Inmet Mining (IMN-T) has dropped out of a joint venture exploring the Victoria Mine, Sutherlands Pond and Hungry Hill base metal projects in central Newfoundland.
The Hungry Hill and Sutherland Pond properties are held equally between Celtic Minerals (CME-V) and Jilbey Enterprises (JLB-V). The Victoria Mine property is held 100% by Celtic.
Earlier this year, grab samples from the stockpiles on the Victoria Mine property returned grades of up to 7.5% copper, 2.4% zinc and 1.5% lead. To the west, limited drilling cut a copper-bearing zone that remains open in all directions.
Some 3 km to the southwest at Sutherlands Pond (a copper-zinc-lead prospect), a 300-metre-wide alteration zone was traced over a strike length of 1.3 km. Previous drilling by Inco (N-T) cut widespread “stringer-style” zinc-lead mineralization in the area. Historic drilling returned a 0.37-metre section of massive-sulphide mineralization yielding 18.8% zinc, 2.39% lead and 5.19 grams gold per tonne. The partners aim to test the downdip extension of the zone.
Previous drilling on the Hungry Hill property was highlighted by 10.8 metres grading 3.06% zinc, 0.16% copper, 20.9 grams silver and 0.81 gram gold in hole 16. The partners also cut a 5.6-metre section of bedded, exhalative pyrite and high-grade base metal clasts.
Inmet was earning a 55% stake in the projects by spending $2.5 million and paying $120,000 over a five-year period.
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