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Friday, 7 June 2013
Global Minerals says latest drill results improve economics of Strieborna project
Global Minerals (CVE:CTG) has unveiled drill results from its Strieborná silver/copper project in Slovakia that it says improve the size and potential economics of the property, intersecting grades in some cases of multiple kilos of silver per tonne.
The company released results Thursday for 12 new drill holes from the now completed underground drill program at the Slovakia project, with notable holes returning 11.7 metres of 507 grams per tonne (g/t) silver and 1.8% copper.
Hole STR-06-13-024 also intercepted 18.2 metres of 427 g/t silver and 1.3% copper, while hole STR-06-13-026 returned 9.0 metres of 590 g/t silver and 2.3% copper.
The junior explorer said that drilling confirmed that the main body of mineralization at the property continues to extend updip toward the southwest, while the last drill hole in this area showed that the mineralization extends at least 50 metres above the top of the previously projected resource.
"The persistence of mineralization over the drill hole intercepts coupled with considerable vein thickness is impressive," said CEO Bill Pincus in the release on Thursday. "The upward extension of the vein is also important as it indicates the potential for additional high grade material in areas that are most accessible in the proposed mining sequence."
The Strieborná project is part of the past producing Maria Mine, which operated until the late 1990s. As a result, in addition to having much of the necessary surface infrastructure already in place, such as rail, power, and water, there are approximately 3,000 metres of underground development tunnels that are expected to significantly reduce the initial capex necessary to bring the mine back into production.
The underground drill program, which is now complete, was aimed at increasing the level of confidence in the deposit as well as the grades. The results of the campaign will be used to update the project's resource estimate, and to finish a preliminary economic assessment in the third quarter of this year.
Currently, the project hosts total global resources of 28 million ounces of silver at 253 g/t silver and 78 million pounds of copper at 1.0% copper. On a more regional scale, the company has indicated that there are 90 known veins across its 13,500 hectare land package, highlighting the exploration upside of the project.
Metallurgical results and mining permits for the property are expected in the second half of this year.
Shares of Global closed Wednesday at 11.5 cents on the TSX Venture Exchange, giving it a market cap of $12.7 million.