"This initial mineral resource estimate quantifies the amount of high-grade zinc in an area of known near-surface mineralisation along a 1.4km trend. … The area of the new mineral resource estimate occupies only a small area along the strike of 8km of prospective stratigraphy," said director Greg Crowe.
The company sees additional potential to find more zinc mineralisation and plans to carry out additional drilling in 2019 to upgrade the confidence level of the inferred resources and to expand the resource at nearby undrilled targets.
Adding tonnes is now the focus for Zinc One as it faces stiff competition to be the next zinc project to advance to production development in the Americas. While it is a high-grade resource, it currently lacks the scale of some of its competition.
Also in Peru, Tinka Resources has an indicated resource at its Ayawilca deposit of 11.7Mt grading 8.1% zinc equivalent and an inferred resource of 45Mt grading 6.7% zinc equivalent.
In Yukon, Canada, Fireweed Zinc's Macmillan Pass deposit hosts an indicated resource of 11.2Mt grading 9.61% zinc equivalent and an inferred resource of 39.5Mt grading 10% zinc equivalent, and in New Brunswick, Canada, Callinex Mines has an indicated resource of 13.6Mt grading 3.21% at its Nash Creek deposit and an indicated resource of 5.9Mt grading 5.2% zinc equivalent.
Zinc mineralisation at Bongará is classified as a Mississippi Valley-type deposit mostly hosted by strongly dolomitised brecciated limestones beds. The site previously saw zinc production during 2007-2008.