Summo confirms Doctor mineralization

Preliminary drilling by Summo Minerals (SMA-T) has confirmed the presence of zinc mineralization at the former producing Doctor mine in Gunnison Cty., Colo.

Between 1900 and 1938, Doctor cranked out 75,000 tons of zinc. A subsequent report of the U.S. Geological Survey (the uncovering of which alerted Summo to the property last fall) suggests that the deposit has plenty of zinc left over.

Eleven of 18 reverse-circulation holes intersected significant mineralization. All were drilled at minus 25-45.

Zinc values varied from 1.47% over 30 ft. in hole 3 to 20.73% over 20 ft. in hole 11. Every intercept was oxidized. Results include:

– hole 1, which returned three intervals of 15 ft. (100-115 ft. down-hole) grading 3.75% zinc, 15 ft. (180-195 ft.) grading 5.37% zinc, and 30 ft. (245-275 ft.) grading 1.84% zinc;

– hole 4, which yielded 90 ft. (115-205 ft.) grading 7.89% zinc;

– hole 11, which averaged 11.56% zinc over 60 ft. (100-160 ft.); and

– hole 16, which graded 6.59% zinc over 25 ft. (270-295 ft.).

The intercepts were determined using a cutoff grade of 1% zinc and a minimum width of 15 ft.

The steeply dipping zone is about 500 ft. long, 50 ft. wide and 125 ft. thick. Smithsonite, a zinc carbonate, is the predominant mineral. Mineralization remains open along strike.

Previous geophysical surveys suggest that a similar zone (albeit one that includes primary sulphide mineralization) lies 500 ft. to the east. This zone has yet to be confirmed by drilling.

Exploration funding is being provided by ZincOx Resources, a private London-based company in which Cominco (CLT-T) owns a 22% equity interest. The company, which focuses exclusively on zinc targets, can earn a 51% stake in the project by funding US$800,000 over three years. An additional 24% can be acquired in exchange for US$1.2 million in expenditures.

Summo can acquire the Doctor zinc property for $1 million or $1.5 million, depending on the exercise date. It has also staked surrounding claims, enlarging the property’s size to 1.5 sq. miles.