Juniors active in Honduran mineral search

The exploration activities of three North American companies in Honduras are a sign that that country’s mining potential remains solid.

In 1990, Breakwater Resources (TSE) acquired the El Mochito zinc-lead-silver mine in central Honduras. Currently, about 500,000 tons per year come from the San Juan deposit, which has more than 4.7 million tons grading 1.89% lead, 7.92% zinc, 0.27% copper and 2.2 oz. silver per ton. Exploration in 1992 delineated a new orebody within 3,300 ft. of the San Juan deposit. Known as the Nacional zone, this new occurrence has an estimated 2.3 million tons grading 11.74% zinc, 0.79% lead, 0.15% copper and 2.4 oz. silver. This should guarantee production of high-grade zinc concentrate at the mine until at least 1998, Breakwater says.

In northwestern Honduras, near Guatemala, Melinga Resources (VSE) holds a 100% interest in the El Zapotal concession. The 23,000-acre property has been sporadically mined and explored for gold since Mayan times. While the property contains no proven reserves, exploration has returned gold values up to 0.39 oz. gold over 23 ft.

Within the El Zapotal concession, Melinga also holds the rights to the 1,500-acre Macuelizo property, where exploration has outlined an oxide gold zone and a copper-gold porphyry zone. To date, the company has delineated preliminary gold reserves of 400,000 oz.

Also active in Honduras is Arimetco International (TSE), which has an option to earn an 80% interest in the San Andres gold project from Fischer-Watt Gold (NASDAQ). San Andres, about 90 miles southwest of San Pedro Sula, was one of the first major gold discoveries in Honduras. Leaseholders are mining nearly 400 tons per day at a grade of 0.10 oz. Reserves on the property total one million tons at 0.1 oz.

Exploration in the country has received vital support from government agencies such as the Canadian International Development Agency (CIDA) and the United Nations Revolving Fund for Natural Resources Exploration.