The first discovery in a decade at Hudbay Minerals’ (TSX: HBM; NYSE: HBM) Lalor mine in Snow Lake, Man., has given it a run at finding another anchor deposit to extend the life of its operations beyond 2038.
The company’s winter drilling program had uncovered a trove of new mineralized zones, Hudbay said late Thursday in a news release. One drill rig exploring a geophysical anomaly northwest of Lalor has yielded strong results outlining a series of base metal and copper-gold zones, including a high-grade copper-gold-silver zone. The find indicates the potential to enhance near-term production and significantly extend the mine's life.
"In our first step-out and down-plunge drill program since the initial discovery of the gold and copper-gold lenses at Lalor more than a decade ago, the results demonstrate the potential to replicate our exploration success through the discovery of additional high-grade zones that could enhance near-term production and further extend mine life,” the company’s president and CEO Peter Kukielski said in the release.
The drill program focused on testing a geophysical anomaly about 500 meters northwest of the existing underground infrastructure. This targeted exploration successfully intersected a series of base metal and copper-gold zones.
Among the notable findings is the discovery of a high-grade copper-gold-silver zone, leaving industry experts buzzing with excitement.