Highlights:
- G11-2638-04 targeted a 135-metre gap within the Stonepark North portion of the MRE
- This hole intersected a thick package of brecciation and low-grade mineralization yielding 17.95 metres of 1.02% zinc and 0.23% lead (1.25% combined), including two higher-grade zones:
- 2.15 metres of 3.39% zinc and 0.92% lead (4.31% combined), including 0.50 metres of 8.70% zinc and 3.34% lead (12.04% combined) and
- 1.55 metres of 3.46% zinc and 1.04% lead (4.50% combined), including 0.55 metres of 5.57% zinc and 2.03% lead (7.60% combined)
- The zone is similar to the nearest historic hole TC-2638-038 (located 50 metres away) which also intersected a wide zone of low-grade mineralization with two narrower higher-grade layers
- Based on the above, management believes the above intercept is likely to be sufficient to extend the wireframe (mineralized zone) of the MRE when a full MRE update study is done in future
- G11-2638-05 was drilled 85 metres from the Stonepark West portion of the MRE
- This hole intersected moderate mineralization (2.0 metres of 1.21% zinc and trace lead or 1.21% combined), extending the mineralized system and vectoring further exploration for higher-grade and wider mineralization further east, along trend towards historic hole TC-2638-068 (0.95 metres of 9.01% zinc and 1.69% lead, or 10.70% combined) located 585 metres to the southeast
"We are delighted that, despite a modest budget and limited metres drilled, the step-out drill program at Stonepark has intersected robust mineralization beyond the boundary of the current mineral resource estimate," stated
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1 NI 43-101 Independent Report on the |
2 Glencore's |
Details of Expansion Drilling
Two step-out diamond drill holes were completed at the Stonepark mineral resource estimate ("MRE") which totals 5.1 million tonnes grading 8.7% zinc and 2.6% lead (11.3% combined)1. The MRE is located a few kilometres to the west of Glencore's
Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore and is reported in accordance with JORC Code on Mineral Resources and Reserves; (b) the historic estimate at Denison was reported by |
Note: The wireframe for the resource was estimated as per a Technical Report dated |
2018 (and hence, for avoidance of doubt, was estimated prior to the drilling of hole G11-2638-04). |
The two holes were drilled totalling 864 metres. Hole G11-2638-04 (-85° dip, 053° azimuth; 381-metre hole depth) was drilled within a 135-metre gap between the northern-most and central wireframes of the Stonepark North portion of the MRE (see Exhibit 2 and 3). Specifically, the hole was 107 metres and 50 metres from the nearest holes to the north and south, respectively. Hole G11-2638-05 (-80° dip, 360° azimuth, 483-metre hole depth) was drilled 85 metres south of the southern boundary of the Stonepark West portion of the MRE, and specifically, 194 metres from the nearest drillhole within the Stonepark West MRE (see Exhibit 2).
Hole G11-2638-04 intersected a thick package of brecciation and low-grade mineralization yielding 17.95 metres of 1.02% zinc and 0.23% lead (1.25% combined) from 213.05 metres, including two higher-grade zones:
- 2.15 metres of 3.39% zinc and 0.92% lead (4.31% combined) from 218.10 metres, including 0.50 metres of 8.70% zinc and 3.34% lead (12.04% combined) and
- 1.55 metres of 3.46% zinc and 1.04% lead (4.50% combined) from 228.05 metres, including 0.55 metres of 5.57% zinc and 2.03% lead (7.60% combined)
The mineralized intercept in G11-2638-04 is very similar to the nearest historic hole TC-2638-038 (located 50 metres away) which also intersected a wide zone of low-grade mineralization with two narrower high-grade layers: 18.20 metres of 2.35% zinc and 0.28% lead (2.63% combined) from 236.40 metres, including 3.60 metres of 3.89% zinc and 0.11% lead (4.01% combined from 238.10 metres) and 1.80 metres of 5.56% zinc and 0.91% lead (6.56% combined) from 251.35 metres, (see Exhibit 3).
For reference, the wireframes defining the MRE (as estimated in the Technical Report on Stonepark dated
The second hole drilled at Stonepark was G11-2638-05, located near the Stonepark West portion of the MRE. This hole intersected moderate mineralization (2.0 metres of 1.21% zinc and trace lead or 1.21% combined from 451.00 metres; and a number of lower grade intercepts elsewhere in the hole).
The above intercept confirms the presence of the mineralized system at this locality and suggests the focus of further exploration for higher-grade and wider mineralization should be further to the east, along trend towards historic hole TC-2638-068 (0.95 metres of 9.01% zinc and 1.69% lead, or 10.70% combined from 423.80 metres) located 585 metres to the southeast (see red dotted line in Exhibit 2). Further drilling is strongly warranted.
Quality Assurance / Quality Control (QA/QC)
Drill-core samples were prepared and assayed in the
Qualified Person
Technical information in this news release has been approved by
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Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
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