Laconia Resources (ASX: LCR) has updated the market on the clarification of use of zinc equivalents at the Lennons Find Project, which the company acquired about a year ago.
Laconia said: 'The company has previously used reference to zinc equivalents in its ASX announcements, in reporting on its Lennons Find base metals project in the Pilbara region of Western Australia (see ASX announcement of 19 January 2012, and previous announcements).
'The clarification is required because insufficient metallurgical testwork has been completed to date on the resource to provide accurate recovery values at this stage. Therefore, there is not yet a reasonable basis for using a 100% recovery rate in relation to the reporting of zinc equivalents.
'Metallurgical testwork to provide this data is currently in progress and will be released to the market when it becomes available. Accordingly, we withdraw all Zn Eq percentages previously reported.'
By way of clarification, the total updated Mineral Resource as previously reported on 19 January 2012 is comprised of:
- Lennons Find Oxide Mineral Resource of 197,000t at 89g/t silver, 0.37g/t gold, 0.2% copper, 1.2 % lead and 1.4% zinc in Indicated category.
- Lennons Find Sulphide Mineral Resource of 1.65Mt at 81g/t silver, 0.25g/t gold, 0.2% copper, 1.5% lead and 5.6% zinc in Inferred category.
- Lennons Find Total Mineral Resource is 1.85Mt at 82g/t silver, 0.26g/t gold, 0.2% copper, 1.4% lead and 5.1% zinc in combined indicated and inferred categories.
The statement was estimated in accordance the JORC Code and incorporated results from a successful 42 hole, 1,939 metre drilling campaign conducted at the project in the latter part of 2011.