Pacifico Minerals (ASX:PMY)
Pacifico (ASX:PMY) intends to develop Sorby Hills, a large, near-surface, flat-lying, lead-silver-zinc deposit located 50 km northeast of Kununurra in Western Australia.
After completing the acquisition of a 75% interest in the Sorby Hills Project in late 2018, Pacifico carried out a drill program that significantly increased the size and confidence of the global MRE (29.97 Mt of 4.8% Pb equivalent (3.7% Pb, 43 g/t Ag) and 0.6% Zn) and underpinned an updated PFS.
The PFS estimated a CAPEX of A$95.4M to develop the mine, with a 16-month payback and a pre-tax NPV8 of A$243M. Importantly, the PFS only considered resources in the Indicated category (10.85 Mt with a grade of 5.1% Pb equivalent (3.9% Pb, 46 g/t Ag) and 0.4% Zn).
An updated MRE was completed in October 2019, the Global Resource now includes 36Mt of 4.7% Pb equivalent (3.7% Pb, 39 g/t Ag) and 0.5% Zn with 16.6Mt of Indicated Resources at 4.8% Pb equivalent (3.8% Pb, 39 g/t Ag) and 0.4% Zn. These results will underpin the Optimised PFS expected to be completed in Q1 2020.