Superior Lake Resources Ltd (ASX:SUP) has completed the first phase of data compilation and target generation at the Pick Lake/Winston Lake Zinc Project in Ontario, Canada.
The company is looking to bring these previous producing mines back into production following the establishment of a JORC 2012 resource estimate.
This first phase included a site visit in January by Superior Lake geologists and mining engineers as part of due diligence on the acquisition of the Pick Lake project.
Option agreement to acquire 70% of adjoining projects
Superior Lake entered into an option agreement on 4 December 2017 to acquire Superior Mining Pty Ltd.
This entity has a 70% initial indirect interest in the past producing Pick Lake project which is held by Ophiolite Holdings.
Superior Lake subsequently entered into an option agreement to acquire 70% of the adjoining Winston Lake Project, via its 70% interest in Ophiolite.
Previous production featured robust grades
The Pick Lake Project area comprises 47.5 square kilometres of prospective ground with a further 4.5 square kilometres within the Winston Lake area.
Previous owners, Minnova Inc commenced mining of Winston Lake in 1988.
The group produced circa 3.3 million tonnes grading 14% zinc, 1% copper, 1.0 g/t gold and 30 g/t silver over an 11-year period.
Pick Lake also a former producer
Inmet Mining Corporation began production from the Pick Lake Upper Zone in 1996 and mining of the Pick Lake Lower Zone took place briefly in 1998.
However, the operation was suspended by Inmet in December 1998 due to higher than planned mining costs and low zinc prices.
Superior looking to target economical areas at Pick Lake
Historical exploration data has highlighted untested geophysical and geochemical anomalies at Pick Lake.
Superior Lake has identified significant opportunities within the project area to target additional high-grade mineralisation using the latest exploration techniques.
Non-JORC 2012 resource features high-grade zinc mineralisation
Pick Lake’s foreign non-JORC mineral resource for the Lower Zone appears promising.
It featured 1.2 million tonnes at 15.9% zinc, 0.86% copper, 38 g/t silver and 0.46 g/t gold.
While not JORC compliant, the company is of the view that the data quality and validation criteria is a credible representation of the Pick Lake resource.
Superior Lake intends to start a program to obtain additional information which should assist the company in establishing a mineral resource under the JORC 2012 code.