The
announcement by Star Mountain Resources, Inc. (OTC: SMRS) of the Sully
discovery validates the company’s decision to reactivate the Balmat mine. The
company’s recently completed district-wide review and evaluation, which
targeted zinc mineralization in the Balmat-Edwards Mining District of St.
Lawrence County, New York, yielded encouraging results. The review identified
significant potential zinc mineralization, labeled the ‘Sully discovery’, in
the Upper Marble unit at a location approximately one mile southwest of the
historic Hyatt Mine and four miles northeast of the Balmat mine. The Upper
Marble unit contains the rock within which the ore deposit occurs, known as
host rock in the industry. Star Mountain’s Sully discovery is important because
it increases the possibility that the company is sitting on reserves greater
that those indicated by already completed feasibility studies.
Out of
12 drill holes executed on the Sully target in 2007 and 2008, seven intersected
massive sulfide zinc mineralization. The drilling operations revealed
significant thicknesses of zinc mineralization that can be correlated over
approximately 1,500 feet along strike and up to 500 feet across strike. The
strike of a bed is the direction of a straight line that connects two points of
equal elevation on the bed.
The
richness of the results was particularly promising. The seven drill holes
yielded nine readings. The percentage of zinc assayed ranged from 1.4% to
24.7%. The average of the nine readings was 11.6%; the standard deviation was
7.4%.
On the
release of the findings, Star Mountain Resources President Mark Osterberg
pointed out that the Balmat-Edwards District has been in near continuous
production for 100 years and that, on average, every 17 years a new mine has
been discovered. The company, he said, will advance its exploration efforts and
is confident it can “add to the record of discovery.”
Although
further studies are required to confirm the economic viability of the
mineralized material, the Sully discovery, naturally, raises the chances that
further significant deposits of zinc are present in the Balmat-Edwards area.
The area has historically proven to be rich in zinc. Star Mountain’s mining
properties there consist of four mines: Balmat, Edwards, Hyatt and Pierrepont.
Edwards was in operation from 1915 to 1980; Pierrepont produced from 1982 to
2001; and Hyatt operated from 1974 to 1998. The Balmat mine operated continuously
from 1930 to 2001, when production ceased due to depressed zinc metal prices.
Production then resumed in 2006 until falling prices caused it to be shuttered
again in the fall of 2008.
The
greater Balmat-Edwards-Pierrepont district has produced in excess of 43 million
tons of 9.4% zinc during its 76 years of operation, while the Balmat mine has
produced 33.8 million tons of 8.6% zinc ore since operations began in 1930.
It’s beginning to look as if Balmat may be just the tip of the Star Mountain
iceberg.
Star
Mountain Resources, Inc. is a junior exploration and mining company focused on
acquiring and consolidating mining claims, mineral leases, producing mines, and
historic mines with production and future growth potential. Its operations are
currently focused on base metal and precious metal mining acquisitions in North
America, and on re-commencing mining activities at the Balmat Zinc mine in
upstate New York.
For
more information, visit www.starmountainresources.com
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