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Marindi Metals to re-examine Prairie deposit on rising zinc price

Marindi Metals (ASX:MZN) will re-examine the economics of the Prairie deposit at the Newman base metal project in Western Australia, in light of the recent rally in the zinc price.
Marindi Metals to re-examine Prairie deposit on rising zinc price
Marindi Metals to re-examine Prairie deposit on rising zinc price

Due to production shortages over the past 12 months, the global zinc price has increased substantially from US$1550 per tonne in December 2015 to around US$2700 per tonne currently.

Recent analyst commentary has also indicated the potential for further zinc price improvement over the next few years.

The Prairie Deposit has a total resource of 3 million tonnes at 5% zinc, 1.6% lead and 15 g/t silver.

Prior to Marindi’s ownership, about $16 million was expended on the Newman Base Metal Project in the period 2006 - 2008.

During this period, the Prairie Downs deposit was the subject of a feasibility study, however the global financial crisis and falling metal prices meant the study was never completed.

Marindi retains the benefit of the data generated from the substantial geological, metallurgical and other work that was undertaken at this time.

Importantly, a major drill hole re-logging exercise is nearly complete and this data, along with geophysical and geochemical data, is being interpreted to produce a 3D model of the deposits.

Marindi is aiming to complete a scoping study on the economics of mining the Prairie Downs deposit shortly.

The company’s share price has increased by about 38% during the past three months, last trading at $0.018.

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