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Pursuit Minerals’ drilling extends zinc-lead zone at the Paperbark Project

Paperbark Project already has a resource of 10.4 million tonnes at 2.7% zinc and 0.2% lead.

zinc on the elementary table
Potential to substantially increase the mineral resource

Pursuit Minerals Ltd (ASX:PUR) has intersected substantial widths of zinc-lead mineralisation in a hole planned to test the southeast extensions of the JB Zone at its Paperbark Project in Queensland.

Significantly, zinc and lead mineralisation has been confirmed over a 91-metre down hole interval from 122 metres, with zinc+lead values up to 5.05% recorded.

Highlight intervals of zinc and lead mineralisation include:
• 18 metres at 1.59% zinc & 0.01% lead from 168 metres; and
• 14 metres at 0.84% zinc and 0.14% lead from 122 metres.

Project background

The Paperbark Project covers an area of about 70 square kilometres located near the Century Mine in north-west Queensland.

During its 16 years of operation, Century was one of the largest zinc mines in the world, producing and processing an average of 475,00 tonnes per annum (tpa) zinc concentrate and 50,000 tpa lead concentrate.

Pursuit has already defined a JORC 2012 inferred resource of 10.4 million tonnes at 2.7% zinc, 0.2% lead, 1 g/t silver for the JB Zone within the project.

Extension of JB Zone mineralisation confirmed

The zinc-lead mineralisation intersected in the latest drill hole occurs in the same geological sequences as the JB Zone resource and is characterised by three higher grade zones.

Pursuit managing director Jeremy Read said the results from drill hole PB07-18 confirmed the mineralisation of the JB Zone extends at least 90 metres to the southeast of the existing JB Zone resource.

Read added “The substantial width of zinc-lead mineralisation, the three higher grade zones and the fact that the mineralisation occurs in the same rocks, all suggest that the mineralisation intersected in hole PB07-18 is an extension of the mineralisation that is included in the JB Zone mineral resource.

“Consequently, the potential to substantially increase the JB Zone mineral resource is high.”

Quick facts: Pursuit Minerals Ltd

Price: 0.061 AUD

Market: ASX
Market Cap: $47.61 m

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