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Pacifico Minerals (ASX:PMY) completes Phase III drilling at Sorby Hills
  • Pacifico Minerals (PMY) has significantly updated the Mineral Resource Estimate (MRE) for the Sorby Hills Lead-Silver-Zinc Project in Western Australia
  • The updated resource follows a phase three drilling program from last year and in-depth reviews of historical and recent data
  • The Measured Resources now sit at 7.1 million tonnes at 6.1 per cent lead equivalent and 0.4 per cent zinc
  • Significantly, there has been a 20 per cent increase in contained lead to 20.8 million tonnes at 4.9 per cent lead equivalent in the Measured and Indicated combined category
  • There has also been a 19 per cent increase in contained silver to 54.8 million ounces, including a 28 per cent increase in the Measured and Indicated category
  • The updated Mineral Resource Estimate will be included in the optimised pre-feasibility study which is scheduled to be completed by July
  • Pacifico Minerals is up almost eight per cent today and shares are trading for 0.7 cents each

Pacifico Minerals (PMY) has significantly updated the Mineral Resource Estimate (MRE) for the Sorby Hills Lead-Silver-Zinc Project in Western Australia.

Late last year, the company conducted a phase three drilling program which tested various targets at the project to better understand the geological and mineralisation models.

This drilling, as well as in-depth reviews of historic and recent data, assisted in compiling the Mineral Resource report.

The Measured Resources in the area now sit at 7.1 million tonnes at 6.1 per cent lead equivalent (4.3 per cent lead, 57 grams per tonne of silver) and 0.4 per cent zinc.

In the Measured and Indicated combined resource category, there has been a 20 per cent increase in contained lead to 20.8 million tonnes at 4.9 per cent lead equivalent (3.6 per cent lead, 40 grams per tonne of silver).

Contained lead has experienced a nine per cent increase to 44 million tonnes at 4.5 per cent lead equivalent (3.3 per cent lead, 38 grams per tonne of silver) and 0.5 per cent zinc.

There has been an overall 19 per cent increase to 54.8 million ounces of contained silver including a 28 per cent increase in the Measured and Indicated category to 26.8 million ounces.

"On the back of our last round of drilling and meticulous examination of historic information, Pacifico has made a major step forward and established significant confidence in the geological and resource model which is expected to have a flow-on effect on the upcoming Optimised PFS," Pacifico Managing Director Simon Noon said.

The revised MRE is expected to materially contribute to the optimised pre-feasibility study (PFS). Specifically, the updated Resource is expected to convert a significant chunk of the Measured and Indicated Resources to Probable and Proven Reserves.

Including the updated resource is expected to delay the completion of the optimised PFS to July this year.

Pacifico Minerals is up 7.69 per cent and shares are trading for 0.6 cents each at 11.59 am AEST.


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