Soaring metal prices have prompted Cancor Mines (KCR-T) to take a serious look at the Explo-Zinc deposit on the central portion of the Kistabiche property, near Joutel in northwestern Quebec.
The company has begun a full feasibility study of the deposit, including an evaluation of a historic resource estimate totalling just shy of 1.1 million tonnes grading 7.13% zinc, 0.69% copper, and 31grams silver per tonne (pre-National Instrument 43-101).
A 3-hole drill program and metallurgical test work aimed at confirming the resource is underway. A preliminary economic assessment by an independent engineer suggests that the deposit could be economic at current metal prices.
Late last year, a 1,704-metre-long hole designed to test the deep extension of the deposit west of the exploration shaft failed to cut massive sulphides.
The deposit was discovered in 1963 by Consolidated Northern Exploration, which went to outline the existing resource. In 1975 Societ d’tudes de recherches et d’exploitations miniers (Serem), a subsidiary of Bureau de recherches geologiques et miniers (BRGM) carried out extensive work on the property.
The property is home to a 389-metre deep shaft and drifts on three levels. It is easily accessible by road.
Cancor and Soquem are equal partners on the project. Soquem is a subsidiary of Socit gnrale de financement du Qubec (SGF).
Silver recently broke through the US$13-per-oz. level — one not seen in nearly a quarter century. Copper has also hit an all-time high above US$6,000 per tone; zinc did the same just short of US$3,000 per tonne.
Shares in Cancor finished 4, or 14%, higher at 33 in heavier-than-normal trading in Toronto following the news on Apr. 12.
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