Mixed results at Messina’s Tulks South

Vancouver — Results from four holes drilled at the Tulks South base metals project in Newfoundland have returned further massive sulphide mineralization, including a gold-rich zone. However, Messina Minerals (MMI-V) says the latest results — all from the Boomerang zone — include lower-than-expected zinc grades.

The highlight was hole 19, which returned 4.5 metres (from 376 metres) grading 3.3% zinc, 1.3% lead, 0.3% copper and 28.3 grams silver per tonne, including 1 metre of 7.1% zinc, 2.5% lead, 0.4% copper and 45.5 grams silver.

Hole 22 cut 19 metres (from 109 metres) grading 2.8% zinc, 2.3% lead, 0.3% copper, 148 grams silver, and 3.6 grams gold, including a higher-grade, 10-metre intersection of 4.5% zinc, 3.8% lead, 0.6% copper, 245 grams silver and 6 grams gold.

Drilling identified a second massive sulphide lens about 15 metres beneath the Boomerang lens, in the footwall. A second exhalative horizon indicates a strong vent system that was active over multiple periods.

The Boomerang lens is zoned, with lower base metal grades updip and elevated values downdip, albeit in thinner intervals.

Tulks South covers the southern half of the Tulks volcanic belt and is 40 km south of the past-producing Buchans mine. Asarco (now a subsidiary of Grupo Mexico) operated Buchans between 1928 and 1984, during which time it produced 16.2 million tonnes grading 14.51% zinc, 1.33% copper, 7.56% lead, 126 grams silver and 1.37 grams gold.

Messina is earning a 100% interest in the project from Noranda (NRD-T) in return for spending $1.1 million on exploration. Noranda retains a 2% net smelter return royalty, or a back-in right for a half-interest, if more than 10 million tonnes of economic mineralization are outlined. To exercise its back-in right, Noranda must pay 150% of the exploration costs incurred by Messina.