Zincore Metals (ZNC-T) has found a little more lead than expected in its Yanque zinc oxide deposit in southern Peru.
Timo Jauristo, Zincore president and CEO, says the lead grades from recent drilling have been significant.
One the latest assays returned a 24-metre intersection grading 8.4% lead and 0.7% zinc, measured from 48 metres depth.
In the same drill hole, beginning from 76 metres depth, was a 58-metre intersection grading 5.3% lead and 0.8% zinc, which included 5 metres grading 11.9% lead and 0.31% zinc.
Lead is shaping up to be an important part of the mineralization at Yanque, Jauristo said in a statement. Our 6.6 million tonne inferred mineral resource estimate did not consider lead-rich zones unless they also contained economic zinc.
Now Zincore has an added focus at Yanque; defining both lead-rich zones, in addition to zinc, for its next resource estimate.
Yanque is a part of the 56-concession Accha-Yanque property, which stretches over a 30 km. The Yanque deposit is at the north end of the property and the Accha deposit is at the south, with some prospects in between that havent seen much exploration.
Zincore also reported significant zinc grades from Yanque, such as a 25-metre intersection grading 11.3% zinc and 3.81% lead, including 12 metres grading 16.2% zinc and 6.5% lead.
The company has released assays from 10 diamond drill holes, nine of which were exploration holes, drilled outside of the inferred mineral resource area.
Before it can continue drilling, Zincore must wait for an expanded drill permit. The company estimates it will be issued the permit by December.