A 5-hole exploration program has enabled Adex Mining (TSE) to confirm continuity of ore-grade mineralization between two known zones on the Mount Pleasant property in southern New Brunswick.
The drilling was conducted between the Saddle zone, which contains possible reserves of 2 million tonnes averaging 0.92% tin and 49.8 grams indium per tonne, and the Fire Tower zone, with containing proven reserves of 9 million tonnes averaging 0.2% MoS2 and 0.4% WO3.
One hole in the new zone intersected 1.02% copper, 1.52% zinc, 0.11% MoS2 and 0.67% WO3 over 40.6 metres between 317 metres and 357.6 metres, including a 19.3 metre section with higher grades. Two others intersected similar values, while the analysis of the fourth and fifth holes was incomplete at presstime.
The other known structure on the property, the North zone, has 5 million tonnes of proven and probable ore grading 0.78% tin and 78.7 grams indium per tonne.
Combined, the known orebodies contain the largest tin reserves in North America.
Adex has completed a positive prefeasibility study for the production of tin, indium, copper, zinc, tungsten, bismuth and molybdenum based on the existing proven and probable orebodies. A bankable feasibility study will be initiated shortly.
The Mount Pleasant mine and mill complex is also on the property. Adex holds an option to acquire the dormant mine from Piskahegan Resources, a private company. The new zone is within 100 metres of underground development, which will enhance the economics of the project.
Meanwhile, Adex is entertaining offers for its U.S.-based oil and gas division, Adex Resources.
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