PUR confirms new zinc mineralised system at the Paperbark Project’s JE Zone
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Mineral exploration and project development company, Pursuit Minerals Limited (ASX:PUR) this morning announced that geochemical assays have confirmed the discovery of a new zinc and lead mineral system at the JE Zone Prospect on the Paperbark Project, northern Queensland.
PUR’s Paperbark project is located 215km north‐northwest of Mount Isa and 25km south-east Century Mine in an area of excellent mining associated infrastructure. The project occurs within the Lawn Hill Platform of the Western Succession of the Mt. Isa Province and consists of two exploration permits (EPMs 14309, 25191), covering an area of approximately 110 square kilometres.
It is an early stage of this company’s development and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.
The Paperbark Project drilling programme has the following objectives:
- Investigate the variability and extent of the higher-grade zinc and lead mineralisation within the JB Zone Mineral Resource.
- Test the potential for substantial copper oxide and copper sulphide mineralisation to occur along the Grunter Fault.
- Determine if economic grades of zinc and lead mineralisation occur at the JE Zone and Stonemouse Prospects.
Assay data has confirmed that a new zinc mineralised system has been discovered at the JE Zone at Paperbark. PUR confirmed zinc and lead mineralisation over a down hole depth of 50m from 116.0m until 166.0m.
The geological characteristics and zinc to lead ratios, suggest the new JE Zone zinc mineralisation is similar in style to the JB Zone Mineral Resource which was previously explored and has a JORC 2-12 Inferred Resource of 10.4Mt at 2.7% zinc, 0.2% lead, 1g/t silver at a 1.5% zinc cut-off grade.
At Paperbark, Proterozoic basement rocks, members of the McNamara Group sediments, are well exposed. The sediments dip moderately (30 degrees) to the southwest and all units are potential hosts for base metal mineralisation. The Proterozoic rocks are cross cut by two significant, north-east trending faults, with a series of second order faults splaying off the main structures.
Strongly weathered rocks were intersected in drill hole PB03-17 and contain highly anomalous levels of zinc and lead, over a 50m down hole depth, despite the fact that the majority of sulphides have been weathered to iron oxides.
As a result of the greatly increased depth of weathering, a follow up drill hole will need to be drilled underneath drill hole PB03-17, in order to intersect the zinc and lead sulphide mineralisation below the depth of weathering.
Fresh sulphide samples will then be able to be collected, allowing an accurate assessment of the JE Zone mineralisation. However, the thickness of the mineralisation, the fact that the target zone is two kilometres long and the comparable nature of the geology to the JB Mineral Resource, are all highly encouraging and justify follow up drilling to properly test this new sulphide system.
Pursuit Minerals Managing Director Jeremy Read said the geochemical assay results returned from drill hole PB03-17 are highly significant, as they show strongly anomalous levels of zinc and lead, despite the fact that most of the zinc and lead sulphides have been converted to iron oxides.
“The new zinc system at the JE Zone, is 50m thick (down hole depth), with many of the same geological and geochemical characteristics that we see at the nearby JB Zone Mineral Resource,” Mr Read said.
“The JE Zone is extremely weathered so to get an accurate understanding of the full potential of the JE Zone, we need to complete deeper drilling in order to intersect the zinc and lead below the depth of weathering and hence determine the true levels of zinc and lead in the sulphide zone.”
“Mineral Exploration is all about trying to find new deposits and all the indications are that we are onto something significant at the JE Zone, so that is very positive and we are looking forward to getting back to the Paperbark Project to conduct more drilling.”
In order to better determine the potential of the JE Zone mineralisation, follow up drilling is required in order to intersect the zinc and lead mineralisation, in the sulphide zone, below the depth of weathering.
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