Pacifico Minerals Ltd (ASX:PMY) is a leading ASX gainer on news of executing a drilling contract for its Borroloola West base metals project in the Northern Territory.
The shares are up more than 37% to $0.011, a new 12-month high, on strong volume of more than 45 million.
The company plans to begin aircore drilling at Borroloola West in early April focusing on the Lorella prospect.
Testing oxide copper strike extensions
The project is prospective for copper, zinc, lead, cobalt and silver and the Lorella program will test strike extensions of previously intersected oxide copper mineralisation.
It will also test for indications of significant down-dip primary sulphide mineralisation.
Pacifico holds 51% of the project with Sandfire Resources NL (ASX:SFR) holding 49%.
Pacifico Minerals has projects in the Northern Territory.
Reverse circulation and diamond drilling are then planned as a follow-up at Lorella with the aim of establishing inferred resources of oxide copper.
An exploration target of 5 to 10 million tonnes at 0.8% to 1.1% copper has been established at Lorella.
Mapping and sampling at Mariner
Mapping and geochemical sampling are also planned to begin in April to establish drill targets for sediment-hosted primary zinc-lead mineralisation at the Mariner prospect.
Pacifico also has 100% of the Limestone Creek project in the area under application and is planning a drilling program subject to granting of the tenement.
This would target primary sediment-hosted zinc-lead mineralisation.
Northwest of McArthur River Mine
Borroloola West covers a package of ground northwest of Glencore PLC’s (LON:GLEN) McArthur River Mine, which is the world’s largest producing zinc-lead mine.
At the Berrio Gold Project in Colombia, Pacifico is undertaking Auger sampling throughout this quarter aimed at delineating targets for diamond drilling.
The company is also evaluating several projects and negotiating on these following successful technical reviews.