Lundin Mining (LUN-T, LMC-N) has hit upon a new zinc-copper discovery at its Neves-Corvo mine, in southern Portugal, that could well be the largest deposit at the project, the company says.
Lundin is calling the new find the Lombador East deposit and says it contains the thickest, highest-grade zinc intersections ever encountered at the Neves-Corvo mine.
Highlights of drilling include: 89.2 metres grading 8.43% zinc, 0.49% copper and 1.78% lead; 71.5 metres of 8.38% zinc, 0.59% copper and 2.88% lead; and 68.5 metres of 9.7% zinc, 0.43% copper and 3.13% lead.
The deposit has been defined by eight drill holes. All of those holes contain thick sections of massive sulphide zinc mineralization, with four hitting more than 65 metres of greater than 8% zinc.
Lundin first hit the deposit in August last year, when a hole was drilled there as part of an exploration program that centred on the Lombador South deposit. That program defined a measured and indicated resource at Neves-Corvo of 17.3 million tonnes grading 7.5% zinc and 1.9% and increased total proven and probable reserves by over 200%.
That first hole, drilled as a stepout from Lombador South, hit 92 metres of massive sulphide, including 67 metres of 8.03% zinc. But the hole also hit 16 metres of stock-work mineralization that returned 3.92% copper.
Spacing between drill holes ranges from 62 metres to 143 metres and averages 95 metres. The deposit remains open downdip and along strike to the southeast, Lundin says.
Deposits at the Neves-Corvo mine are massive sulphide lenses associated with stockworks that contain zinc and copper-rich zones.
High-grade copper and zinc zones generally occur separately but adjacent to one another, leaving Lundin to hypothesize that Lombador East could also host a high-grade copper zone that has yet to be discovered.
Lundin has two drills focused on drilling stepout holes that will help define Lombador East and explore for a copper deposit.
Lundin has operations in Portugal, Spain, Sweden and Ireland, with a total of six mines in operation producing copper, nickel, lead and zinc.
In Toronto on July 17, the day the news was released, Lundin shares were trading at $5.28 on 5.1 million shares traded. The company’s share price has moved between $5.12 and $15.20 over the last 52 weeks and it has roughly 390 million shares outstanding.
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