Vancouver – Results are in for Mantle Resources’ (MTS-V, MTSZF-O) first drill hole on the Akie base metal project, in northeastern British Columbia, showing high-grade zinc mineralization.
Hole A-05-30 cut 37 metres (from 531.8 metres down hole depth) of 11% zinc, 2.6% lead and 21.2 grams silver per tonne, including a 17.9-metre richer interval grading 17.2% zinc, 4.2% lead and 30.1 grams silver.
Results excite Mantle management, as they significantly exceed historic values by previous operator Inmet Mining (IMN-T, IEMMF-O). In 1995, the major calculated a non-NI43-101 compliant inferred resource (based on four widely spaced holes) of 13 million tonnes grading 8.5% zinc, 1.5% lead and 13.2 grams silver over an average true thickness of 6.3 metres. The resource sits within a large, plus-50 million tonne body of massive sphalerite-galena-pyrite-barite mineralization.
Akie is a sedex zinc-lead deposit situated in the southern Kechika Trough. Mineralization is hosted in Gunsteel Formation shales with a sheet-like body of laminated to massive pyrite and barite, containing local finely laminated bands of sphalerite and galena.
As operator, Mantle is earning up to a 65% interest from Ecstall Mining (EAM-V, ESMGF-O), who currently hold 40% interest and have an option-to-purchase agreement from Inmet to acquire the remaining 60% for $475,000. Mantle will vest its interest for cash payments of $450,000 and exploration expenditures of $4 million. There are no royalties on the project.
Shares of both Mantle and Ecstall reacted exuberantly to the high-grade intercept, rallying to 85 and 17 per share levels respectively on high volumes.
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