Zinc One Resources Inc (CVE:Z) has reported an eagerly awaited first resource estimate for its Bongara zinc mine project in Peru.
Significantly, the new NI43 -101 estimate only covers a small area along a strike of eight kilometers of prospective geology at the property, said the Vancouver-based firm.
READ THE BIG PICTURE: Zinc One Resources steadfastly heading towards first resource at Bongara project, where Mina Chica discovery has excited
The new estimate consists of a higher-confidence indicated mineral resource of 812,000 tonnes averaging 18.9% of the commodity, containing 339 million pounds of zinc at a 10% zinc cut-off.
It also has a lower confidence inferred mineral resource of 1,339,000 tonnes averaging 16.8% of zinc, containing 496 million pounds of zinc at a 10% zinc cut-off.
"This initial Mineral Resource estimate quantifies the amount of high-grade zinc in an area of known near-surface mineralization along a 1.4-kilometre trend," said Greg Crowe, director at Zinc One. "Further, geologic mapping and surface sampling confirm the potential of the larger Bongara Zinc Mine project to host additional significant zinc mineralization."
Crowe highlighted that the new resource estimate occupies only a small area along the strike.
In 2019, Zinc One plans to carry out further drilling, including to upgrade the confidence level of the currently defined inferred resources and to expand the overall resource at nearby undrilled high-priority targets between Mina Chica and Mina Grande Norte and northwest of Mina Chica at Campo Cielo.
The Bongara zinc mine project was in production from 2007 to 2008 but was closed due to the global financial meltdown and the decrease in the zinc price.
Past production included grades and recoveries over 90% from surface and near-surface zinc-oxide mineralization.
Shares added over 5.8% to $0.09 in Toronto.
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