Vena Resources Inc. (“Vena” or the “Company”) (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R) is pleased to announce that Henkle and Associates (Henkle) has completed the first phase of an ongoing program to confirm and enlarge the resource of the Azulcocha underground Zinc mine in Junin, Peru. Vena has filed an initial NI 43-101 report on the Company’s SEDAR profile. A cut off grade of 1 meter at 5% Zinc was used in this study.
The calculated in-place dry metric tonnage in the indicated category was 882,572 tonnes of mineral resource containing 10% Zinc. Out of this total, the Company extracted 17,740 from the underground workings in 2007 (cross cutting, drifting, stopes, etc). Part was directly shipped to Glencore (9,475 tonnes) and part was processed in the pilot plant (7,965 tonnes). The tonnes sold to Glencore contained 8% Zinc and generated US$951,745 helping offset some of the exploration costs. In addition the Henkle report noted an additional 18,238 tonnes of mineral resource containing 13.30% Zinc in the inferred category.
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Winnipeg-based HUDBAY MINERALS has intersected exceptional grades during diamond drilling at its Lalor Lake property. The richest zinc grade came from hole 174 where 22.59% Zn and 0.43% Cu were cut over 3.93 metres in the Main zone. Other holes returned high grades including 13.26% Zn over 23.95 metres, 15.62% Zn over 6.09 metres, 12.76% Zn over 3.31 metres, and 10.57% Zn over 2.58 metres.
Holes that intersected the footwall also returned high grades, particularly in the deeper portions. Assays included 10.21% Zn over 3.10 metres, 11.80% Zn over 0.79 metre, 10.55% Zn over 0.65 metre, 10.61% Zn over 8.23 metres, and 10.37% Zn over 0.98 metre.
HudBay’s chief exploration geologist Kelly Gilmore said, “The current interpretation indicates a Read more
ALASKA – Vancouver-based NIBLACK MINING has received the permits and approvals for its planned underground exploration program at a copper-zinc VMS project in southeast Alaska. The company plans to step up its exploration pace to include both year-round underground and surface work aimed at outlining the highly prospective Lookout zone and Mammoth area.
Niblack’s first goal is to complete construction of the infrastructure for the underground program. This includes waste rock storage areas, sediment ponds, water treatment systems, fuel storage and camp facilities. The underground contractor, J.S. REDPATH, will also begin to mobilize its equipment to the site. In August work will begin on the portal face.
The planned program for the underground exploration contemplates a total of 1,800 m of underground development, consisting of a 1,000-m main access drift, and three cross-cuts, Read more
Copper dropped for a third consecutive session in London after stockpiles rose and Japanese shipments of cable and wire fell, renewing concern that Asian demand may be slowing. Nickel and zinc declined.
Inventories of copper monitored by the London Metal Exchange rose 1,200 metric ton to 119,025 tons, the bourse said today in a daily report, bringing this month’s gain to 7.1 percent. Metal-wire and cable shipments in Japan, the world’s second-largest economy, fell 2.5 percent on year in May, according to preliminary data from the Japanese Electric Wire and Cable Makers’ Association.
“Demand is still fairly weak,” said David Thurtell, a London-based analyst at BNP Paribas, an LME member. He forecast the metal will drop to around $6,500 a ton in the second half. Read more
SHANGHAI (Interfax-China) — The General Administration of Customs announced China’s import and export figures for lead, zinc, nickel and tin today.
China exported 176,517 tonnes of refined zinc in the first five months of this year, surging 117.7% from the same period last year, while refined zinc imports during the same period slumped 47% to 63,420 tonnes.
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China’s nickel and nickel alloy exports amounted to 9870 tonnes in the January to May period, lifting 28.6%. Imports were up 22% at 46,190 tonnes in the same period.
China exported 130,245 tonnes of lead from January to May, down 49.1% year on year. However, the country imported 11,958 tonnes in the same period, up 7.1%. Read more