Perseverance appears to be paying off for Solitario Resources (TSE) at its Bongara zinc project in northern Peru. After nearly a year of exploration and the delineation of an oxide zinc resource, the company recently discovered a new zone of sulphide mineralization.
Lying 6 km northwest of the Mina Grande oxide deposit, the Cristal zone is at least 2,000 metres in length, with several horizons of mineralization. The zone contains lead and zinc sulphide mineralization and is characterized by strong alteration commonly associated with Mississippi Valley-type lead-zinc deposits.
Visible mineralization has been observed in four separate locations. Trenching and detailed surface sampling has already begun to evaluate the mineral potential.
At Mina Grande, continued exploration pitting is increasing the resource base, which currently stands at 1.35 million tons grading 20.5% zinc and 2.1% lead. A new resource estimate is expected by the end of the year.
Solitario brought a small, mobile core-rig onto the project area in late September, but ran into technical difficulties. A new, larger core-rig has been mobilized and will begin drilling in late November. The company plans a minimum 10-hole, 1200-metre program at Mina Grande, followed by drilling at Cristal next year.
In Argentina, Phelps Dodge (NYSE) has informed Solitario that it will proceed with the 4-year, US$6-million option agreement on the Cerro Amarillo property.
Solitario is currently negotiating to acquire additional mineral opportunities in Peru and Argentina, including ground near its La Capilla property in Peru where significant gold values have been encountered.
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