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Pacifico Minerals advances acquisition talks, plans resource drilling program at Lorella prospect

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By Lorna Nicholas - 
Pacifico Minerals ASX PMY Borroloola West project Northern Territory
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Pacifico Minerals (ASX: PMY) has progressed project acquisition talks regarding “several” opportunities, while planning to kick off a resource drilling campaign next month at its 51% owned Borroloola West copper, zinc, lead, cobalt and silver project in the Northern Territory.

The campaign will start next month at the Lorella prospect and target mineralised extensions to previously intersected copper.

Pacifico has developed a conceptual resource target of 10 million tonnes grading 1.1% copper oxide for Lorella.

The target was created using data from previous drill holes and the company’s presumed copper mineralisation across 12km of strike.

Mapping and geochemical sampling will also begin next month at the Rainer prospect to firm up zinc and lead anomalies for drill testing.

Borroloola West encompasses around 1,800 square kilometres in the McArthur and Mt Isa Basins, which have hosted several mines including McArthur River, Mount Isa, Teena and Century.

Sandfire Resources (ASX: SFR) owns the other 49% interest in Borroloola West and contributes to exploration costs on a pro-rata basis.

Meanwhile, at Pacifico’s Limestone Creek project, also in the NT, the company is awaiting the exploration licence to be granted which is expects will happen before the end of the month.

Rock chip sampling at Limestone Creek returned up to 2% lead and 0.49% zinc over 1km of strike.

Over in Colombia, Pacifico is generating diamond drill targets with infill soil sampling at its wholly-owned Berrio gold project.

Preliminary sampling at the project has unearthed gold anomalies in a 1.2km by 1km area.

As well as Berrio, Pacifico has a tenement application for the Natagaima prospect in Colombia, which is believed prospective for gold, silver, copper, zinc and lead.

Acquisition talks advance

While firming up further exploration targets, Pacifico has reported it had completed technical reviews on several potential projects. Although it can’t disclose specific details on the acquisitions at the is stage, Pacifico claims negotiations have progressed.

Shares in Pacifico rocketed more than 62% in trade to hit A$0.013 by late afternoon.