Vancouver-based Metallic Minerals Corp. has announced an updated National Instrument 43-101 Mineral Resource Estimate, revealing a remarkable 25% increase in contained metal at its La Plata project in Colorado. The increase comes after completing an additional 1,730 meters of diamond drilling in 2022. Inferred mineral resources at the Allard deposit now total 1,211 million pounds of copper and 17.6 million ounces of silver in a constrained model, with 147.3 million tonnes at an average grade of 0.41% Copper Equivalent (CuEq) using a 0.25% CuEq cut-off grade.
The company’s President, Scott Petsel, expressed excitement about the project’s potential, especially after the major discovery in drill hole LAP22-04, which intersected 816 meters of 0.41% CuEq. The discovery indicates further potential for high-grade mineralization, and follow-up drilling is currently underway. The La Plata project, covering 44 square kilometers, is situated in the historic La Plata mining district and is easily accessible by highways and improved gravel roads.
The recent expansion in contained metal marks a significant step forward in realizing the true potential of the project, and Metallic Minerals plans to further explore the presence of precious metals like gold, platinum, and palladium, which were not previously assayed for in historic drilling but were found in high concentrations during the 2022 drilling. The company envisions considerable expansion of the contained precious metals and copper with subsequent drilling, highlighting the potential scale for a Tier 1 asset. With additional drilling, the project also has the potential to become a significant source of critical minerals identified by the U.S. Government for economic and national security.
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