- Junior explorer Pacifico Minerals (PMY) plans to deliver a pre-feasibility study (PFS) for its Sorby Hills project in the coming months
- The company said in a quarterly report today it expects to hit some key mile for the study within weeks
- More details regarding the study will be given before the end of the month
- As for the coronavirus situation, Pacifico says production is operating at full capacity despite the spreading virus
- The company plans to produce lead, silver, and zinc from WA-based Sorby Hills
- Shares in Pacifico increased in value by a third today, currently worth 0.4 cents each
Junior explorer Pacifico Minerals (PMY) is gearing up to deliver a pre-feasibility study (PFS) for its Sorby Hills project in the coming months.
While no definite time frame was given, the company told shareholders in its latest quarterly report it’s expecting to hit some key milestones for PFS progress within weeks.
For now, that’s all investors are getting. Pacifico said it would give more details regarding the PFS before the end of the month. In the meantime, a new round of drilling campaigns is being prepared to increase the mineral inventory of Sorby Hills.
Pacifico owns 75 per cent of Sorby Hills in a joint venture with China-based silver producer Henan Yuguang Gold Lead.
Pacifico aims to produce lead, silver, and zinc from the Western Australian project, with a drilling program last year increasing the mineral resource estimate in the area.
It would be remiss for any quarterly report to not make mention of the current COVID-19 pandemic which solidified its grip on global economies over the past quarter.
For Pacifico, however, the coronavirus seems to be having a minimal impact on business.
While Pacifico has made the shift to remote and online work wherever possible, production at Sorby Hills has tracked along without any major disruptions and is currently operating at full capacity.
Of course, the COVID-19 situation is still developing. As such, Pacifico said it will continue to monitor the situation and provide updates about new responses to the environment as they come about.
Nevertheless, the core focus of Pacifico is the Optimised PFS at Sorby Hills. Three recent drilling campaigns at three different targets — namely the Omega Deposit, the B Deposit, and the Wildcat Exploration Target — have highlighted the next steps for the company.
As far as cash is concerned, Pacifico has $3.56 million cash on hand after having spent $2.67 million over the past nine months — meaning, at this rate, the company likely has sufficient cash available to keep working for some time.
Of course, with Sorby Hills yet to produce any cash for Pacifico, the company’s cash burn is likely at the top of shareholder concerns.
Still, Pacifico shares have gained 33.33 per cent after today’s report, currently worth 0.4 cents each in an $11.55 million market cap.