After reading the first 8 pages of the annual report i had to stop and put something up. The teaser in the proxy was inspiration to read the report closely. "Reason to pursue early success"
Some quotable items from the first 8 pages of the report.
• Copper and zinc intersections outside the previous published Sandiego resource.
• Better than expected high grade copper intersections at shallow depths at Sandiego.
• 73% increase in resource tonnes at Sandiego.
• 97% increase in Copper metal content and 21% increase in Zinc metal content at Sandiego.
• A modest increase in Onedin Resources
• Successful completion of metallurgical test work program for Sandiego and Onedin sulphide ores as well as Sandiego Zinc Transition ore.
• Completion of initial Preliminary Feasibility Study based on the Sandiego sulphide ore and the Sandiego Zinc Transition ore.
Sandiego Deposit - Depth Extensions
Potential to extend the resource at depth was confirmed by intersections of massive and disseminated copper and zinc sulphides in SRCD 042 and SRCD053.
Sandiego Deposit — Near Surface High Grade Copper Lode
The presence of a high grade copper mineralisation within the Transition zone had previously been recognised, but scarcity of drill holes and lack of metallurgical samples had previously prevented full quantification of its potential. For this reason the Pre-Feasibility Study into development of the Sandiego deposit did not envisage mining of any copper mineralization in the Transition Zone. The 2008 drill program specifically targeted the potential of the copper lodes in the Transition Zone. The copper mineralization may positively impact the development economics of the Sandiego deposit, particularly as it occurs at relatively shallow depth. Four drill holes from the 2008 program intersected this zone.
SRCD031 intersected a zone of substantial high-grade copper and zinc mineralisation consisting of chalcocite at shallower levels and sphalerite and chalcopyrite at deeper levels. The zone, intersected over 68m from 100m downhole, is estimated to have a true width of 34m. It consists of a central high grade zinc-rich portion (1 II-152m) flanked by high grade copper-rich portions (100-125m, 148-168m):
100 - 125m 25m @ 11.4% Cu 13.3% Zn I 42g/t Ag
Ill - 152m 47m @ 2.5% Cu 14.9% Zn 1270 Ag 0.18g/tAu
148 - 168m 20m @ 8.8% Cu 2.2% Zn 28g1t Ag 0.92g/t Au
Holes SRCD028A and SRCD030, which were drilled primarily to obtain material for metallurgical testing from the main Sandiego zinc-rich deposit. also intersected high-grade supergene and sulphide copper mineralization at relatively shallow depths. Wide high-grade copper intersections of 39m @ 3.7% Cu (SRCD028A) and 14.7m @ 4.5% Cu and 25m @ 5.7%Cu (SRCD030) correlate well with the intersection of 68m @ 6.8% Cu (SRCD031). Previously reported RC precollar SRCO29 also partially intersected this copper zone with an intersection of 14m @ 3.97% Cu. This drilling has confirmed the presence of high-grade copper mineralization at relatively shallow levels (80 — 200m vertically). Copper grades in the recent holes are much higher than grades in earlier holes drilled in this part of the deposit.
Sandiego Deposit — InfiII and Metallurgical Holes
Hole SRCD029A intersected massive and disseminated zinc mineralisation over 29m from 165m downhole. The mineralised zone is estimated to have a true width of approximately 14.5m. This hole also returned a high grade gold intersection (4m @ 26.83 glt Au) from a ferruginous fault zone. Low-grade gold is present throughout the Sandiego deposit and occasionally high-grade values do occur, particularly in the Oxide and Transition Zones of the deposit. The gold intersection in SRCD029A is of particular interest as it occurs outside of, and marginal to, the Sandiego deposit in a fault structure.
Sandiego Deposit — Northern Strike Extensions
Results from exploration hole SRCO35 produced high zinc grades (5m @ 9.15% Zn, 0.46% Cu and 17g/t Ag from 105m)
Bound to be more nuggets in the report.