Alcyone Resources: drilling programme at Siver Spur returns encouraging base metals
Monday , 24 Jan 2011
Highlights
•Initial four hole drilling programme completed at Silver Spur prospect, 2km south-east of Twin Hills, with base metals intersections including:
•xx76.8m @ 1.38% lead and 3.45% zinc, including 17m @ 2.4% lead and 6.22% zinc (from hole ACSSD002)
•Drilling validates historical high grade assay results and extends high grade mineralisation at depth
•Confirms presence of remnant massive sulphides in large quantities, and potential for zone of massive sulphide mineralisation in the footwall
Alcyone Resources Limited (ASX: AYN; ‘Alcyone' or ‘the Company') has further boosted the resource potential at its 100% owned Texas Silver and Polymetallic Project in south-east Queensland, today announcing that its initial drilling programme at the Silver Spur prospect has confirmed high grade zones of base metals mineralisation.
The Silver Spur prospect, located 2km south-east of the Twin Hills mine where Alcyone is aiming to recommence trial silver production this quarter, includes numerous old workings and historical records indicate previous mining of between 90-100,000 tonnes at 13% Pb, 25% Zn and 800g/t Ag.
Drilling by past owners established a JORC compliant Inferred Resource estimate of 808,000 tonnes grading 1.25% Pb, 3.56% Zn and 70g/t Ag above a 2% ZnEq cut-off (reported to the ASX on 14 July 2004).
Alcyone's initial exploration campaign at Silver Spur comprised four diamond drill holes for 600m of drilling, and was designed to confirm the high grades returned from historic drilling and explore the depth of the deposit.
Hole ACSSD002 was drilled to follow-up on an historic hole drilled in the 1980s which defined the potential for massive sulphide mineralisation around the old underground workings. This hole returned very positive results, with best intercepts including:
•76.8m @ 1.38% Pb and 3.45% Zn from 103m, including:
◦17m @ 2.46% Pb and 6.22% Zn from 105m; and
◦22.5m @ 1.95% Pb and 5.24% Zn from 148m.
It is important to note that ACSSD002 did not intersect any historic workings, with the results confirming the presence of remnant massive sulphides in large quantities and enhancing the grade at depth. In addition, the assay results provide evidence of an extension to the sulphides below the anticipated depth of the old workings.
Holes ACSSD003 and ACSSD004 both intersected historic workings. Beyond these workings, the holes could not be restarted due to the drill being unable to apply sufficient controlled pressure on the far wall. To overcome this issue future drill programmes will include a phase of Reverse Circulation drilling. Experience has shown that this offers the best potential for bridging the narrow historical stopes.
Hole ACSSD006 was collared well to the east of the preferred location due to local terrain, and was targeting the southern down plunge position of the mineralisation at the known southern limits of the underground workings. However, due to its less than ideal position, it would appear that the hole has not intersected the full width of mineralisation.
The hole has however potentially confirmed a southerly plunge to the mineralisation, with an intercept of 7.4m @ 1.85% Pb and 5.07% Zn from 174m depth. Re-targeting of this hole will be considered as part of the next round of drilling.
Alcyone has also been able to source results from historical underground sampling, undertaken by the Queensland Geological Survey. This channel sampling from the historical workings returned silver grades up to 800 g/t Ag. Future drilling will target likely zones of higher silver grade beneath and adjacent to the historical working.
Managing Director of Alcyone Resources, Mr Andrew King, said the results provide strong encouragement for the existence of an economic zone of base metals mineralisation at Silver Spur.
"The results we have seen to date from Silver Spur - both from the historic drilling and from these latest drill holes - highlight zones of high content zinc-lead mineralisation in and around the historic silver workings," he said. "We intend to conduct further exploration activities around this region to better define the mineralisation, and also plan to commence an initial Scoping Study on an open cut mining operation based on the existing resource."
The Scoping Study will also examine the viability of recovering metal from the slag material currently on the surface of the deposit. It has been estimated, based on historical sampling, that there are approximately 90,000 tonnes of slag at surface. Alcyone has commenced a sampling program to confirm the historically reported Cu, Pb, Zn, Ag and Au slag grades. Previous metallurgical testwork has indicated that the more soluble metals within the slag can be recovered using a simple sulphuric acid digest, however further test work is required.
Mr King said Silver Spur has the potential to enhance the economics of a silver and polymetallic mining operation at the Texas Project.
"The establishment of an economic base metals mining operation at Silver Spur would be an attractive addition to the existing silver mining operation we are now establishing at Twin Hills," he said.
Alcyone is planning to commence trial silver production from Twin Hills later this quarter, ramping up to full scale commercial silver extraction during the Third Quarter at a production rate of 1.5-2.0Moz of silver per annum.
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