Shine Minerals Corp (CVE: SMR) has made significant progress on the development of its flagship Watt Lake Project, located northeast of La Ronge Saskatchewan. The mineral exploration and development company has so far hit mineralization in seven holes as part of a maiden drill program at the Zinc project.
Watt lake Project Exploration Progress
Results from the seven holes as part of the drill program has so far confirmed mineralization with mineralization intervals of up to 43m wide. The company drilled the seven holes from three drill pads targeting the southern part of the Borys Lake trend.
Assays from the sampled drilled holes returned up to 21.3% of Zinc and 57.6g/t of Ag. All the seven drilled holes intersected mineralization with mineralized intervals of 43m and 31.8m
“ The initial hole was collared to test beneath Trench 4, where recent assays from outcrop sampling returned up to 21.3% Zn and up to 56.7 g/t Ag, and also where historic drill holes W-1 (8.44m @ 4.69% Zn) and W-3 (6.1m @ 7.3% Zn) are assumed to be nearby. This is an exciting time. Drill core samples have been sent to the lab, and we will share the results as soon as we receive them,” explained COO Ross McElroy.
Watts Lake project is Shine Minerals flagship project covering 13,248 hectares in the established La Ronge Doman. Covering multiple conductive corridors, the project hosts the historic Bory’s Lake lead-zinc deposit. The project is also home to many other mineralized occurrences.
Claude Resources was the most recent company to explore and develop the property that shone to light in the early ’50s. Shine Minerals on its part has started compiling and verifying the considerable amount of historical work at the property.
The exploration and development company has already located drill collars at the Watt Lake property having also surveyed and sampled seven historic surface trenches. It is currently compiling drill holes and surface data into a modern geological database.
The compilation should make it easy to carry out 3-dimension spatial visualization that will go a long way in making it easy to assist in modeling the historic deposit. 3-Dimension visualization should make it easy for geologists to understand the geometry, control on mineralization of the Watts Project, as well as, help identify potential growth areas.
The Lake Watts project has the potential to be a key driver of Shine Minerals bottom line given the positive assay zinc results from the property. Zinc being the fourth most widely consumed metal in the world will always command strong demand something that the mining company can benefit from on commencing mining operations.
Demand for zinc is on the rise. Inventory levels have plummeted to 10-year lows of 100,000 tons per year from highs of 900,000 tons a year as of 2014 presenting a unique market opportunity. Supported by an award-winning management team, Shine Minerals remains well positioned to take advantage of the market opportunity. Its long-term goal is to generate significant shareholder value by focusing on the large and prospective Watts Lake Project.