Noteworthy! Pacifico Executes Native Title Agreement for Eight Mile Creek, Stock Zooms Up 25%

  • May 04, 2020 AEST
  • Team Kalkine
Noteworthy! Pacifico Executes Native Title Agreement for Eight Mile Creek, Stock Zooms Up 25%

In a latest development, Western Australia based exploration firm Pacifico Minerals Limited (ASX:PMY) has announced the execution of a Native Title, Heritage Protection and Mineral Exploration Agreement with the Miriuwung and Gajerrong Aboriginal Corporation for its recently acquired wholly-owned tenement Eight Mile Creek (E80/5317).

Miriuwung and Gajerrong Aboriginal Corporation is the Native Title Prescribed Body Corporate for Eight Mile Creek.

In April this year, Pacifico notified about the acquisition of Eight Mile Creek tenement, which covers 217km2 (21,730 hectares) of the area to the northeast of Kununurra region and south of the Company’s Sorby Hills Joint Venture Project.

The newly granted exploration tenement added an additional 30 km strike length of potential exploration ground adjoining the Sorby Hills Lead-Silver-Zinc deposit.

With the significant update, PMY traded at $0.005 with a rise of 25 per cent as at 3:13 PM AEST on 4th May 2020,

Also Read: Pacifico Minerals’ Quarterly Update Emanating Optimism with Robust Drilling Results, Activities Uninterpreted from COVID-19

 

Source: Company's report (4th May 2020)

 

Key Details of Native Title Agreement

Pacifico informed that the agreement sets the stage for a collaborative and productive relationship with the Miriuwung and Gajerrong people.

Moreover, the agreement offers employment opportunities for the Native Title claimant group where they are qualified, and they will be strongly engaged in activities like the cultural heritage clearance of areas in which exploration work will be embarked on the new acreage.

The Company added that the cultural awareness and heritage training will be given prior to the commencement of work on the tenement.

On the recently executed Native Title Agreement, Pacifico’s Managing Director Mr Simon Noon commented:

 

 

Also Read! Revisiting the Upside Potential for Pacifico Minerals in Lucrative Commodity Space

Eight Mile Creek May Become a New Mining District

Backed by the quick advancement of the Sorby Hills Joint Venture Project, Pacifico believes the Eight Mile Creek to possess the potential to become a new mining district.

The Company is providing the basis for a long-term prospect within the region. Following a substantial Resource upgrade in Q4 2019 which led to a Global Resource estimate of 36 Mt at 4.9 per cent Pb equivalent (3.7 per cent Pb, 39g/t Ag) and 0.5 per cent Zn lying just 20 m below surface and open along strike and down dip, the Company is completing an Optimised PFS.

Pacifico is in the process of finalising an Optimised Pre-Feasibility Study (PFS) on Sorby Hills in order to increase mining rate and greater processing capacity. Recently, the Company reported considerable progress on its Sorby Hills Optimised PFS, which included:

  • Validation of a 50 per cent rise in plant throughput from 1.0Mtpa to 1.5Mtpa via Resource Upgrade.
  • Confirmation of improved Pb recovery estimates by metallurgical testwork.
  • Receipt of excellent results from Heavy Liquid Separation (‘HLS’) testwork on low-grade ore.
  • Finalisation of mine scheduling and open pit optimisation.
  • Completion of a simple process plant design.
  • Ongoing progress of engineering and cost estimation.

 

To Know More on Optimised PFS, Read Pacifico Minerals Advancing Well on Sorby Hills PFS; Reinforces Massive Plant Throughput Growth

 

Optimised PFS status

 

The progress reported in Optimised PFS at Sorby Hills so far bolsters confidence in completion of the study by June 2020, as targeted by Pacifico. Additionally, increased confidence gained from Phase III drilling results improves prospects of a finalisation of further MRE update by May 2020.

 


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