Here is a company similar to Zappa. They have about double Zappa's tonneage, but their NSR is around $80.00, vs Zappa's $150.00 NSR.
I metioned to Albert a couple weeks ago, that it would make a nice merger of the two companies. Although I doubt he was listening? I wonder if Cambior would actually let Zappa complete a company sponsored press release like this one? For some reason Cambior is making Zappa stay quiet regaurding PR on Laplata.
Hemisphere Development Corporation -
Hemisphere Development Corp. - Developing the high grade
silver-lead-zinc Sunrise deposit
Hemisphere Development Corporation
HSD
Shares issued 9,853,618
1999-05-31 close $0.08
Wednesday Jun 2 1999
Hemisphere Development Corp. - Developing the high grade silver-lead-zinc
Sunrise deposit.
Issued: 13,055,618
Cusip: 423628
52 Week High/Low: $023 - 0.05
Recent Price: $0.09
Trading Symbol: HSD:VSE
COMPANY PROFILE
Hemisphere Development Corp. is an aggressive Canadian exploration company
actively exploring for Volcanogenic Massive Sulphide (VMS) deposits in the
Northwest Territories, home of Canada's newest world class diamond mine. The
company is jointly developing on a 50-50 basis the Sunrise polymetallic VMS
deposit near Yellowknife.
LOCATION
The Sunrise deposit is located in the Beaulieu River Greenstone Belt
approximately 110 kilometres northeast of Yellowknife, NWT. An all-weather
road extends to within 55 kilometres of the deposit, a winter road by passes the
deposit to within 15 kilometres. The right-of-way for the proposed Ingraham Trail
extension passes to within 5 kilometres of the deposit.
THE SUNRISE DEPOSIT
The Sunrise Project is a high grade VMS deposit with the primary metals being
silver-lead-zinc the deposit also contains a good gold and copper enrichment.
Since the properties discovery in 1987 over 100 drill holes comprising 21,774 m
has established a drill inferred resource of 2.06 million tonnes grading 8.9% zinc,
4.2% lead, 404.5 g/t (11.5 oz/t) silver, 0.98 g/t gold, and 0.1% copper by the
independent engineering firm Roscoe Postle and Associates. The reserve at
Sunrise is contained within a massive sulphide lens measuring 2 to 16 metres in
thickness, 120 metres along strike, and 540 metres down dip. The main sulphide
lens dips on a 70-degree incline.
WHY VMS DEPOSITS?
VMS deposits are volcanic eruptions through hydrothermal vents on the floor of
ancient oceans. These type of deposits occupy a unique position of importance
among mineral deposits. Economically, deposits of this type are a major source of
copper, zinc, lead, silver, and gold, and a range of by-products including tin,
cadmium, antimony, and bismuth. For example the total production from Canadian
mines during the period 1977-78, about 30% of the copper, 63% of the zinc,
27% of the lead, 58% of the silver, and 8% of the gold were produced from
VMS deposits. VMS deposits have historically been know to be company
builders. Many large multi-national mining can claim their origin to VMS
discoveries such as: Noranda, Rio Tinto, Megallshaft, & Cominco.
VMS deposits posses characteristics which make them very attractive exploration
targets. For instance:
*
They are polymetallic ie. containing more than one mineral such as gold, silver,
lead, zinc, copper, cadmium, tin, etc.
*
They are usually found in clusters over an area of 10 - 20 km and contain
multiple stockwork zones within each deposit with the vent areas usually being
the most highly mineralized. In Canada, VMS districts contain on average
about 9 deposits.
*
VMS deposits are usually high grade which allows them to be mined more
profitably.
*
They tend to be large tonnage deposits in some cases in excess of 100 million
tonnes.
EXCELLENT POTENTIAL FOR RESERVE EXPANSION AT SUNRISE
Early this year, Hemisphere Development received an independent report by
Beavon Consulting on the Sunrise project area. Mr. Roy Beavon is a 35 year
geologist considered to be one of the most authoritative geologists on VMS
deposits in Canada. His report indicates that a large volcanic centre situated 10
km from the Sunrise deposit within the M1, M2 claims shows strong likelihood to
develop large tonnage silver-lead-zinc reserves and likely represents the Vent
area. The geology within the M1, M2 claims is identical to Sunrise, contains
several strong ground conductors, and strikes for over 5 km.
CONCLUSION
Work will commence in June at Sunrise with a focus of further expanding the
reserve base. Work will focus on the M1, M2 claims which show excellent
potential to develop bulk tonnage reserves.
Many analysts now feel that base metals prices have come off the cycle lows and
are now trending upwards. Also, the London Metal Exchange reports that zinc
inventories continue to fall while consumption continues to rise. As of May
inventories at the LME were just over 300,000 tonnes, a seven year low, down
from 1.2 million tonnes in 1994. The COMEX reports that silver inventories
presently stand at 13 year lows with consumption exceeding demand for much of
the '90's.
At current metals prices the current reserve base at Sunrise averages over USD
$175 per tonne and ranks as one of Canada's highest grade VMS deposits.
Combined with the prospect of developing bulk tonnage reserves on the M1, M2
claims and the likelihood of improved metals prices, management believes that the
Sunrise deposit holds excellent potential for a new world class mine in Canada.
For further information contact:
Charles O'Sullivan, President
Telephone: (604) 685-9255
Toll Free: 1-800-449-4435
Website: hemdev.bc.ca
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