Australian exploration company, Pacifico Minerals Limited (ASX:PMY) is currently involved in the development of its 75% owned Sorby Hills Lead-Silver-Zinc Mine Development Project, located around 50km north-east from the regional centre of Kununurra.
Under the guidance and expertise of Pacifico’s Board and management team, the company has been able to make significant progress in relation to the development of Sorby Hills project. Pacifico’s management team consists of well-seasoned industry experts who have diverse international experience from exploration through to production.
Pacifico’s Board and Management Team
Mr. Richard Monti (Chairman)
- Richard is a geologist with over thirty years’ experience in many facets of the exploration and mining industry including technical, commercial, marketing, and finance.
- Before joining Pacifico, Mr. Richard served roles at various international and Australian companies including Anaconda Nickel, Azimuth Resources Limited, The North Group, Normandy Group, and RTZ Exploration.
- Richard is currently engaged with Black Dragon Gold Limited as Director.
- Education – Bsc (Hons), Grad Dip Applied Finance and Investment, MAusIMM.
Mr. Simon Noon (Managing Director)
- Simon is a Mining Executive who has substantial experience in management, marketing and finance within the exploration and mining industry;
- He has a strong background in securing and operating Joint Ventures with mid and top tier miners and is well versed in sophisticated and institutional investor engagement;
- After serving Groote Resources Limited as the Executive Director, Mr. Simon co-founded West Rock Resources Limited where he held the position of Managing Director until the company was acquired by Pacifico in 2013.
- Education: MAICD, AFAIM.
Mr. Peter Harold (Non-Executive Director)
- Peter is a process engineer with more than 30 years’ experience in the minerals industry with extensive experience in the development and operation of base and precious metal projects;
- Before Joining Pacifico, Peter held a number of senior executive positions, notably at Australian Consolidated Minerals Limited, MPI Mines Limited, Normandy Mining Limited, and Shell Australia;
- In 2001, Peter co-founded Panoramic Resources Limited, a base metal exploration and development company, where he currently holds the position of Managing Director.
- Currently, Mr. Peter is engaged with Ocean Grown Abalone Limited and Horizon Gold Limited as the Non-Executive Chairman.
- Education: BAppSc (Chem), AFAICD.
Mr. Andrew Parker (Non-Executive Director)
- Andrew is a lawyer with extensive experience in the exploration and mining industry;
- Andrew also has plenty of expertise in corporate advisory, strategic consultancy and capital raisings;
- Before Joining Pacifico, Mr. Andrew co-founded Trident Capital Pty Ltd, a corporate advisory and venture capital firm where he held the position of Managing Director until 2008.
- Education: LLC Degree
Mr. Aaron King (Project Manager)
- Aaron King is a metallurgist with more than 25 years’ experience in the mining and resources sector;
- He has a significant experience in study management, detailed engineering design and Project life cycle management.
By looking at the qualifications and the experience of Pacifico’s Board and Management members, it can be inferred that the company is currently guided and managed by a group of well experienced and skilled group.
Sorby Hills Project Update
In the past few months, the company has progressed rapidly with encouraging drilling results from Sorby Hills project which have significantly increased the value of the project from exploration perspective.
Sorby Hills Project Merits
- Excellent infrastructure which includes an airport at Kununurra, sealed roads to the project gate, bulk loading and container port at Wyndham, readily available water;
- Located in a mining region with access to skilled staff, services and equipment;
- PFS completed in 1H 2019 showed a CAPEX of A$95.4 million to develop the mine, with a 16-month payback and a pre-tax NPV8 of A$243 million;
- MRE of 29.97Mt of 4.8% Pb equivalent (3.7% Pb, 43g/t Ag) and 0.6% Zn;
- Potential to produce high-quality lead concentrate containing appreciable silver credits.
Recently on 12 September 2019, Pacifico published significant new drill intercepts from B Deposit and CDEF deposits, which include:
- 0m at 13.7% Pb equivalent (12.4% Pb, 51g/t Ag) and 0.3% Zn from 80m – CDEF Deposit in drill hole ACD058;
- 0m at 10.2% Pb equivalent (8.8% Pb, 52g/t Ag) and 0.3% Zn from 68m (including 16m at 13.5%Pb equivalent (11.7% Pb, 68g/t Ag) and 0.37% Zn from 63m) – CDEF Deposit in drill hole ACD082;
- 0m at 11.4% Pb equivalent (10.5% Pb, 35g/t Ag) and 0.1% Zn from 81m – CDEF Deposit in drill hole AF058;
- 7m at 7.4% Pb equivalent (5.7%Pb, 67g/t Ag) and 0.2% Zn from 80m – CDEF Deposit in drill hole ACD087; and
- 0m at 5.6% Pb equivalent (5.1% Pb, 18g/t Ag) and 0.2% Zn from 15m – B Deposit in drill hole AB052.
Pacifico recently completed a placement, under which, it issued 575 million shares at a price of $0.008 per share to sophisticated and professional investors to raise $4.6 million.
The funds raised from the Placement are intended to be utilized towards:
- Phase III drilling program;
- Completing the PFS;
- Advancing the DFS work program;
- General working capital requirements.
- Pacifico is going to commence its phase III (3000m RC) drilling program at Sorby Hills Project in few weeks;
- The program will aim to continue adding to shallow Indicated Resources, and to increase the Inferred Resource inventory;
- Pacifico is planning to conduct additional drilling to expand the Indicated Resource of the B and CDEF deposits;
- Pacifico also intends to convert Inferred Resources at the A, H, I, Alpha and Beta deposits to Indicated Resources;
- It is expected the revised MRE will be completed in October, ahead of an updated and optimised PFS.
At market close on 19 September 2019, PMY’s stock was trading at a price of $0.010 with a market capitalisation of circa $28.88 million. The stock has generated an impressive return of 150% on YTD basis.
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