Early signs point to deeper, high-grade silver-base metals riches for Manuka
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Early results from Manuka’s Wonawinta Deeps drilling program have shown extremely high-grade silver, zinc and lead below the existing open pits.
Manuka Resources (ASX:MKR) is fast proving up its theory that there is even more silver and base metals riches below the silver oxide resource at its Wonawinta mine.
Preliminary portable XRF spot readings included some significant individual measurements like 43.13 per cent zinc, 12.76 per cent lead and 4270 grams per tonne (g/t) silver at 101.2m and 30.2% per cent zinc, 21.6 per cent lead and 1870g/t silver at 104.7m.
The first hole reached a total depth of 154m.
Although the program is called Wonawinta Deeps, it is targeting lead-zinc-silver sulphide mineralisation at relatively shallow depths ranging from 80-250m.
Wonawinta Deeps is designed to test the silver and base metal potential of the sulphide zones below the existing open pits at Wonawinta and the first hole has intersected carbonate containing sulphides.
Executive chairman Dennis Karp said any evidence of strong sulphide mineralisation could prove transformational for Manuka.
“It has taken us 4.5 years to be able to commence this current deeper drill program, and to then obtain pXRF spot readings of the grades noted above is extremely exciting.
“We await the independent laboratory assay results of the full program over the coming two to three months with much anticipation.”
The Wonawinta Deeps program started in January and comprises 16 to 20 diamond drill holes.
Wonawinta already hosts an inferred resource of 52 million ounces of silver grading at 42g/t. Manuka plans to release an updated resource for Wonawinta before the end of April.
The company is well advanced in its goal of becoming Australia’s largest primary producer of silver, with production slated to start mid-2021.
The Wonawinta silver project, which has a plant with a nameplate capacity of 850,000 tonnes per year, was previously the largest producer of primary silver in Australia.
This article was developed in collaboration with Manuka Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.