Anglo American sizes up Arex deposit in Brazil

Anglo American (AAUK-Q) has tabled an independent resource estimate for the Arex deposit in Brazil’s Mato Grosso del Norte state.

Based on 74 drill holes, consultant ACA Howe International estimates that the deposit hosts 7 million tonnes grading 4.57% zinc, 1.81% lead and 0.92% copper, plus 1.15 grams gold and 59.07 grams silver per tonne. The resource is classified as inferred.

Mineralization is divided among the Hangingwall, Footwall and Feeder zones. Hangingwall is the largest of the three, with a volume of 4.8 million tonnes.

The deposit remains open at depth, and along strike to the northwest.

The Arex deposit is one of two discovered on the Aripuana massive-sulphide property. The other, called Valley and situated 1 km away, hosts 11.65 million tonnes grading 6.29% zinc, 2.25% lead, 0.07% copper, 65 grams silver and 0.3 gram gold.

Drilling has also intersected massive sulphide mineralization 160 metres west of the Valley deposit. There, a single hole returned 9 metres grading 16.6% zinc, 5.4% lead and 156 grams silver.

Similar mineralization has been intersected 10 km to the south. Dubbed the Mocoto prospect, it returned, from hole 4, 7 metres averaging 11.65% zinc and 2.73 grams gold, starting at a depth of 40 metres.

Anglo operates, and owns a 70% interest in, the Aripuana project. The remainder is divided between Karmin Exploration (YKA-V), with 28.5%, and unlisted St. Genevieve Resources, with 1.5%.

Under the joint-venture agreement, Anglo must spend US$3.25 million by mid-2003. Both Karmin and St. Genevieve are carried through to a final independent feasibility study.

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