A new mineral resource estimate for Hudbay Minerals’ (HBM-T, HBMFF-O) Tom and Jason zinc-lead deposits in the Yukon has the company discussing the potential for an underground mine.
Indicated resources for the Jason deposit now stand at 1.45 million tonnes grading 5.25% zinc, 7.42% lead and 86.68 grams silver per tonne, while inferred resources are 11 million tonnes grading 6.75% zinc, 3.96% lead and 36.42 grams silver.
At the Tom deposit, indicated resources are currently at 4.98 million tonnes grading 6.64% zinc, 4.36% lead and 47.77 grams silver. The inferred resource is 13.55 million tonnes grading 6.68% zinc, 3.1% lead and 31.77 grams silver per tonne.
HudBay president and CEO Peter Jones says the company will begin early stage regulatory and community engagement to evaluate the potential to develop underground mines in the future.
“The mineral resource estimate confirms our combined Tom and Jason deposits as one of the largest undeveloped zinc-lead deposits in North America,” Jones said in a statement.
HudBay’s largest project is the 777 mine in Manitoba, which has a proven resource of 5 million tonnes grading 2.3 grams gold per tonne, 27.5 grams silver, 2.8% copper and 4.5% zinc and a probable reserve of 11.8 million tonnes averaging 2.1 grams gold, 26.9 grams silver, 2.3% copper and 4.5% zinc. The company’s total reserves for all of its projects are 22.8 million tonnes.
The Tom and Jason deposits are located close to each other on a 52-sq.-km property near the Northwest Territories border, about 400 km east of Whitehorse, Yukon.
HudBay shares were up 55 on the resource estimate, or about 2% at $27.41 on a trading volume of 2.6 million shares.
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