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Overland Resources samples high grade zinc at Yukon in Canada

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Overland Resources (ASX:OVR) has received the final analytical results from 362 geochemical soil samples collected recently at the Yukon Base Metal Project in Canada.

Results have highlighted an area that is highly anomalous in zinc at the Junction Project which significantly elevates the prospectively of this previously under-explored area.

Overland is planning additional sampling over the Junction Project in 2015.

The company’s Yukon Base Metal Project covers 305 square kilometres of the central Selwyn Basin, in an area with similar geology and structural domains as the Anvil District, 125 kilometres south of the Andrew Zinc Deposit.

Importantly a number of deposits were discovered, and mined, in close proximity to one another in the Anvil District, supplying 3% of the world’s zinc in 1989.

Overland considers there is potential to discover additional deposits along strike from those already known within the under-explored Yukon Base Metal Project.

With the recent renewal of the mining land use permit, Overland mobilised a technical team to undertake first pass geological mapping and soil sampling over several of the regional targets at the Junction and Selous Project areas.

At the Junction Project, results indicate areas anomalous in zinc of over 400 ppm in the northern portion, including highly anomalous assay results up to 3,990 ppm zinc.

These results compare favourably with the elevated zinc results that were originally recorded over the Andrew, Darcy and Darin Zinc Deposits, which currently host resources that total 12.6 Mt at 5.3% zinc and 0.9% lead.

The highest 20 anomalous results from initial systematic soil sampling around these prospects included results ranging between 1,565 ppm to 11,900 ppm zinc.

These latest results are particularly encouraging because samples were very broadly spaced, and they were collected over an area that had previously been subject to virtually no exploration.

These results provide further support to the concept that additional significant zinc deposits could be discovered in the area, where structural and lithological domains are similar to those in other SEDEX terrains within the Yukon.

A follow-up exploration program will be undertaken in 2015, with an aim of delineating additional high grade resources that are amenable to open pit mining.

This which would have a positive impact on the economics of developing a mining operation at the Yukon Base Metal Project.

Overland currently has $900,000 cash at hand, low overheads and a market cap of under $3 million.

The company is also evaluating new quality project opportunities to add to its portfolio.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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