Significant upgrade to Pacifico’s Sorby Hills Lead-Silver Zinc Project Resource
Pacifico Minerals Limited (ASX:PMY) has this morning provided an update on the Sorby Hills Mineral Resource Estimate following the initial Phase 1 drill campaign at its 75% owned Sorby Hills Lead-Silver Zinc Project, located 50 kilometres northeast of Kununurra in WA.
An updated Mineral Resource Estimate has been completed resulting in an 82% increase in the Global Resource of 29.97Mt of 4.7% lead (Pb) equivalent.
Within the Global Resource there was a 123% increase in tonnage of Indicated Resources to 10.85Mt, with a grade of 5.0% Pb equivalent.
The updated Mineral Resource Estimate was completed by well-regarded resources specialist CSA Global.
CSA Global has a long history of involvement with the Sorby Hills Project with CSA managing a drill program and completing a Mineral Resource Estimate in 2007. Importantly, this was the first drilling program at Sorby Hills since 1980.
The update Resource Estimate and deeper geological understanding confirms high potential to expand the Sorby Hills Resource base.
It is based on the analyses received from the initial 34 holes of the Phase 1 drilling program carried out in late 2018, initial results from a new mining study completed by an independent international mining Engineering specialist which supports a change in cut-off grade from the previous MRE, and an improved appreciation of the geological stratigraphy and structure.
Results from a further 18 drill holes are yet to be received and, combined with the Phase 2 drilling program planned to commence in April 2019 (weather permitting), should further upgrade the MRE.
PMY’s Managing Director Mr. Simon Noon said: “We are very pleased to be able to announce an 82% increase in the tonnage of the Mineral Resource Estimate for our 75% owned Sorby Hills Lead-Silver-Zinc Project.
“Importantly, this includes a 123% increase in tonnage of Indicated Resources following infill drilling in late 2018. This greatly increases confidence levels and will underpin the 2012 Pre-Feasibility Study review and update which is due for completion in March 2019. As data continues to come in from final drill holes completed in late 2018 and with phase 2 drilling planned to commence in April, these resource figures are expected to rise further in 2019.
“We are confident that the Sorby Hills Resource base will continue to grow and subject to successful development the Project could potentially become one of Australia’s most significant lead producers.”