More high-grade zinc for Cominco, Solitario

The second batch of drill results from the Bongar project in northern Peru reveal additional high-grade zinc mineralization for Cominco (CLT-T) and Solitario Resources (SLR-T).

Cominco released the results of 11 drill holes from the Florida Canyon prospect, having previously released the results from initial drilling at that and another (the Florcita) prospect.

Cominco is earning a 60% interest in the project by spending US$27.5 million on exploration and making cash payments of US$1.8 million.

A highlight of the most recent results is hole FC-17, which intersected 58.8 metres grading 12% zinc and 2.8% lead starting from a depth of 142 metres.

The mineralization is controlled by a north-trending collapse breccia adjacent to a fault. It appears to be the sub-surface continuation of a mineralized outcrop 100 metres south of the hole. However, the company says the true thickness of the mineralization cannot be determined without further drilling.

To that end, Cominco will drill holes 100 metres south and north of the hole.

At hole FC-12, Cominco encountered 13.9 metres grading 18.5% zinc and 2.2% lead, starting at a depth of 91 metres, including a 7-metre interval of 29.8% zinc and 3.2% lead.

Cominco says the hole hit stratigraphically controlled mineralization, which has been encountered in previous holes.

To date, the company has completed 24 holes (spanning 5,264 metres) at Florida Canyon and six holes (1,200 metres) at Florcita. However, the company expects to discontinue drilling once the rainy season begins, around early November.

Solitario completed a 14-hole program of reverse-circulation drilling at the Santa Barbara porphyry project in central Peru. Here, the company is earning a 60% interest from Rio Tinto (RTP-N) by spending US$1.5 million. Assay results are pending.

At the Capilla gold project in northern Peru, Solitario drilled 13 holes but failed to intersect economic mineralization.

In other matters, Solitario’s parent company, Crown Resources (crrs-q), recently converted a debenture into 1.25 million shares of Solitario, increasing its ownership by 57.6% (or 9.6 million shares).