If the latest assays are any indication, Chief Consolidated Mining (NASDAQ) will be increasing its reserve estimates for the New Burgin deposit in Utah.
Five holes, drilled underground, encountered high grades of silver-lead-zinc mineralization, shown below.
Of special interest is the high-grade interval, within hole 20, containing 11 ft. of massive galena within the upper plate rocks of the Tintic thrust. The highest silver values encountered in the hole topped out at 3.5 ft. grading 162 oz. per ton.
The Tintic thrust provides the main control of lead and zinc mineralization at the Burgin.
The project is in the prefeasibility stage, with underground drifting attempting to establish a drill station at the northern perimeter of the deposit.
Proven and probable reserves currently stand at 1.03 million tons containing 24 million oz. silver, 550 lb. lead and 180 million lb. zinc. A recalculation is expected by mid-March.
Chief owns a half interest in the project, which lies 60 miles south of Salt Lake City. Its partners are Korea Zinc (which owns 9.6% of Chief) and Akiko Gold Resources (VSE), which has already contributed US$6 million to the joint venture.
HoleThickness SilverLeadZinc
(ft.)(oz./t)(%)(%)
1626.513.9—-
7.510.2—-
17967.47.83.4
incl.2115.515.33.6
182613.114.53.4
incl.3.57024.89.7
19926.3—-
209218.818.86.6
incl.119042.14.9
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