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Pacifico Minerals Ltd.
Summary
| Project: | Sorby Hills | |
|---|---|---|
| Deposit: | Sorby Hills | |
| Location: | Australia | |
| Commodities: | Lead-Zinc-Silver | |
| Date: | 8/14/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 14-8-2019: Pacifico Minerals Ltd. announces an Exploration/Drilling Update report for its Sorby Hills deposit at the Sorby Hills project. Drilling results incl. 23m @ 9.03% Pb, 1.17% Zn, 88g/t Ag from 59m. Pacifico intends to develop a large near-surface | |
| Resources: | (Resource, I+I): 29.97Mt @ 3.7% Pb, 0.6% Zn, 43g/t Ag | |
| CP/QP: | [Overall Report]: David Pascoe (Not stated) | |
| ABSTRACT: | Pacifico intends to develop a large near-surface flat-lying lead-silver-zinc deposit located 50km northeast of Kununurra in Western Australia. After completing the acquisition of a 75% interest in the Sorby Hills Project in late 2018, Pacifico carried out a Phase I drill program that significantly increased the size and confidence in the global MRE (29.97Mt of 4.8% Pb equivalent (3.7% Pb, 43g/t Ag) and 0.6% Zn1 ) and underpinned a PFS completed in 1H 2019. The PFS estimated a CAPEX of A$95.4M to develop the mine, with a 16-month payback and a pre-tax NPV8 of A$243M2 . Importantly the PFS only considered resources in the indicated category (10.85Mt of Indicated Resources with a grade of 5.1% Pb equivalent (3.9% Pb, 46g/t Ag) and 0.4% Zn). The Phase II infill and extension drilling program (‘Phase II’) was carried out from May to July 2019 with the intention of increasing Indicated Resources ahead of an update to the MRE planned for September/October 2019. The updated MRE, recently improved metallurgical testwork results and new mining studies will aim to enhance the economics and improve confidence of an upcoming Optimised PFS. The program was focused on shallow mineralisation above 100m depth, that may be mineable by open pit, at B and CDEF deposits (Figure 7). The Phase II drill program has also provided geotechnical (pit wall stability) information for pit designs and will deliver representative samples for further metallurgical work. Phase II consisted of 20 reverse circulation (‘RC’) holes, 10 holes drilled with RC pre-collars and diamond tails, and 45 HQ cored diamond holes for a total of 5,959m. Most holes were inclined at 60o and drilled at 270o azimuth (towards the west) and were orientated for structural measurements. | |
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