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Previous work focused on two deposits: Valley and Arex. Based on an independent estimate, Valley hosts a resource of 11.6 million tonnes grading 6.29% zinc and 2.25% lead, plus 65 grams silver per tonne, with minor copper and gold credits. Based on 74 drill holes, the Arex deposit contains 4.8 million tonnes grading 2.4% copper and 2.11 grams gold, plus another 1.9 million tonnes grading 2.4% copper and 2.11 grams gold.
The 1-km gap between the deposits, while structurally complex, points to the potential for additional tonnage between the known resources. Last fall, a stepout hole drilled 160 metres west of the Valley deposit intersected 9 metres grading 16.6% zinc, 5.4% lead and 156 grams silver per tonne. Similar mineralization was hit 10 km to the south at the Mocoto prospect in a drill hole that returned 7 metres averaging 11.65% zinc and 2.73 grams gold.
This year’s program will include ground geophysics (mainly electromagnetic and magnetic) to refine anomalies identified in a recent airborne survey, and to rate them for subsequent drilling.
Before 1999, Karmin and Anglo explored separate projects in the Aripuana region. These have since been included in the joint venture, which is held 70% by Anglo. The major must spend US$3.25 million by 2003, with Karmin carried through to a final feasibility study. Last year, Anglo spent $1.7 million, well above the originally budgeted $400,000 program.
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