What's happened?
Pacifico Minerals Limited (ASX: PMY) announced Phase IV drilling program at its 75% owned Sorby Hills Lead-Silver-Zinc Project has concluded successfully with all of its primary objectives achieved.
What are the key highlights?
- 58 diamond and rotary/diamond drill holes completed for 4,803m.
- Preliminary observations from brown-fields exploration drill holes suggest very positive impacts for the Resource and pit designs.
- Significant assay results received to date from drill holes include:
- SHDD002: 17m at 9.5% Pb and 67g/t Ag from 15m
- SHDD003: 16m at 6.8% Pb and 102 g/t Ag from 58m
- SHDD005: 9m at 5.9% Pb and 67 g/t Ag from 11m
- Further Phase IV assays due to be received during December 2020 and January 2021.
- Requirement for Updated Resource Estimate upon receipt of all results and evaluation.
- Gravity surveys covering the Beta and Alpha deposits and the highly prospective Eight Mile Creek exploration licence complete.
Pacifico’s Pre-Feasibility Study (“PFS”) confirmed that Sorby Hills is underpinned by a large near-surface Pb-Ag-Zn deposit comprising a Mineral Resource of 44.1Mt at 3.3% Pb, 38g/t Ag and 0.5% Zn, and Proved and Probable Reserves of 13.6Mt at 3.6% Pb, and 40g/t Ag.
On the back of the positive PFS, the Phase IV drilling program was designed to primarily advance the Project towards Definitive Feasibility Study (“DFS”) status. As such, the bulk of drilling meters (3,340m) were apportioned to these objectives. The balance of the drilling was targeted at Resource extensions and brown- fields exploration (~1,460m).
An overview of Phase IV drill hole locations.
Preliminary Outcomes
A total of 28 metallurgical drill holes for 2,116m have been completed across Norton, Omega Central and South and the B Deposit. All metallurgical drill holes have intersected mineralisation broadly in accordance as projected by the current Resource block model. Assays results for the first two batches of metallurgical samples have been received and are reported Table 1 & 2 and the JORC Table 1 in the announcement.
Geotechnical drilling comprised 12 diamond drill holes for 1,224m of which most were drilled in the Norton Deposit area. All geotechnical holes have been field assessed by ENTECH Mining Consultants.
In addition to the successful completion of the metallurgical and geotechnical objectives of the Phase IV drilling program, the Company is pleased to report that several drill holes have encountered new intersections of mineralisation immediately adjacent to the current open pit designs.
It is anticipated these intersections will have a favourable impact on the Sorby Hills Resource.
Cross section [B-B’] through the southern portion of the Omega deposit showing observed mineralisation intersected in newly completed drill holes SHDD039 and SHDD046 relative to the current Resource envelope and open pit design.
Cross section [C-C”] through the southern portion of the Omega deposit showing observed mineralisation in the newly completed drill hole SHDD043 relative to the current Resource envelope and open pit design.
Example of stratiform galena mineralisation interval intersected in SHDD043 at approximately 68m down hole.
What's it mean?
Pacifico now has all the core samples required to complete the DFS metallurgical testwork program required to optimise the performance and economics of the process flowsheet and finalise process plant design.
