After conducting the Phase III drilling program from October to November 2019, the company has now finally revealed the results of the drill holes.
Encouragingly, the results have returned robust intersections and have provided extensions to current mineralisation and confirmed the possibility of a new zone of shallow mineralization.
Key Attributes of Phase III drilling program
- Focused on shallow mineralisation above 100 m depth, that may be mineable by open pit, at B and Omega deposits;
- Included 49 reverse circulation (RC) holes for a total of 3,265 metres;
- Aimed at:
- Increasing Indicated Resources by targeting Inferred Resource areas with low drilling density;
- Testing the periphery of mineralisation for extensions of the mineralisation;
- Targeting historic anomalies for their potential to add future mineralisation.
With regards to Omega deposit, the logging and analysis results from Phase III have returned intersections which support the estimated grades and targeted mineralisation geometry at the Omega deposit. The results have also confirmed the geological continuity of the mineralization.
Strong intercepts were returned from the peripheries of the mineralisation at shallow depth and down dip and support further step-out drilling.
- 18.0m at 5.08% Pb, 36 g/t Ag and 0.2% Zn from 10m – OMEGA drill hole SH_PD_A-18;
- 10.0m at 7.16% Pb, 383 g/t Ag and 0.43% Zn from 110m – OMEGA drill hole SH_PD_A-31; and
- 6.0m at 9.53% Pb, 55g/t Ag and 0.32% Zn from 47m – OMEGA drill hole SH_PD_A-15.
Notably, the intercept in SH_PD_A-31 intersected high-grade mineralisation including one of the highest silver grades recorded at Sorby hills with 383 g/t Ag over 10m. This area is now a high priority for further testing.
Due to Phase III drilling program, the B Deposit is now considered as a contiguous, low angle dipping mineralised horizon. The company believes it is possible that the B Deposit might link up with the Omega Deposit to the north. Further, the company geologist are of the view that the mineralisation can be extended incrementally during future drilling campaigns.
Notable results include:
- 16.0m at 2.77% Pb, 23 g/t Ag and 0.53% Zn from 36m – B Deposit in drill hole SH_PD_A-05;
- 12.0m at 2.83% Pb, 13 g/t Ag and 0.35% Zn from 19m – B Deposit in drill hole SH_PD_A-06.
Wildcat Exploration Target
Phase III drilling program included Wildcat exploration target so that the company could do the follow up on historic test results which hold promise for the discovery of mineralities in the future. The first hole at this target was drilled to confirm the historic intercept followed by a small number of step-out drill holes.
It is worth noting that both the steps were successful in that the historic intercept was confirmed, and the step-out drilling indicates continuity of mineralisation over an area of 130m by 70 m. The drill holes intersected a thick zone of mineralisation commencing within 5m of the surface.
- 16.0m at 2.68% Pb, 12 g/t Ag and 0.28% Zn from 4m, incl. 5.0m at 5.50% Pb and 24 g/t Ag from 5m– Exploration Target in drill hole SH_PD_A-32; and
- 18.0 m at 1.66% Pb, 12 g/t Ag and 0.37% Zn from 5m, incl. 7.0m at 2.3% Pb and 16 g/t from 6m– Exploration Target in drill hole SH_PD_A-35.
All three exploration drilling campaigns at Sorby hills have demonstrated that a step-change in the value unlocking of the project is reached through a careful and detailed review of the technical information and subsequent infill drilling.
Phase III results underpin the continuity of mineralisation in previously low-density drilling areas and are likely to increase Indicated Resources within the next Mineral Resource Estimate.
Currently, there are three more historic mineralisation lenses that require detailed assessment, re-interpretation and follow-up work programs. The technical team of the company is going to prepare for the next series of drilling campaigns to increase the mineral inventory.
Going into 2020, the company expects an optimised PFS/Ore Reserve, Strategic Financing and Offtake Update to arrive in Q1 2020.
In the next quarter, the company intends to commence Phase IV Expansion and Infill Drilling to support Definitive Feasibility Study. Definitive Feasibility Study completion is expected to complete by Q4 2020.
At the time of writing, PMY stock was trading at a price of $0.007 with a market cap of $20.22 million on 30 January 2020.
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