From this week's Northern Miner:
Partners expand Bongara
Denver -- Drilling by the Australian company Pasminco has encountered significant mineralization in nine of 16 holes at the Bongara zinc project in northern Peru.
Bongara is a joint venture between Pasminco and Denver-based Solitario Resources (slr-t)
Drilling has been focused on the Florida Canyon target, specifically the Milagros, Sam Fault and Isabel zones.
Highlights from the program include the following:
- Hole 58 -- 11 metres grading 8% zinc and 0.75% lead;
- Hole 56 -- 3.6 metres of 2.4% zinc and 1.9% lead at a depth of 267 metres, followed by 2.5 metres of 11.9% zinc at a depth of 287 metres;
- Hole 60 -- 3.5 metres grading 20.9% zinc and 12.5% lead;
- Hole 65 -- 2.6 metres of 16% zinc and 3.2% lead.
In all, the 4,900-metre program extended mineralization over a length of 2,000 metres in a northeastern direction, and 1,000 metres in a northwestern direction.
Pasminco is earning a 65% interest in Bongara by spending US$10 million on exploration as part of a US$27.5-million work commitment. It acquired the option from Cominco (clt-t), which completed nearly 15,000 metres of drilling. Solitario retains a 35% interest.
Pasminco will next drill-test the Tesoro Canyon prospect, as well as the La Mona prospect, 110 km to the south, where trenching detected strong oxide zinc mineralization along a structural zone measuring 750 by 18 metres.
Meanwhile, Solitario has received final approval from the British Columbia Supreme Court for its planned merger with Altoro Gold (atg-v). The transaction was to have been completed by Oct. 18.
Altoro controls several platinum group properties in Bolivia and Brazil.
Following the merger, Solitario will be a 42%-owned subsidiary of Denver-based Crown Resources (crrs-q). |
