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The hole, drilled in the newly discovered FS60 zone, hit 25 metres of 11.93% zinc, 3.45% lead and 0.25% copper, plus 135 grams silver and 1.57 grams gold per tonne. The hole also intersected 16.3 metres of 2.9% copper, 0.35% lead, 1.2% zinc, 0.51 gram gold and 20.82 grams silver.
The program is designed to expand and upgrade the existing resource of 13 million tonnes grading 5.9% zinc, 2.02% lead and 0.24% copper; the average silver grade is expected to be 60 grams.
Other zinc-rich intersections include:
- 7.3 metres of 0.28% copper, 3.26% lead, 6.82% zinc, 0.15 gram gold and 79.2 grams silver; and
- 11.65 metres of 0.3% copper, 1.89% lead, 6.64% zinc, 0.32 gram gold and 61.83 grams silver.
The Aljustrel project operated for two years in the early 1990s before low metal prices and poor recoveries forced its closure.
EuroZinc is confident that modifications to an existing mill will result in 85% recoveries. The company plans to treat 1.5 million tonnes of zinc-rich ore per year beginning in late 2000. Capital costs are expected to range between US$40 million and US$50 million.
The Aljustrel project includes several other deposits, as well as a modern mill, tailings disposal facility and a deep-water post.
Once a feasibility study is completed and financing arranged, Euro Zinc will have earned a 75% interest from a state-owned mining company.
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