TORONTO (miningweekly.com) – Quebec-based explorer Cyprium Mining on Monday reported that samples taken from an oxidised zinc body on Level 14 of its 53%-owned Potosi mine, in Santa Eulalia, Mexico, have returned assay results averaging 37% zinc over a sample width of 1.53 m.
The TSX-V-listed company reported that the high-grade results were achieved as part of its ongoing exploration programme to bring the old silver mine back into production.
While at about 7%, the average zinc grades for many current projects were significantly below those of existing major producers, and an average grade of 37% augured well for the project’s potential future exploration upside. Zinc continued to display the strongest fundamentals within the base metals group and prices remained more than 30% higher than mid-January levels.
Cyprium advised that the oxide zinc material was mainly hemimorphite, a zinc silicate mineral, and contained variable but generally low concentrations of lead, iron and manganese.
Given the positive nature of these results, Cyprium said it had taken an additional 35 samples from Level 14 which would be sent for analysis shortly. Oxidised zinc material was different from the more usual zinc sulphide produced by flotation in most zinc mines, including in most areas of the Potosi mine, and required different processing techniques to recover the zinc metal, according to the company.
Montreal-based Cyprium had also recently extended the maturity date of various loans totalling $813 750, certain debt conversions into equity for C$152 500 and launched a private placement of up to C$195 000.