Pacifico Minerals Limited (ASX: PMY) (‘Pacifico’ or the ‘Company’) is pleased to report on the significant progress being made on its Sorby Hills Joint Venture Project Optimised Pre-Feasibility Study (‘PFS’).
• Resource Upgrade justifies 50% increase in plant throughput from 1.0Mtpa to 1.5Mtpa.
• Metallurgical testwork confirms improved lead (Pb) recovery estimates.
• Excellent results from Heavy Liquid Separation (‘HLS’) testwork on low-grade ore.
• Open pit optimisation and mine scheduling completed.
• Simple process plant design completed with engineering and cost estimation progressing.
• Optimised PFS on track to be completed in June.
• Resource Update underway with increased confidence gained from Phase III drilling.
The Sorby Hills Joint Venture Project (‘Sorby Hills’ or the ‘Project’) is located approximately 50 km northeast of Kununurra. There are existing sealed roads to transport concentrate from site to the facilities at Wyndham Port (150 km from the Project). Established infrastructure and existing permitting allow for fast tracked production. A previous Pre-Feasibility Study (‘PFS’) produced compelling economics (ASX Announcement 26 March 2019).
Following on from a significant Resource upgrade in Q4 2019 which resulted in a Global Resource estimate of 36 Mt at 4.9% Pb equivalent1 (3.7% Pb, 39g/t Ag) and 0.5% Zn lying just 20 m below surface and open along strike and down dip (ASX Announcement 31 October 2019), Pacifico is completing an Optimised PFS. The Optimised PFS targets an increased mining rate and greater processing capacity and will further de-risk the project with additional testwork.
Managing Director Mr Simon Noon commented that the Company had made significant progress since the Project’s updated PFS was released in March 2019. Mr Noon stated, “We reported a very significant upgrade to
the project’s Resource in October last year and this has underpinned the increase in plant throughput and processing capacity.”
The 50% increase in plant throughput still allows for a project life of at least 8 years.
“Pacifico looks forward to providing further information when we release the Optimised PFS, currently scheduled for June,” Mr Noon said.
SOURCE: PACIFICO MINERALS
DATE: APRIL 30, 2020