Pursuit Minerals Limited (ASX: PUR) reports that geochemical assays have confirmed the discovery of a new zinc and lead mineral system at the JE Zone Prospect on the Paperbark Project, northern Queensland.
The company said the strongly weathered rocks intersected in drill hole PB03-17 contain highly anomalous levels of zinc and lead, over a 50m down hole depth, despite the fact that the majority of sulphides have been weathered to iron oxides.
Pursuit Minerals Managing Director Jeremy Read said the geochemical assay results returned from drill hole PB03-17 are highly significant, as they show strongly anomalous levels of zinc and lead despite the fact that most of the zinc and lead sulphides have been converted to iron oxides.
“The new zinc system at the JE Zone, is 50m thick (down hole depth), with many of the same geological and geochemical characteristics that we see at the nearby JB Zone Mineral Resource,” Mr Read said.
“The JE Zone is extremely weathered so to get an accurate understanding of the full potential of the JE Zone, we need to complete deeper drilling in order to intersect the zinc and lead below the depth of weathering and hence determine the true levels of zinc and lead in the sulphide zone.”
“Mineral Exploration is all about trying to find new deposits and all the indications are that we are onto something significant at the JE Zone, so that is very positive and we are looking forward to getting back to the Paperbark Project to conduct more drilling.”
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The Paperbark Project drilling program has multiple objectives:
- Investigate the variability and extent of the higher-grade zinc and lead mineralisation within the JB Zone Mineral Resource.
- Test the potential for substantial copper oxide and copper sulphide mineralisation to occur along the Grunter Fault.
- Determine if economic grades of zinc and lead mineralisation occur at the JE Zone and Stonemouse Prospects.