Vancouver — Initial drilling by
With a dozen holes completed on the W85 and GO3 zones, the drilling program has confirmed the high-grade nature of Pine Point mineralization. Results are as follows:
– hole W85-4 — 41 metres (from a depth of 63 metres) grading 3.7% lead and 10.7% zinc;
– hole W85-9 — 27 metres (from 79 metres) of 6.1% lead and 13.7% zinc;
– hole GO3-1 — 49 metres (from 55 metres) of 4.5% lead and 12.3% zinc.
In 2005, Tamerlane plans to drill 10 holes on each of the W85, GO3, R190 and N204 deposits, followed by metallurgical tests.
Mineralization at Pine Point is characteristic of Mississippi Valley Type, carbonate-hosted lead-zinc sulphides. The deposit is hosted in Devonian dolomites (a barrier reef structure) where karstification, creation of caves and cavities through dissolution, and collapse breccias allowed for the accumulation of mineralizing brines in the cavities with deposition of the metal sulphides. The typical metal sulphides deposited as replacement minerals are galena, sphalerite, marcasite and pyrite.
Cominco operated Pine Point from the mid-1960s through to the late 1980s, producing 64 million tonnes of ore averaging 3.1% lead and 7% zinc. Infrastructure included a railway line, mill, hydroelectric plant, and town site.
There are 34 drill-delineated deposits remaining. Historical, unexploited resources total 71 million tonnes grading 1.6% lead and 4.2% zinc in several blocks or separate zones of mineralization. There are higher-grade components in this historic resource with grades of 3.6% lead and 7.6% zinc. The figures all predate National Instrument 43-101.
Tamerlane has a market capitalization of $4 million, based on its recent trading price of $30 per share. There are 13.5 million shares outstanding.
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