Breakaway Resources' (ASX: BRW) Altia Silver-Lead-Zinc Deposit has received a major boost to the potential of the project, with joint venture partner BHP Billiton (ASX: BHP) proposing up to 2000 metres of diamond drilling commencing in the September 2011 quarter.
The project which is subject to a farm-in by BHP, last year successfully established the broader geological setting at the deposit after a 4480 metre diamond drilling program.
Breakaway understands that a new geological model has been developed for the deposit as a further test of the broader potential for a silver-lead-zinc system.
Breakaway's landholding for the farm-in and joint venture agreement represents only 8 square kilometres, or around just 2% of the company's 480 square kilometre Eloise Exploration Project in the Cloncurry District of Queensland.
Under the terms of the agreement, BHP can earn a 70% interest in the Altia silver-lead-zinc rights by completing total expenditure of A$10 million over five years.
BHP is currently 18 months into the farm-in, and has spent $1.5 million.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17732/breakaway-resources-jv-partner-bhp-billiton-new-diamond-drilling-at-altia-silver-lead-zinc-deposit-17732.html
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