Pursuit Minerals Limited (ASX: PUR) reports that drilling at the JE Zone Prospect on the Paperbark Project, northern Queensland, has intersected a new zinc mineral system.
Drill hole PB03 – 17 intersected strongly weathered rocks with iron oxides after sulphides and locally abundant zinc sulphides (sphalerite), from a depth of 116.0m to the end of the hole at 166.0m (downhole depth).
The hole PB03 – 17 was drilled to test the highest amplitude lead and zinc soil geochemical anomaly, recorded to date, on the Paperbark Project.
Pursuit Minerals Managing Director Jeremy Read said the result in drill hole P B03 – 17 was extremely significant, as although the rocks are strongly and deeply weathered, visible sphalerite and galena was recognised in the drill core, indicating that a new zinc mineral system has been located.
We have intersected a new zinc mineral system at the JE Zone and its geological characteristics are similar to the zinc and lead mineralisation present at the JB Zone Mineral resource,” Mr Read said.
“Due to the deeper than usual weathering at the JE Zone, we need to undertake follow up drilling, so we can intersect the mineralisation at the JE Zone where the sulphides are fresh, allowing us to get an accurate determination of the grades of the zinc and lead mineralisation.”
“What we have seen in drill hole JB03-17 is extremely encouraging as we see indications of mineralisation over a downhole width of 50m, suggesting the JE Zone mineralisation has significant size potential.”
The Paperbark Project drilling program has the following 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.