Pacifico Minerals climbs up on ASX, Advancing well on the Sorby Hills Lead-Silver-Zinc Project

  • Nov 14, 2019 AEDT
  • Team Kalkine
Pacifico Minerals climbs up on ASX, Advancing well on the Sorby Hills Lead-Silver-Zinc Project

Pacifico Minerals Limited (ASX: PMY) is a junior resource exploration company that has spent numerous years exploring in Australia and South America. Pacifico took a deliberate decision last year to acquire the Sorby Hills Project - a large, near-surface, flat-lying, lead-silver-zinc deposit located 50 km northeast of Kununurra in Western Australia, with an intention to make this deposit a profitable mine.

Pacifico has commenced Phase III drilling programme leveraging on the significant success seen in the Phase II exploration programme. It further aims to enhance the confidence and allow for the conversion of Inferred Resources to Indicated Resource status, follow up on the historic intercepts and increase the Inferred Resource inventory. The Phase III exploration drive is expected to be completed by November end.

Updated Mineral Resource Estimate

So far, the company has progressed well in the development of the Project. It has achieved significant exploration success with its recently conducted drilling program at the Sorby Hills Pb-Ag-Zn Project, reporting the following key observations:

  • 20% expansion in the Global Resource of the project to 4.7% Pb equivalent (3.7% Pb, 39g/t Ag) and 0.5% Zn.
  • 63% increase in Indicated Resources in the Omega deposit (formerly CDEF) and 165% increase in the B deposit;
  • 53% increase in total Indicated Resources to 16.6 Mt at 4.8% Pb equivalent (3.8% Pb, 39g/t Ag) and 0.4% Zn through the conversion of Inferred Resources (10.8 Mt in March 2019 MRE).

The recent exploration results will support the Optimised PFS (Prefeasibility study) which is expected to be completed in Q1 2020.

Tapping the lucrative Lead Market Opportunity

The metallurgical testwork at the Sorby Hills Project has already confirmed the potential of the project to produce high-quality lead concentrate which holds appreciable silver credits. Pacifico Minerals is eyeing for substantial gains from the rising Lead demand, if everything proceeds as per company’s plan of producing high quality zinc.

The demand for Lead is driven by its rising application across automotive (AV) batteries space and energy storage systems, supporting the clean energy transition. Lead’s carrier properties make it an effective enabler for non-ferrous metals recycling. Besides, Lead demand will be further supported by 5G networks rollout.

International Lead and Zinc Study Group projects the global demand for lead to increase by 1.2% to 11.87 million tonnes in 2019, mainly due to the increased usage in Republic of Korea, India as well as Japan.

The recent uptick in the prices of lead and silver has further added spark to rising lead market opportunity.

Pacifico’s Non-Core Assets

Besides Sorby Hills, Pacifico also owns several Non-Core Assets located in Australia and Colombia. These include:

Borroloola West Joint Venture Project – Pacifico owns 51% interest in this Project (JV with Sandfire Resources NL), comprising nine exploration licences and one mining licence, abd covering an outstanding package of ground with high potential for the discovery of world class base metal deposits.

South Australian Tenements - Pacifico has 100% interest in two prospective exploration licences in South Australia (EL6168 and EL6169). Located in the central part of the Adelaide Geosyncline of South Australia, these tenements are believed to have excellent potential for significant cobalt, copper and manganese mineralisation.

Mount Jukes - This project is situated in Tasmania and is both managed and operated by Corona Minerals with Pacifico being 12% owner of the project.

Colombian Projects – Since 2011, Pacifico has developed a comprehensive GIS database across many prospective areas of Colombia, allowing the company to identify, secure, and retain the Berrio, Natagaima, and Urrao Projects. These projects are believed to be highly prospective for the discovery of economic copper-gold deposits.

PMY stock has provided a return of 75% on a year-to-date basis. On 14 November 2019, PMY stock was trading at a price of $0.008, up by 14.3% (1:56 PM AEST).


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