Benz Mining to Acquire Mel Zinc-Lead-Barite Project for CAD$2.7 Million, Southeast Yukon
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Benz Mining Corp. has entered into a purchase agreement with Silver Range Resources Ltd., pursuant to which Benz has an option to purchase 100 percent of Silver Range’s wholly-owned Mel zinc-lead-barite project located near Watson Lake in southeast Yukon for C$2.7 million.
The project has an inferred historical mineral resource estimate of 5.38Mt at a grade of 6.45 percent zinc, 1.85 percent lead and 44.79 percent barite, as declared in the technical report in November 2014.
“The Mel Project represents an excellent opportunity to acquire an advanced exploration zinc/lead/barite project in a well established, low risk mining jurisdiction with an existing mineral resource estimate and significant exploration upside,” said Miloje Vicentijevic, president and CEO of Benz.
The project lies on a trend of significant zinc deposits including the past-producing Faro lead-zinc mine, Yukon Zinc’s Wolverine mine, and Fireweed’s (formerly Hudbay’s) Tom and Jason deposit to the north and Teck’s Cirque deposit, Canada Zinc’s Akie deposit to the south.
“We believe that the Mel zinc deposit is underexplored and offers significant exploration upside. The project is especially exciting as the Mel Main zone (which hosts the inferred mineral resource estimate) is open in all directions and the Jeri, Jeri North and Mel East zones offer potential for near surface development opportunities,” added Vicentijevic.
The Mel Project consists of 257 claims, encompasses an area of 9,315 hectares and is located 80 kilometers east-northeast of the town of Watson Lake. The project extends 47 km south from the main exploration targets to the Alaska Highway, following the route of a proposed haulage road.
Benz Mining purchased the project from Silver Range for total consideration of $2,700,000 million with $475,000 required to be paid in cash and the balance of $2,225,000 payable in shares or cash at the company’s election.
Pre-field preparation work is under-way currently and is focusing on data compilation and establishing one single source for past work data on the project.
About Benz Mining
Benz Mining is focused on acquiring and developing mining assets in safe jurisdictions and is led by a team of experienced mine developers.
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