Cyprus Metals Exploration and equal partner Mitsui of Japan have tabled the first results from an 8,000-ft. drill program on Noble Peak Resources’ (ASE) Crypto zinc deposit in Utah. The first of five holes, designed to test the continuity and strike length of the polymetallic deposit containing 11 million tons of 6-9% zinc per ton, returned a 79.1-ft. intersection averaging 9.75% zinc at a depth of 1,259-1,338-ft.
Under an agreement with Noble Peak, Cyprus and Mitsui are earning a 100% stake in the 4.3 square- mile Crypto property, which is 95 miles west of Salt Lake City, Utah. Cyprus Metals is a division of Colorado-based Cyprus Minerals (NYSE).
To earn the interest, operator Cyprus must spend $2.7 million on exploration within three years, pay Noble Peak $300,000 cash and complete a positive feasibility study. If Cyprus fails to do so, sole ownership of the property would return to Noble Peak.
As reserves are hosted within two distinctly separate oxide and sulphide zones, Noble Peak is retaining a 2-5% net smelter royalty (depending on the price of zinc) on sulphide ore and 3-6% on oxides.
Reserves within the “oxide cap,” minable by open pit method, are about 600 ft. from surface, almost directly above the deeper sulphide ore.
Noble Peak President Maureen Jensen, says she is waiting for gold, copper, lead and silver assays from the first hole (CCC-1).
Drilled to a target depth of about 1,682 ft., hole CCC-1 included 30 ft. of 7.43% zinc from 1,115-1,145 ft. and 63.5 ft. of grade 8.35% zinc from 1,376-1,440 ft. The hole was between two previous sections to establish the continuity of the deposit. As Cyprus is working on hole number four, Jensen is also waiting for assays from holes two and three.
Once completed, the program is expected to delineate additional strike length for the calculation of further reserves, according to Jensen.
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