THE BOURSE WHISPERER: Blackthorn Resources has updated the Mineral Resources estimate at the Perkoa Joint Venture project.
The Perkoa project is a joint venture with Glencore International (50.1 per cent), Blackthorn Resources (39.9 per cent) and the Burkina Faso Government (10 per cent free carried).
The project is located 120 kilometres west from the country’s capital Ouagadougou within the north-easterly trending Proterozoic, Boromo Greenstone Belt.
The Perkoa Mineral Resources now stand at:
– Measured Mineral Resource of 1.49 million tonnes at 13.1 per cent zinc and 38.4 grams per tonne silver;
– Indicated Mineral Resource of 5.66Mt at 10.5 per cent zinc and 57.9g/t silver; and
– Inferred Mineral Resource of 5.01Mt at 9.1 per cent zinc and 54.1g/t silver; for
– TOTAL MINERAL RESOURCES of 12.17Mt at 10.3 per cent zinc and 53.9g/t silver.
(All Mineral Resources are reported above a cut-off grade of US$80 per tonne.)
Blackthorn said the changes to the Mineral Resources estimate have come about from the inclusion of additional samples from extensional and infill drilling; re-modelling to create silver and lead domains that lie outside the zinc domain; and applying a cut-off value of US$80 per tonne rather than a cut-off grade of five per cent zinc to ensure the area of silver and lead that are independent of the zinc are assessed.
This equates to a zinc equivalent cut-off of approximately 4.5 per cent assuming the following parameters.
Cut-off value parameters. Source Company announcement
“Blackthorn Resources is very pleased to have received the updated Mineral Resources estimate for the Perkoa JV project and we now look forward to receiving the updated financial model supporting the Enhanced Business Case proposal,” Blackthorn Resources managing director Scott Lowe said in the company’s announcement to the Australian Securities Exchange.
“The Mineral Resources upgrade and proposed expansion represents a potential major development in Perkoa’s history and a final decision to proceed would represent increased value for shareholders.
“The company is eager to receive the remaining information from Glencore as soon as possible to confirm the business case.
“The company notes the slight delay in dry-commissioning schedule. However, we are confident Glencore is working to complete the construction phase as quickly as possible.”