Breakaway Resources' (ASX: BRW) joint venture partner BHP Billiton (ASX: BHP) has intersected silver mineralisation about 600 metres down plunge of the existing 7.5 million ounce Altia Silver Deposit.
Indicating the vast spread of the mineralisation, silver-lead-zinc mineralisation has now been intersected over 1,200 metres of strike and to a vertical depth of 800 metres.
Importantly, this demonstrates the presence of a broad mineralised system surrounding the Altia Deposit, which provides the potential to extend the existing resource.
Notable intercepts include 2.88 metres at 5.47% lead, 75.6 grams per tonne (g/t) silver and 0.98% zinc from nearly 900 metres, and 2.3 metres at 1.1% lead 35.3g/t silver and 0.28% zinc from 829 metres.
These results were obtained from the recently completed deep diamond drilling program undertaken by BHP Billiton Minerals, which is working to earn a 70% interest in the project by spending A$10 million over five years.
The two new holes, which totalled nearly 2,500 metres of drilling, intersected multiple zones of mineralisation within banded iron formation rocks and adjacent sedimentary wall rocks beneath the Altia Deposit.
A review of historic drilling has also identified numerous silver-lead-zinc intersections about 400 metres north of Altia that lie within the same banded iron formation rocks that host the deposit.
Highlight intercepts include:
- 3 metres at 0.24% lead, 32g/t silver and 0.01% zinc from 125 metres;
- 2 metres at 2.9% lead, 52.4g/t silver and 0.09% zinc from 100 metres, and 2 metres at 0.99% lead, 73.6g/t silver and 0.01% zinc from 130 metres; and
- 6 metres at 0.46% lead, 66g/t silver and 0.02% zinc from 180 metres.
Some investors are not aware of Breakaway's joint venture with global mining powerhouse BHP Billiton.
Known as the Altia silver-lead-zinc joint venture, the project is located just 100 kilometres from BHP's Cannington mine, the world's largest tonnage and lowest cost single mine producer of both silver and lead.
Previous drilling has highlighted the potential for a large-scale silver deposit at Altia with strengthening silver grades.
The deposit already hosts an Inferred JORC Resource of 5.78 million tonnes at 40.3g/t silver, 3.96% lead and 0.49% zinc for around 7.5 million silver ounces.
Eloise Exploration Project
The area subject to the Altia farm-in and joint venture agreement lies within Breakaway's 100% owned Eloise Exploration Project.
Breakaway is targeting enhanced economics of its Eloise Exploration Project with a new exploration push.
The company has begun a new 2,000 metre reverse circulation drilling program, mostly planned for the new Sandy Creek copper-gold discovery where mineralisation has been drilled over 600 metres strike length and to an average depth of 100 metres.
Importantly, this drilling program could enhance the economics of the project with the confirmation of a high grade core within the mineralisation, as well as the potential delineation of a second sizeable zone of open pitable, near surface mineralisation at Sandy Creek.