VANCOUVER — A 5,000-metre drill program has shown that the Accha non-sulphide zinc deposit in Peru has room to grow, as drillers pull high-grade intercepts from the north and east flanks of the zone for Zincore Metals (ZNC-V).
While the program primarily focused on infill drilling, the last six holes probed the previously untested northern flank. All six holes intersected mineralization.
The best results came from hole 92, which returned 15 metres grading 20.06% zinc and 0.25% lead from 16 metres downhole. The high-grade hit included 6 metres averaging 24.2% zinc. Other good results from the northern step-out program include 8 metres of 5.02% zinc and 0.26% lead from 28 metres in hole 95, 4 metres of 5.39% zinc and 0.2% lead from 50 metres in hole 94, and 8 metres of 4.37% zinc and 0.08% lead from the top of hole 97.
Earlier results, released in November, also support the potential to find further mineralization north of the deposit, particularly in the results from two holes drilled to the north edge of the zone. Hole 84 returned four intercepts between surface and 91 metres depth: 4.5 metres of 12.3% zinc, 18.8 metres of 14.83% zinc, 3.5 metres of 31.49% zinc, and 8 metres of 1.44% zinc. And hole 83 cut 26.3 metres of 6.76% zinc from 22 metres depth.
Zincore has been busy with news of late. Just two days before announcing the results of the northern step-out program, the company released the final six holes of the infill program at Accha, most of which tested ground near the eastern boundary of the known deposit. Zincore’s president and CEO Jorge Benavides said the results “give us ground to believe there is good potential to discover ore east of the current resources.”
Results from the eastern area include 24.2 metres grading 7.05% zinc and 0.34% lead from 13 metres in hole 85 and 12 metres at 8.59% zinc and 0.45% lead from 80 metres in hole 88. In addition, hole 87 cut two mineralized intercepts: 4.6 metres of 5.4% zinc and 0.3% lead from 67 metres depth, followed 6 metres later by 17.6 metres averaging 4.52% zinc and 0.22% lead.
The Accha deposit is located in southern Peru, specifically in the southern portion of the Pucara sedimentary basin. The deposit has been traced for 750 metres along strike and has been drilled from surface to a depth of 450 metres at its western end. Mineralization is contained within folded limestones.
Resources stand at 5.1 million indicated tonnes grading 8.15% zinc and 0.87% lead plus 1.4 million inferred tonnes averaging 5.92% zinc and 0.66% lead. In 2008 Zincore completed a prefeasibility study on building a mine at Accha and the results were positive. However, at around the same time Zincore discovered another deposit nearby, known as Yanque, and the company decided to test a variety of processing options to see if a central treatment facility would work.
As such, Zincore spent 2010 focused on reviewing and remodeling the Accha and Yanque deposits. Updated resources estimates are expected for both deposits in the coming months.
The company is well-financed to complete its project goals, having raised $12 million in a private placement in early November by selling shares at 45¢ apiece.
Zincore has been trading between 50¢ and 60¢ since early October, when it jumped up from below 30¢.
The company has 141 million shares outstanding.
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