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Base Metals: Italy is proving to be fertile zinc, lead and silver ground for this explorer
Mining
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If Alta Zinc (ASX:AZI) had been happy with the results from the initial holes drilled at the Pian Bracca prospect within its Gorno project in northern Italy, it would be jumping for joy at the results from the next four holes.
Investors certainly were with shares in the company up 10 per cent this morning to 1.1c.
The new holes returned top results of 12.1m at 15.1 per cent zinc, 4.3 per cent lead and 60 grams per tonne (g/t) silver from a depth of 59.5m and 10.7m at 11.8 per cent zinc, 3 per cent lead and 52g/t silver from 58m.
But wait, there’s more…
The drilling also intersected a zone of 8.5m at 17 per cent zinc, 2 per cent lead and 19g/t silver from a depth of 23.4m that Alta says demonstrates the continuity of a second layer of mineralisation below the Pian Bracca mineralisation and a new third horizon of mineralisation above the Pian Bracca thrust.
“These results validate our team’s long held conviction that Pian Bracca is a top priority exploration target for significant thick and high-grade mineralisation, and demonstrates that the Gorno project has further exploration upside beyond historically known zones of mineralisation,” managing director Geraint Harris said.
“The confirmation of two new significant zones of mineralisation in the 70 vertical metres between surface and the levels of pre-existing development supports this and will be followed up with ongoing exploration.”
Meanwhile, Corazon Mining (ASX:CZN) is likely to upgrade the existing nickel sulphide resource at the Lynn Lake project in Canada after its recently completed drill program returned more high-grade assays.
The top hit in the A Orebody was 22.6m at 2.3 per cent nickel, 0.82 per cent copper and 0.068 per cent cobalt from 24.4m within a broader 37.8m intersection grading 1.68 per cent nickel, 0.67 per cent copper and 0.05 per cent cobalt.
Over at the E Orebody, drilling returned a top result of 4.1m at 2.09 per cent nickel, 0.57 per cent copper and 0.073 per cent cobalt from 26.9m.
The company is now planning further drilling at both orebodies and other targets, as well as development and metallurgical studies.
Shares in Corazon climbed 33.3 per cent to 0.4c early this morning.
In other ASX base metals news today:
Chase Mining (ASX:CML) is planning to carry out additional drilling at the Alotta and Lorraine Mine projects in Quebec. The company says this includes a “bonanza” grade copper and palladium mineral assemblage previously not known to occur in the Alotta area.
