THE BOURSE WHISPERER: Perth based exploration company Laconia Resources has upgraded the Mineral Resource at the company’s Lennons Find base metals project, in the eastern Pilbara region of Western Australia.
Lennons Find Resource location plan. Source: Company announcement
The total updated Mineral Resource for Lennons Find now stands at is 1.85 million tonnes at 11.4 per cent zinc equivalent (in Indicated and Inferred categories, at various zinc Equivalent cut-off grades).
According to Laconia the upgrade represents a 37 per cent increase in contained zinc metal (equivalent) from the previous Resource estimate.
It also represents a 117 per cent increase in total tonnes from the company’s previous Resource it released to the Australian Securities Exchange in March 2011.
“The Resource statement was estimated in accordance the JORC Code 2004 and incorporated results from a successful 42 hole, 1,939 metre drilling campaign conducted at the project in the latter part of 2011,” laconia Resources said in its latest ASX announcement.
“The Company is also pleased to announce a new oxide Resource at Lennons Find of 197,000 tonnes at 89 grams per tonne silver, 0.37 grams per tonne gold, 0.2 per cent copper, 1.2 per cent lead and 1.4 per cent zinc”
Laconia said it has further drilling planned at the Lennons Find project that will test for additional resources at depth at the Hammerhead deposit and to target further oxide resources within the project area.
A program of RC drilling will target a potential shallow supergene enrichment zone below the current drilling being undertaken at the Tiger and Bronze Whaler prospects and other mineralised prospects – Mako and Grey Nurse.
This drilling is also intended to investigate outcropping gossans soil anomalism within the project area.