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South32 has given an update to the mineral resource estimate for the Taylor deposit, and exploration results for the Peake prospect that forms part of the Hermosa project.

The Hermosa project is 100 per cent owned by South32 and is located about 80 kilometres south-east of Tucson, Arizona, USA.

It comprises of the zinc-lead-silver Taylor sulphide deposit, the zinc-manganese-silver Clark oxide deposit, and an extensive, highly prospective land package with potential for the discovery of polymetallic and copper mineralisation.

The company said that the upgrade to the Taylor deposit offers growth potential.

“The Taylor upgrade includes a 41 per cent increase in the measured mineral resource, providing a compelling base to underpin future production,” South32 said.

“The deposit remains open in several directions, offering the potential for further growth.”

South32 also provided results at the Peake prospect, describing it as its best intercept to date.

The results included a diamond drill hole HDS-813 returning a downhole intersection of 139 metres (m) at 1.88 per cent copper, 0.51 per cent lead, 0.34 per cent zinc and 52 grams per tonne (g/t) silver at 2.49 per cent of copper equivalent (CuEq), including 58.2m at 3.1 per cent copper, 0.6 per cent lead, 0.24 per cent zinc, 74g/t silver and 0.015 per cent molybdenum at 3.84 per cent CuEq.

“We consider the results to be supportive of future exploration potential, with the Peake prospect remaining open in several directions. Further exploration drilling at Peake is planned (for the first half of the 2024 financial year) H1 FY24,” South32 said.

In May, the Hermosa project received approval from the United States Federal Permitting Improvement Steering Council.