North River Resources (LON:NRRP) put out a positive drilling update on its wholly owned Namib lead/zinc project in Namibia. Further studies are to be undertaken to better define the economic viability of the project and potential for recommencing operations at the previously producing mine.
Around 1,200 metres were drilled in total over the current programme, with 13 of the 14 drill holes intersecting what are believed to be the main mineralisation targets, and what the company believes was probably the ore body mined when the mine was last active between 1965 and 1992.
Notable intersection results include 2m @ 12.16% zinc , 2.24% lead, 99 grammes/tonne (g/t) silver and 106 parts per million (ppm) indium; 8.11m @ 8.09% zinc, 1.06% lead, 25g/t silver and 36 ppm Indium; and 5.14m @ 5.29% zinc, 2.29% lead, 44g/t silver, 20ppm indium.
The elevated silver and indium grades are interesting and significant as silver correlates with lead and the indium with zinc.
North River, managing director David Steinepreis, says: "The grades and intersections achieved at Namib support our view that mineralisation continues at depth and add credibility to historic statements claiming 1,000,000 tonnes of ore remained at the time of mine closure in 1992.”
The company reckons these claims refer to reserves from the base of historic mining at ‘7 Level’ (approximately 200m) down to the base of historic drill records, approximately at 10 Level (300m).
With mineralisation remaining open at depth, North River is now evaluating an additional drill programme to test ore bodies between 300m and 500m underground.
North River is clearly encouraged by the data, with dewatering of the lower levels of the mine and conceptual engineering studies set to begin to help establish possible extraction and processing options, capital requirements and operating costs.
It added: “Completion of this exercise will enable the company to establish what reserves / resources are required to justify re-opening the project at various production levels and will form the basis of any decision to commence underground development to facilitate further exploration.