PERTH (miningweekly.com) – ASX-listed PLD Corporation on Tuesday confirmed the potential of the newly acquired Admiral Bay zinc project, in Western Australia.
PLD said a review of the project data confirmed that the Admiral Bay project hosted about 72-million tonnes, grading 5.4% zinc equivalent for 4.31-million tonnes of contained zinc and lead.
“The review confirms Admiral Bay as a tier-one zinc deposit of 72-million tonnes, that is hosted within only 2.1 km of an 18 km mineralised corridor, which shows extraordinary continuity,” said PLD MD Matt Gauci.
"The company is now working through a mineral resource upgrade and metallurgical testwork review as part of the due diligence process. Discussions have commenced with a wider range of potential development partners aimed at ultimately creating value for PLD shareholders.”
PLD entered into an option agreement in October this year to acquire the Admiral Bay project from the administrators of Kagara for a combination of cash and shares, including A$30 000 for an exclusive three-month due diligence period, A$1-million in cash and convertible notes, and up to A$6-million in payments.