Drilling on the New Burgin deposit in the Tintic region of Utah is expanding the known deposit.
Akiko Gold Resources (VSE) is earning a half interest in the property from Chief Consolidated Mining (NASDAQ) by funding US$10 million in property expenditures.
Recent drilling in the north-central portion of the deposit encountered three stacked zones, with the main lower zone returning 25 ft. grading 12.9% lead and 7.2% zinc, as well as 47 oz. silver per ton. The middle zone measures 43 ft. grading 12.2% lead and 9.2% zinc, plus 12.7 oz. silver per ton, while the upper zone returned 18.5 ft. grading 15% lead, 6.1% zinc and 9.8 oz. silver.
Chief is conducting infill and stepout drilling from drifts above the deposit, which is described as a massive sulphide replacement of deformed and brecciated limestones and quartzites.
Previous estimates put the New Burgin resource at 1.1 million tons grading 22% lead and 7.5% zinc, plus 19 oz. silver per ton.
The amoeba-shaped deposit dips 30-40 to the northwest and measures roughly 400 ft. along strike, 600 ft. downdip and 30-100 ft. in thickness.
Drilling on the western sector of the deposit is tracing a north-trending zone of gold enrichment. Hole CB-9 intersected three mineralized zones, including 25.5 ft. grading 15.8% lead and 2% zinc, plus 5.4 oz. silver and 0.1 oz. gold per ton. CB-8 also encountered gold values, including a 7.4-ft. intersection grading 5% lead, 4% zinc, 14 oz. silver and 0.12 oz. gold.
The deposit remains open to expansion, and Akiko believes the global resource for the deposit is approaching 2 million tons.
A new reserve calculation is expected in the fourth quarter.
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