Discovery Metals Limited, the Botswana Stock Exchange (BSE) quoted company, has reported a highly encouraging assay results from a further five diamond drill holes of a 12 hole programme at the Zeta North East Prospect.
The prospect is situated within the company’s 100 percent owned Prospecting Licences in the Kalahari Copperbelt in north- west Botswana.
The Zeta North East Prospect is located in the Boseto Zone and is centered approximately 11 kilometres from the Boseto Copper Project’s concentrator.
The Boseto Copper Project is currently under construction and is scheduled to commence production in the first half of 2012. Planned production is approximately 36,000 tonnes of copper and more than 1 million ounces of silver per annum over an initial evaluated mine life of 15 years.
“These new high grade copper-silver assays successfully add to the initial drilling results from the follow up 12 hole programme at Zeta North East and further highlight the potential for this Prospect to develop into a Mineral Resource and contribute to a larger and longer life Boseto Copper Project,” said Brad Sampson, Discovery Metals’ Managing Director, adding that, “Delineation of a higher grade deposit at Zeta North East has potential to not only enhance project cash flows in the early years, but also boost copper and silver production and reduce forecast cash production costs.”
The drilling programme at Zeta North East is part of Discovery Metals’ regional exploration and Mineral Resources development strategy. The Company is committed to progressing exploration within the Boseto Zone to support both an extension of the current mine life and an increase in capacity of the Boseto concentrator.
Discovery Metals initially drilled the Zeta North East Prospect in 2007 following up on results from three historic drill holes and identified copper-silver mineralisation over a strike length of approximately two kilometres (Figures 3 and 4). A review of near-mine prospects in mid-2011 highlighted Zeta North East as having potential to add to the Mineral Resources base for the Boseto Copper Project.
An additional 12 diamond drill holes have now been drilled at the Zeta North East Prospect completing a programme that commenced in August 2011 and the results of five of these holes.
All drill holes have intersected copper-silver mineralisation. The main sulphide minerals identified from geological logging of core are chalcocite and bornite. Copper-silver mineralisation at Zeta North East remains open at depth.
The results reported confirm the grade and thickness of earlier drilling.
Hole GDDD1337 extends the higher grade zone of copper-silver mineralisation by approximately 450 metres to the south west and logging of GDDD1338, drilled on the same section, confirms that mineralisation continues to a vertical depth of approximately 120 metres. Results of the one remaining hole, GDDD1338, are expected to be reported in March.
Drilling at Zeta North East, planned to recommence in January 2012, is designed to further delineate this zone of higher grade copper-silver mineralisation both along strike and at depth and to provide sufficient data to enable estimation of Inferred Mineral Resources at the Zeta North East Prospect in the September quarter of 2012.