Pursuit Minerals (PUR) has intersected a new zinc mineral system at one of its projects in north west Queensland.
After multiple exploration and operational updates, the Paperbark Project has defined the focal point of a potential large scale zinc system, north of Mount Isa.
Geological characteristics suggest the new JE Zone zinc mineralisation is similar in style to the JB Zone Mineral Resource, which is currently 10.4 million tonnes at 2.7 percent zinc, 0.2 percent lead, 1 gram per tonne silver at 1.5 percent zinc cut-off grade.
The results are highly significant and indicate a new zinc mineral system has been located.
PUR is exploring the region at a time when declining global production, falling supply and tightening supply in the zinc market are creating highly favourable conditions for aspiring zinc explorers.
Follow up drilling will now be completed in early 2018 in order to test the north-west sector for a globally significant zinc deposit.
Managing director Jeremy Read said samples from the JB Zone zinc-lead mineralisation have been submitted for dense media separation testing, to further investigate the potential to upgrade the zone's mineralisation and determine if a stand-alone project could be economically viable.
"The mineralisation at the JB Zone is of substantial thickness and within the overall mineralised package there are higher grade intervals which are able to be correlated from section to section within the mineral resource,” Mr Read said.
The Paperbark project is 215 kilometres north-northwest of Mount Isa and 25 kilometres south-east of the Century Mine in north-west Queensland. It occurs within the Lawn Hill Platform of the Western Succession of the Mount Isa Province.
Paperback is one of two north west Queensland projects run by Pursuit with both projects situated near Century Mine.
In October Pursuit announced it had has struck a zone of major zinc and lead mineralisation at their other north west Queensland Bluebush project, with zinc mineralisation of over 7%.