Pacifico Minerals Limited (ASX:PMY) Borroloola West Project Update

Pacifico Minerals Limited (“Pacifico” or the “Company”) is pleased to announce the completion of recent field reconnaissance, and an assessment of Versatile Time Domain Electromagnetic (“VTEM”) data flown for Pacifico, leading to the development of drill targets for zinc – lead – silver and copper.


Exploration conducted by Pacifico on the Borroloola West Project since July 2013 includes compilation of all existing geophysical data, definition of preliminary target areas, geological mapping, rock chip sampling, aircore drilling targeting copper and manganese mineralisation, airborne magnetic and VTEM survey of three selected prospective areas –Berjaya, Bing Bong and Coppermine Creek.

Pacifico have a farm-in agreement with Sandfire Resources NL (“Sandfire”) on the Borroloola West Project, consisting of 15 exploration licences, one mining licence and one exploration licence application (see Figure 1 in link below). Pacifico has recently negotiated a six month extension on the farm-in and will now be required to spend a further $385k by 20 December 2015 (previously 20 June 2015) to earn a 51% interest.

Pacifico remains fully committed to advancing its flagship Berrio Gold Project in Colombia, however, in support of the Directors long term view on the value that the Borroloola West Project presents for shareholders, we intend to explore either ourselves or in conjunction with a joint venture partner.

For the full news story click here.
Category: News Story

You Might Also Be Interested In