Preliminary drilling results have been released by Cyprus Minerals (NYSE) from the Crypto project near Salt Lake City, Utah. Cyprus is earning a 100% interest in the project from Noble Peak Resources (ASE) by spending US$2.7 million, making payments totalling US$300,000, and completing a positive feasibility study. Noble Peak retains a sliding scale net smelter return of 2-5% for sulphide ores and 3-6% for oxide ores.
Previous drilling on the property encountered a series of stacked mineralized zones ranging from a few feet to over 50 ft. in width, with grades averaging 6-9% zinc.
The recent drilling included a 55.7-ft. intersection in hole CCC-6 grading 10.33% zinc, plus a 51.6-ft. intersection yet to be assayed.
Maureen Jensen, president of Noble Peak, said the intersections also include lead and silver values but no assays have been released.
Jensen noted CCC-6 is a 220-ft. offset of a previous hole that intersected 55.5 ft. grading 10.85% zinc and said this deeper target appears to be higher-grade and more regular than the shallower zones.
Cyprus is planning a third phase of drilling which will concentrate on drilling the deep target.
Jensen expects Cyprus to release an updated reserve figure for the project shortly.
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