Solitario to initiate preliminary economic study on Bongara zinc project in Peru
Solitario Exploration & Royalty announced that it will be initiating a NI-43-101 Preliminary Economic Study on its Bongara zinc project in northern Peru. This will be the first evaluation to estimate the potential economics of the Bongara project. The project is 39%-owned by Solitario and 61%-owned by Compania Minera Milpo S.A.A. A total of 486 core holes totaling 117,280 meters have been drilled on the project. Included in this drilling are 95 underground core holes totaling 15,144 meters that were drilled from a 700-meter long tunnel that Votorantim Metais completed in 2013. Work to date has demonstrated that Bongara is a high-grade zinc deposit with an average resource grade in excess of 12% zinc equivalent, has a relatively large resource base with excellent expansion potential, and produces a clean high-grade concentrate. Chris Herald, President and CEO of Solitario, stated, "We are excited to initiate this study as it will bring together a broad array of technical components to provide the first real look at project economics. We are now in the process of selecting an independent consulting engineering firm to initiate and complete the PEA on this high-grade zinc deposit. We hope to complete the PEA before the end of the second quarter of 2017."