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Solitario Intersects 48.9 Meters Grading 6.19% Zinc Equivalent at Florida Canyon, Peru01.08.2019 | 14:30 Uhr | Business Wire
Solitario Zinc Corp. (“Solitario”) (NYSE American: XPL; TSX: SLR) is pleased to provide initial 2019 drilling results for its Florida Canyon zinc project in Peru. The highlight of the first phase of drilling was drill hole PEBGD-000010 that intersected 48.9 meters grading 6.19% zinc-equivalent (“Zn-Eq”), including 17.5 meters that graded 13.7% Zn-Eq. This hole was critically important in demonstrating a new mineralized zone as discussed in more detail below. The Florida Canyon high-grade zinc project located in northern Peru that is joint ventured with the world’s fourth largest zinc miner, Nexa Resources S.A. (NYSE: NEXA; TSX: NEXA) (“Nexa”). With the exception of hole PEBGD-000010, all of the first phase of core holes were drilled in the northern area of the Florida Canyon deposit where mineralization tends to be narrower, flat lying (“mantos”) but often high grade. This style of mineralization was intersected in six of the drill holes reported in the table below. One of the ten holes did not reach its target depth due to drilling difficulties and two holes did not intersect significant mineralization. Drill hole PEBGD-000010 was very important in that it intersected what is interpreted to be a replacement body similar to the San Jorge structure to the south. The hole was a 90-meter offset of a previously drilled core hole V-21, that intersected 92 meters of 7.26% Zn-Eq, including two intervals that graded 24.13% Zn-Eq over 10.2 meters and 19.24% zinc over 11.0 meters (this potential new area is considered the “V-21 zone”). A section showing the relationship between mineralization intersected in the two holes can be seen here. Follow-up drilling of the V-21 zone is underway and could potentially add mineralization comparable to the size and grade of the San Jorge zone, that constitutes approximately 40% of the known resource at Florida Canyon. Highlights of Florida Canyon Drilling Results
*Zn-Eq was calculated using the following price assumptions: Zn=$1.10/lb., Pb=$0.91lb., Ag=$16.50/oz. Current and Future Drilling Plans The four-rig drilling program is transitioning from the northern part of the property to the southern half where the San Jorge zone is located, except for one drill rig that will further test the V-21 zone. The San Jorge zone is open in all directions. Visual results from the first hole (PEBGD-000015) targeting the southern extension of San Jorge structure intersected strong zinc mineralization (sphalerite) over approximately 11 meters. No assays are available yet for this interval. At least three additional holes are planned to offset PEBGD-000015. In addition, drilling will begin to test the northern extension of the San Jorge zone as well as the up-dip extension. Chris Herald, President and Chief Executive Officer of Solitario, commented, “We are very pleased with our initial assay results, especially drill hole PEBGD-000010 that suggests we have discovered a new replacement body that could develop into a significant new zone with additional drilling. We have also demonstrated that the San Jorge zone continues to the south with the positive visual results from drill hole PEBGD-000015. With the program now focused on extensions of the San Jorge zone to the north, south and up-dip, we see the potential for a series of strongly mineralized drill holes.” Hydroelectric Power Plant Receives Permit Energoret SAC., a private Peruvian company that designs and builds small-to medium-scale hydroelectric power plants in Peru, has received approval of the Water Use Plan and the Authorization for the Execution of Water Works necessary to build the Tingo Power Plant, a medium-sized hydroelectric power plant situated within ten kilometers of the Florida Canyon project area. Nexa, on behalf of the joint venture, has signed a non-binding Memorandum of Understanding (“MOU”) with Energoret to secure low-cost hydroelectric power for the Florida Canyon project. The MOU calls for Energoret to construct power lines from the power plant to the project area and deliver 8 megawatts to the project site. Energoret estimates that the power plant will be completed in 2022. This power plant is considered a significant economic benefit to project operations. Drill hole information contained within this release is reported under Nexa’s quality control program reviewed by Mr. Walt Hunt, COO for Solitario Zinc Corp., who is a qualified person as defined by National Instrument 43-101. Samples are derived from 50% splits of HQ and NQ (2.5 and 1.9 inch) diameter core. Samples are then shipped via secured third-party land transportation companies and analyzed by ALS Chemex Inc., in Lima, Peru. About Solitario Solitario is an emerging zinc exploration and development company traded on the NYSE American (“XPL”) and on the Toronto Stock Exchange (“SLR”). Solitario holds 50% joint venture interest in the high-grade, open-pitable Lik zinc deposit in Alaska and a 39% joint venture interest (Nexa Resources holds the remaining 61% interest) on the high-grade Florida Canyon zinc project in Peru. Solitario also holds a 7.6% equity interest in Vendetta Mining. Solitario’s Management and Directors hold approximately 9.2% (excluding options) of the Company’s 58.4 million shares outstanding. Solitario’s cash balance and marketable securities stand at approximately US$10.0 million. Additional information about Solitario is available online at www.solitariozinc.com Cautionary Statement Regarding Forward Looking Information View source version on businesswire.com: https://www.businesswire.com/news/home/20190801005558/en/ Contact Valerie Kimball Dieser Artikel stammt von Rohstoff-Welt.de
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