HudBay Minerals Inc. says it has found evidence of a major new copper-gold zone near its Snow Lake concentrator in the Flin Flon area of northern Manitoba.
The Toronto-based mining company's announcement was based on initial results from recent drilling at the Lalor deposit, an area containing gold and zine where HudBay is focusing its efforts.
The new Copper-Gold mineralization zone discovered recently and is lower than the three previously announced Base Metal, Separate and Contact Gold zones.
HudBay chief executive Peter Jones said in a statement that the copper and gold contained in one of the drill holes is "among the best I have seen in nearly 40 years in the mining business and the new Copper-Gold zone may be very significant."
The hole, called DUB263W02, assayed at 13.35 grams per tonne of gold, 27.98 grams per tonne of silver, 5.33 per cent copper and 0.35 per cent zinc over 34.54 metres at a depth of from 1,253.08 to 1,287.62 metres.
"Excluding the new Copper-Gold zone, HudBay's target is to reach three million contained ounces of gold. The Lalor project is our focus and we will continue to advance it to a production decision with the highest priority," Jones said.
HudBay said Tuesday it expects to provide a more detailed resource estimate of the zinc contained at the Base Metal zone on the Lalor deposit by early October as well as more preliminary estimates of the gold contained at the Separate and Contact Gold zones.
Source: Canadian Press
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