www.bassmetals.com.au
Bass Metals (ASX: BSM) is a growth focused and profitable Australian base and precious metal producer with a portfolio of high quality zinc, lead, copper and gold assets in the rich Mount Read Volcanic mineral belt in northwest Tasmania. Listing in 2005, Bass delivered its maiden profit in 2008 from its profitable base metals production hub at Que River in Tasmania, which has generated $25 million in cash flow over the last two years.
The Company also has an active and successful exploration programme and is currently following up on recent discoveries at Switchback and Fossey East which are high-grade and located in close proximity to existing mines and milling infrastructure. Bass has an experienced Board and operating team who have a strong track record of delivering profitable production underpinned by exploration success and are highly motivated to improve on that record.
The Company’s growth strategy centres on the development of a ‘pipeline’ of production, near-production and exploration assets in this prolific mineral belt, with strong leverage to a substantial new discovery through its extensive regional ground holding.
Bass Metals encouraged by base metal intercept at Switchback target
Gold and base metal-focused Bass Metals (ASX:BSM) has reported further encouraging drill results from its Switchback target, located on its Hellyer Mine lease in northwest Tasmania.
The latest intercept comprises 3.95 metres of massive base metal sulphide mineralisation grading 5.9 % zinc, 2.4 % lead, 79 g/t silver and 1.1 g/t gold within diamond drill hole HED19.
The latest drill hole is approximately 60 metres south of drill hole HED16 which intersected 2.35 metres grading 25 % zinc, 8.7 % lead, 192 g/t silver and 4.9 g/t gold within an overall 9.25 metre zone at 8.5 % zinc, 3.3 % lead, 69 g/t silver and 1.6 g/t gold.
The latest drill intercept, like HED16 is also associated with massive sulphide clasts within a mass flow unit interpreted to have been shed from a distinct massive sulphide mound located somewhere between the Hellyer and Que Deposits.
Mike Rosenstreich, managing director, said this is a very encouraging advancement of the prospect on two fronts. Bass considers that the mass flow hosted mineralisation has resource potential and secondly that the high-grade massive sulphide clasts may vector into a new primary massive sulphide deposit.
A follow-up diamond drill hole is in progress. Bass is exploring for large scale, high grade polymetallic (copper-lead-zinc-silver-gold) volcanogenic massive sulphide (VMS) deposits in the Mt Read Volcanic belt, in NW Tasmania.
These deposit styles generally occur in clusters, and Bass’ exploration focus is around the Hellyer- Que River VMS system which occurs on its Mining Leases within 5km radius of its Hellyer Mill.
The company’s growth strategy centres on the development of a pipeline of production, near-production and exploration assets in the world-class Mount Read Volcanic mineral belt in northwest Tasmania, with strong leverage to a substantial new discovery through its extensive regional ground holding.
In December 2008 Bass Metals significantly expanded its asset base with the transformational acquisition of the Hellyer Mill and associated infrastructure, which has positioned the company as an independent, emerging mining company that is not reliant on third party ore treatment or off-take arrangements.
