The announced discovery of the Jupiter zone in a previously disregarded area south of its Rosebery mine on Tasmania's West Coast has proved to be a timely disclosure for the company's planned merger with Oxiana Ltd â€“ a deal which had been losing its pallor on the Australian share market with the sliding zinc price and some doubting Oxiana investors.
Zinifex's chief development officer, Stewart Howe described Jupiter as an exciting new discovery, based on results from the one diamond drill hole released to date â€“ a 23 metres section from 61m depth grading 5.6% zinc, 38 gtrams/tonne silver and 0.8 g/t gold. Within this a 9.5m section graded 9.5% Zn, 70 g/t Ag and 1.2 g/t Au.
The discovery opens up a whole new area of exploration that is only a short distance from our Rosebery operations, Howe said.
Importantly, the mineralisation looks just like Rosebery-style mineralisation, indicating that we may have intersected a new Rosebery-type deposit only five kilometres away.
This has the potential to be a major new discovery with the added attraction that it is close to surface. Work will be fast-tracked to determine the extent of the find.
Zinifex said Jupiter is open at depth and along strike.
Zinifex Rosebery mine manager, Stuart Gula, said the find is potentially very significant both in terms of expansion of the Zinifex operations on the West Coast and also for the local region this activity supports.
Jupiter sits between Rosbery and the old Hercules mine, one of the mining warhorses in that region.