MacPhersons Resources’ intersects silver rich zinc sulphides at Nimbus
MacPhersons Resources (ASX: MRP)
has intersected new silver rich zinc stringer zone mineralisation from
deep drilling at its wholly-owned Nimbus Silver-Zinc-Gold Project in
Western Australia.
Notably, the first drillhole NBDH010
represents a deeper cross-section of the geological units found at the
nearby Nimbus silver mine and provides a potential new deeper
prospective zone for exploration across the Eastern Goldfields district.
Handheld
XRF analyses of the stringer zone from 514 metres to 541 metres has
confirmed the zinc sulphides as being silver rich with initial test spot
measurements up to 1,500 grams per tonne silver and 20% zinc.
A deeper 580 metre to 600 metre zone has returned up to 4% zinc and +500g/t silver.
In
addition, it has intersected some highly sheared zones containing
quartz veining, sulphides and fuchsitic spotting which will be reviewed
in due course.
The drillhole, the deepest historically recorded
in the area, is currently at a depth of 606 metres and will continue to
at least 800 metres.
“The zinc sulphide stringer zones represent
new deeper mineralisation with significant indications of silver
enrichments,” managing director Morrie Goodz said.
“The relative
thickness of the stringer zone and intense hydrothermal alteration
indicate this area has been the focus of large volumes of mineral rich
fluid flow.
“This drilling is deeper and further southeast than any drilling in the Nimbus stratigraphic domain.”
Drilling,
which is co-funded by the Royalties for Regions EIS program for 50% of
costs is expected to be completed in December with results expected in
2014.
Nimbus
Nimbus which is located just
10 kilometres east of Kalgoorlie’s superpit gold mine, currently hosts
an Ore Reserve of 1.126 million tonnes at 297 grams per tonne, or 10.8
million ounces silver equivalent, and a Resource of 4.9 million tonnes
at 149g/t, or 23.4 million ounces silver equivalent.
This is
calculated to a depth of just 260 metres through drilling has extended
mineralisation to a depth of 370 metres, which could increase resources
by 40%.
In addition, there a number of lenses at Nimbus where no
drilling exists at depth, offering an opportunity for continued
resource growth into 2014.
It also remains open along strike.
Additional
resources are present at the Boorara and MachPhersons open pits that
have 3,455,000 tonnes at 1g/t gold and 565,000 tonnes at 2g/t gold
respectively.
MacPhersons is currently focused on completing
the Nimbus Gold‐Silver‐Zinc Plant Expansion in 2014 and move from
developer to producer.
It has noted that concurrent mining of its
Boorara and MacPhersons gold open pit operations with the Nimbus
Silver-Zinc-Gold Project in Western Australia could have a two to three
year payback on capital.
Initial mine designs and schedule
support a 5.5 year mine plan with all in cash costs of ranging between
$12 per ounce to $16 per ounce silver and $600 per ounce to $1050 per
ounce gold.
Initial production in the second year is expected to
be between 2 million and 2.5 million ounces of gold as well as 1,000 to
2,000 ounces of gold before ramping up to 3.5 million to 4 million
ounces of silver and 16,000 to 20,000 ounces of gold in the third year.
Nimbus has existing infrastructure including electricity, gas, water and road infrastructure.
The
site is located 4 kilometres from the Trans-Australia railway main line
and 15 kilometres from a railway crossing and station.
Analysis
MacPhersons Resources could be looking at a substantial resource upgrade from the
intersection of silver rich zinc sulphides that highlights the potential
for a new deeper prospective zone across the Eastern Goldfields
district.
That spot analyses have returned up to 1,500g/t silver
and 20% zinc further points to the prospectivity of this deeper zone,
while a yet deeper zone has also returned significant amounts of zinc
and silver.
There is much to look forward too as drilling
continues and the release of results in 2014 will be a catalyst for
share price growth.
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