- Alta Zinc (AZI) has reported on its activities for the six month period ending December 31, 2019
- The main focus for the company was to define additional zones of high-grade mineralisation at the Gorno Zinc Project
- During the half-year, Alta Zinc completed a $1.9 million placement to fund underground exploration of the Pian Bracca Zone at Gorno
- The company also announced the appointment of Geraint Harris as Managing Director
- With this ramp-up in activities, Alta Zinc spent more on exploration and marketing
- The company spent over $1.6 million on exploration this term, compared to over $1.5 million from the same time last year
- Alta Zinc has ended the day steady, with shares trading for 0.5 cents since February 27
Alta Zinc (AZI) has reported on its activities for the six month period ending December 31, 2019.
The main focus for the company was to define additional zones of high-grade mineralisation at the Gorno Zinc Project.
The project is a lead-zinc-silver deposit located in Northern Italy and is part of an extensive series of deposits that occur across the Alps and neighbouring European countries.
Historical recorded mine production is six million tonnes at an average grade of 14.5 per cent zinc and lead, and high quality, 55-60 per cent, zinc sulphide concentrates.
Gorno Zinc Project
Drilling plans at the Pian Bracca Zone were designed using a 3D geological model that was developed using data from high-grade channel samples and historical structural and exploration data.
In October 2019, Alta Zinc reported results from two underground channel samples which returned high-grade assays of up to 47.8 per cent zinc and 10.5 per cent lead.
In mid-November, the company began drilling at the Gorno Zinc Project in Northern Italy.
The first two holes drilled intercepted mineralisation over significant thickness as well as a highly mineralised lower ore body.
Subsequently, on January 21 2020, Alta Zinc announced the results of a further four holes that were drilled during the month of December at Pian Bracca.
Highlights from this program include 19.4 per cent zinc and lead and 60g/t silver from 59.5 metres, and 14.8 per cent zinc and lead and 52g/t silver from 58 metres.
These results demonstrate the continuity of a second layer of high-grade mineralisation beneath that at Pian Bracca.
Paterson Project
The Paterson Project comprises of two granted exploration licences and covers an area of 219 square kilometres. These two tenements cover highly prospective parts of the Broadhurst Formation.
Alta Zinc continued to elevate possible exploration activities to follow up on targets identified by a detailed interpretation study of geophysical and satellite data.
McArthur River Project
The company has one granted exploration licence and two applications for exploration licences covering a total area of 1238 square kilometres in the Northern Territory.
The grant of two applications is pending the outcome of future discussions with Traditional Owners of the land.
Punta Corna Cobalt Project
The Punta Corna Cobalt Project comprises of two granted exploration licences which cover an area of 29.8 square kilometres.
Technical studies were started in association with the University of Milan to provide a better understanding of the mineralisation in preparation for further exploration activities.
Environmental Studies
During the half-year, Alta Zinc continued to advance work to extend the tenure of the current exploration licences.
This would allow for the application and conversion to an expanded mining licence footprint at Gorno.
A significant milestone was achieved with the official submission of the application for the renewal and expansion of the existing mining licence.
This application contains a full environmental and social impact assessment and baseline data analysis, and it also demonstrates that the permitting process for the Gorno Project is well advanced.
Miscellaneous
Other activities completed during the half include a $1.9 million placement to fund underground diamond drilling at Pian Bracca and the appointment of Geraint Harris as Managing Director.
Geraint took office on September 16 and he bought over 24 years of mining industry involvement spanning across the production and development phases.
Costs
With the ramp-up in activities, Alta Zinc spent more in terms of exploration and marketing expenditure.
In the half-year ending December 31 2019, the company spend $1,660,681 compared to $1,575,527 from the same time last year.
Alta Zinc also spent more on marketing, $124,159 from this just passed period compared to $86,958 a year ago.
However, the company had a lower consolidated net loss, $1,910,517 after-tax compared to $2,214,904.
Alta Zinc has ended the day steady, with shares trading for 0.5 cents since February 27.