- Alta Zinc (AZI) has lodged applications for exploration licences (ELs) at two copper mining districts in Italy
- The ELs are for Monte Bianco and Corchia, which are both said to contain multiple high-grade copper mines that produced a significant portion of Italy’s copper and manganese up to the 1970s
- There hasn’t been any significant modern exploration at the mines since closures in the 1970s
- In anticipation of approval, the company plans to review historical records of the areas to provide the basis for an initial exploration programme. It believes the amount of information on hand will result in a modest initial exploration budget
- According to Alta, the mineralisation within ophiolite country rocks houses a variety of base metals which aligns with the Company’s strategy of becoming an Italian focused base and battery metals explorer and producer
- Alta shares are trading flat at 0.6 cents a share
Alta Zinc (AZI) has lodged applications for exploration licences (ELs) at two copper mining districts in Italy.
The ELs are for Monte Bianco, located in the Liguria region of the Northern Apennines, and Corchia which is situated in the Emilia Romagna region.
Both licences are said to contain multiple high-grade copper mines that produced a significant portion of Italy’s copper and manganese up to the 1970s.
The company says most of the mines in the area closed between the 1940s and 1970s, when commodity prices were low, and there hasn’t been any significant exploration since.
Managing director Geraint Harris says “both ELs have excellent potential to extend the known deposits laterally and at depth, and our plan is to commence an initial low-impact and efficient program of geophysics and surface sampling once granted.”
More specifically, the company plans to review records of the areas to provide the basis for an initial exploration programme. Alta believes that the large amount of information on hand, will result in a modest initial exploration budget in relation to the Company’s overall planned exploration spending.
The Monte Bianco EL is believed to have been the largest manganese mine in Europe, operating between 1939 and 1971, with mined grades of 28 to 30 per cent manganese, producing around 50 000 tonnes of manganese metal per annum.
The mineralisation within ophiolite country rocks is believed to house a suite of metals including copper species, sphalerite, cobalt and gold. Alta says this variety aligns with the company’s strategy of becoming an Italian focused base and battery metals explorer and producer.
Additionally, the ELs are close to existing projects and the port of Genoa, which Alta notes would offer logistical advantages.
Geraint also commented on the EL applications.
“We are very excited by our application for these two new base metals projects that offer strong growth potential and to take advantage of the growing electric vehicle (EV) metal deficit in Europe.”
Earlier this month, the company announced the sale of its last Australian-based exploration assets to focus on its Italian prospects.
Alta shares are trading flat at 0.6 cents a share at 3:03 pm AEDT.