Joint venture partners Silverside Resources (TSE) and International Platinum Corp. (TSE) have an- nounced a base metal discovery on their 520 acre silver property located northeast of Cobalt, Ont.
The companies say they have drilled a copper-zinc zone along a strike length of 300 ft with assays up to 6.22% zinc, 0.28% copper and 4.0 oz silver per ton over a 7-ft width. The base metal deposit was intersected from underground workings at the Hellens-Eplett mine which hosts reserves of 400,000 oz of silver in five known veins. Two drill holes and underground excavation have outlined a 200 ft length of copper-zinc bearing rock. Assays of up to 3.60% copper and 7.56% zinc over 1.5 ft have been obtained.
The geological setting of this volcanic hosted semi-massive sulphide deposit is similar to that of the base metal mines in the Timmins and Noranda areas.
The companies report several major mining firms are sending their representatives to examine the discovery with a view to entering into a joint venture exploration agreement.
With the recent decline in silver prices, management decided to defer any further mining for the immediate future at the Hellens- Eplett silver mine. Stockpiled surface ore containing some 50,000 oz of silver will be milled under agreement with Agnico-Eagle (TSE) at its new mill located in Cobalt.
Be the first to comment on "Base metal potential at Cobalt silver mine"