• July 15, 2021

Major Mineral Resource Upgrade at Gorno

Published on July 15th, 2021

Perth, Australia, July 14, 2021 – (ABN Newswire) – Alta Zinc Limited (ASX:AZI) (HAM:8EE) is pleased to announce the updated Mineral Resource estimate (MRE), as shown in Figure 1*, for its Gorno zinc-lead-silver deposit in the northern Italian Province of Bergamo. The deposit is approximately a 3-hour drive from the main Port of Genoa, and a 1-hour drive from Bergamo International Airport (Figure 2*). The MRE was completed by CSA Global Pty Ltd (CSA Global) in Perth, Australia.

  • The total Mineral Resource tonnage has increased by a factor of 2.4x and the zinc grade has increased by 40% compared to the previous (2017) MRE, leading to more than 3.3x the amount of zinc metal contained, of which more than 60% is in the Indicated category.
  • The recent exploration program of 85 diamond core holes (totalling 6,231m) and 34 channel samples were completed from underground workings in 15 months, adding an additional 4.5Mt (> 1% Zn COG) of Mineral
    Resources. This equates to 721 tonnes per metre drilled and almost 4x the tonnage yield of the 2017 MRE (188t/m) and this is a consequence of Alta’s improved knowledge of the deposit’s geology leading to effective target selection and efficient drilling from pre-existing underground development.
  • The updated MRE will significantly underpin future mining and metallurgical studies, to fast-track the feasibility study and development of the Gorno Project as one of Europe’s premier zinc-lead-silver deposits.
    Gorno’s mineralisation remains open in all directions outside of the MRE with numerous step-out targets remaining to be drill tested from current underground development. The large-scale potential of Gorno will be outlined in a dedicated Exploration Target announcement in due course.
  • Drilling remains on-going, focussing on mineralisation outside of the updated MRE, and results will be released as assays become available.

Geraint Harris, MD of Alta Zinc commented:

“Alta shareholders have now been rewarded by this very positive Mineral Resource upgrade, based on results from the recent drilling programs in the new areas of Pian Bracca and Ponente. The outcome is a more than three-fold increase in the amount of zinc metal and a more than 40% increase in the global metal grades contained in the Mineral Resource estimate for the Gorno deposit. This is partly due to an increase in the thicker and higher-grade mineralisation, found in the Pian Bracca corridor and at Ponente.

We have been able to achieve this result with only 15 months of drilling by identifying outstanding drill targets, of which there still remains an abundance, close to or within the network of existing underground workings which offer cost effective and efficient year-round drilling positions with zero environmental impact.

Our operational success is largely due to the strength and efforts of our Italian staff, and our Italian mining and drilling contractors (Edilmac SRL) who have tirelessly and professionally worked to make the Gorno deposit the success that our municipalities and the Lombardy region in Italy deserve.

We are currently drilling beyond the limits of our MRE into both step-out and new areas to continue to grow our resource base, notwithstanding that we now have a substantial resource inventory to support future feasibility studies.”

Read full ASX Announcement

DATE: 14 July 2021

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