African-based Metorex, half of which is owned by
Perkoa was discovered in 1982 by the United Nations Development Program following a soil sampling program. Subsequent drilling outlined an indicated resource of 7 million tons grading 17.6% zinc using a cutoff grade of 10% zinc. Zinc mineralization occurs in two steeply dipping lenses that have been delineated to a depth of 500 metres and to widths exceeding 12 metres. The average grade in the lower lens, which contains most of the zinc resource, is 19%.
In the course of a prefeasibility study, Billiton identified several geophysical anomalies over the 484-sq.-km property.
Metorex will buy acquire Billiton’s share of the deposit in an all-cash deal using deferred payments over three years. Billiton retains a 30% back-in right and offtake purchase rights. Also, the government of Burkina Faso retains a 10% carried interest in the project.
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