Hudbay Minerals has discovered a new deposit between its Lalor mine and the old Chisel North mine in Manitoba, Canada.
Hudbay Minerals (TSX:HBM,NYSE:HBM) has discovered a new deposit between its Lalor mine and the old Chisel North mine in Manitoba, Canada.
The deposit consists of 35.6 metres of high-grade mineralization that includes both zinc-rich massive sulfides and gold, located at a down hole depth between 540.7 and 576.3 metres.
As quoted in the press release:
The drill hole intersections occurred less than 1,000 metres from the existing active ramp between Chisel North and Lalor, within trucking distance to surface and the crushing station at Chisel North, and within 15 kilometres of the Stall concentrator in Snow Lake, Manitoba. The mineralization was discovered by following up-dip a favorable plane with discrete copper-gold rich feeder intersections from drilling completed in 2011 and 2012 by Hudbay in holes CH1101, CH1201 and CH1203. The plane of the mineralization is interpreted to dip at approximately 20 degrees to the northeast.
Alan Hair, Hudbay President and CEO, commented:
“These zinc-rich and gold-rich intersections highlight the ever prospective nature of the Flin Flon greenstone belt and demonstrate the value of our Manitoba assets. The discovery of these new zones within close proximity to our existing infrastructure and at shallow depth aligns very well with our Manitoba strategy and is another example of leveraging our exploration expertise to realize additional value. We look forward to continuing to drill this new discovery, while advancing exploration activities in the gold and copper-gold zones at Lalor and in the broader Snow Lake camp as we pursue our strategy over the next several years to maximize the value of our Manitoba assets and extend both base metal and gold production at Lalor beyond its current mine life.”