented "the new intersections to the south of our modelled mineralisation
Figure 1. Location of Plomosas mine, Mexico
continue to support the Company's view that significant base metal resources exist down dip and down plunge of the mine development. These new results will be incorporated into our initial resource estimate due out next month and provide additional targets for immediate follow up. This and the recent regional exploration results have provided the impetus for a re-think on capital management and the decision to focus our cash in the ground rather than accelerating the re- structure of the project ownership at this time."
Table 1 summarises the highlights of intercepts encountered in infill drilling and holes testing the limits of the resource, showing those assays returned and awaited.
LV7037, LV7038 and LV7040 intersected significantly high grades with the former demonstrating that mineralisation extends above Level 7 towards Level 6:
LV7037 | 6.55m at | 13.45% Zn, | 7.22% Pb, | 26.05 g/t Ag |
and | 1.60m at | 36.11% Zn, | 11.75% Pb, | 40.40 g/t Ag |
LV7038 | 1.25m at | 45.80% Zn, | 4.03% Pb, | 38.00 g/t Ag |
LV7040 | 0.80m at | 33.30% Zn, | 19.50% Pb, | 89.60 g/t Ag |
Significantly, the drilling to date continues to demonstrate that high grade mineralisation extends below Level 7 (Figures 3, 5-6) which, at approximately 240m below surface, was the deepest of the main ore workings developed at Plomosas. Minor development down to Level 10 (310mbs) may provide additional access for future exploration of down dip extensions of massive sulphide mineralisation.
In addition, drillhole LV7037 has identified a new zone of mineralisation above Level 7 in an area of the mine located below Level 6 stopes. This demonstrates that although our focus is very much on the deeper extensions of the mineralisation, there are numerous opportunities within the existing mine environment to find additional areas that have previously been either ignored or previously deemed uneconomic for mining. This provides additional confidence for the ongoing investigations into the underground developments in sub-level 7 and sub-level 8.
A full set of updated sections and plans will be made available as more assay results come to hand. Implications of drill intercepts from Level 8 drillling
Notably hole LV8004 intersected 3 significant zones of massive sulphide, including the target zone, comprising 3.45m, 2.55m and 4.30m respectively. These consisted of partially oxidised, massive sphalerite and galena with pyrite. Assays are not yet available for this drillhole but other intercepts of a similar style and composition have returned exceptional results.
Of particular interest is that the intercepts in LV8004 were encountered in the hanging wall above and outside the existing resource envelope boundary and present a new target for adding high grade mineralisation. Sections will be made available as more assay results come to hand and the full implications of the intersection are reviewed.
Figure 2. Massive sulphide mineralisation on Level 8 showing sheared upper contact with shales
Figure 3: Holes drilled from Cuddies on Levels 7 and 8 and current resource envelope outlined projected to Level 7. Note that the intercepts encountered in hole LV8004 are in the hanging wall and outside of the currently defined envelope
Table 1. LEVEL 7 DEEPS Highlights of resource definition drilling results received | ||||||||
Hole ID | From (m) | To (m) | Inters (m) | TW* (m) | Zn % | Pb % | Ag g/t | Comment |
LV7036 | NSI | NSI | NSI | Hole drilled to NE to test for mineralisation. Hit mine sequence, minor diss sulphides | ||||
LV7037 | 103.00 | 109.55 | 6.55 | 2.94 | 13.45 | 7.22 | 26.05 | Mineralisation located between Level 6 and Level 7 |
112.80 | 114.40 | 1.60 | 0.71 | 36.11 | 11.75 | 40.40 | ||
LV7038 | 44.00 | 45.25 | 1.25 | 0.89 | 45.80 | 4.03 | 38.00 | Drilled slightly off from LV7034 to test for mineralisation outside of fault void |
LV7039 | 61.25 | 62.75 | 1.50 | 0.89 | 6.68 | 2.89 | 9.90 | Drilled below Level 7 stopes |
LV7040 | 43.65 | 44.45 | 0.80 | 0.72 | 33.30 | 19.50 | 89.60 | Mineralisation intersected down dip of hole LV7DD022 |
LV7041 | NSI | NSI | NSI | Testing limits of mine sequence continuity | ||||
LV7042 | NSI | NSI | NSI | Drilled to NE testing sequence for extensions . | ||||
LV7043 | NSI | NSI | NSI | |||||
LV7044 | 70.50 | 71.55 | 1.05 | TBA | TBA | TBA | TBA | Very thin zone down dip of main mineralised zone. |
LV7045 | NSI | NSI | NSI | |||||
LV7046 | NSI | NSI | NSI | |||||
LV7047 | 59.2 | 61.55 | 2.35 | 1.04 | 6.08 | 2.24 | 8.60 | |
LV7048 | NSI | NSI | NSI | |||||
LV7049 | 93.85 | 94.9 | 1.05 | 0.47 | 16.65 | 14.00 | 45.9 | Semi ox massive sulphide nr contact with HW shales |
LV7050 | 62.75 | 63.25 | 0.50 | 0.4 | 13.10 | 37.86 | 820 | Semi ox mass sulphide, coarse grained. Note high Pb and Ag |
LV7051 | 54.60 | 55.80 | 1.20 | 1.00 | TBA | TBA | TBA | Massive sulphides near conact to marbles |
LV7052 | TBA | TBA | TBA | No visible sulphides | ||||
LV7053 | TBA | TBA | TBA | Sheared marble, no visible sulphides. | ||||
LV8001 | 82.35 | 83.50 | 1.15 | TBA | TBA | TBA | TBA | Brecciated Mina Vieja marble with clasts of massive sulphide |
LV8002 | 71.80 | 76.50 | 4.70 | TBA | TBA | TBA | TBA | Dissem sph+palena with weak patches of mass sulphide. |
LV8003 | 60.85 | 63.15 | 2.30 | TBA | TBA | TBA | TBA | Dissem sulph in marble with fault breccia in HW |
LV8004 | 92.75 | 96.20 | 3.45 | TBA | TBA | TBA | TBA | Part oxid mass sulphide |
110.55 | 113.10 | 2.55 | TBA | TBA | TBA | TBA | Part oxid mass sulphide | |
122.35 | 126.65 | 4.30 | TBA | TBA | TBA | TBA | Part oxid mass sulphide This was targeted zone) | |
130.20 | 130.60 | 0.40 | TBA | TBA | TBA | TBA | ||
*TW is True Width and represents the best estimate of the intercept based on the geological interpretation of the sequence.
Consolidated Zinc Limited published this content on 16 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 November 2016 00:08:04 UTC.
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