TSX-listed Constantine Metal Resources (CMR) has updated its mineral resource estimate for the Palmer copper/zinc/gold/silver deposit, in Alaska, to an indicated resource of 4.6-million tonnes, grading 11.67% zinc equivalent and 3.84% copper equivalent.
This mineral resource update represents the first indicated resource for Palmer and accounts for 47% of the total resource.
Palmer is a high-grade volcanogenic massive sulphide-sulphate project, owned by a joint venture between CMR at 51% ownership and Dowa Metals and Mining at 49% ownership. CMR is the operator.
The company reported an inferred resource of 5.3-million tonnes grading 9.9% zinc equivalent and 3.26% copper equivalent, which includes the addition of new areas of inferred resource totalling 1.89-million tonnes, for a total tonnage increase of 23%.
CMR also found barite mineralisation in the Palmer deposit, which highlighted the opportunity for barite to contribute value as an industrial mineral co-product.
CMR president and CEO Garfield MacVeigh said in a statement on Thursday that the latest update significantly expanded and enhanced the resource base at the Palmer deposit.
“There is excellent opportunity to continue to expand the current resource, to add to the resource base with the planned maiden resource estimate for the AG Zone, and to make additional deposit discoveries.
“We are excited to incorporate these positive developments in the preliminary economic assessment, establishing the path forward for this important high-grade base metal asset.”
Completion for the preliminary economic assessment is expected in the fourth quarter or early next year. A separate maiden resource for the nearby AG Zone discovery has been deferred until later this year to include recent drilling results.