An Imperial Metals Corp. (TSE) subsidiary, Anglesey Mining, has encountered zinc-bearing sulphide mineralization in a pilot hole at its Parys Mountain property in North Wales, U.K. The test hole was put down to determine ground conditions for a 1,770 ft circular shaft which is presently being sunk.
The 6.5-ft mineralized section was encountered at a depth of 1,150 ft and there are no plans to re-locate the shaft, says Imperial Metals President Pierre Lebel. A shaft pillar will probably be left which won’t encompass much in the way of reserves, he emphasizes. The intersection included 3.3 ft grading 12% zinc, 0.92% copper, 4.2% lead, 1.1 oz silver and 0.009 oz gold in a previously untested area.
The shaft sinking and development program, which is estimated to cost about $6.25 million, should be completed in April or May of 1990; the sinking contract has been awarded to Cementation Mining. Two levels will be developed from the shaft for bulk sampling and diamond drilling purposes which will be a prerequisite to a production decision.
Reserves presently stand at 5.3 million tons grading 1.5% copper, 3% lead, 6% zinc, 2 oz silver, and 0.013 oz gold. And Lebel says the new mineralized area is part of the main zone which hosts 60% of those reserves.
Imperial Metals holds a 37.8% interest in Anglesey Mining which trades on the London Stock Exchange.
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