SMRS Approaching Recommencement of Mining at Balmat Property
Zinc is breaking away from the rest of the base metals in the world with an increase of 43% from $0.88 a pound in 2015 to $1.05 a pound this year. Since 1995, there have been no major investments in the zinc industry, with a number of mine closures leading to a supply-side deficit in both concentrates and refined metal. Not only this, the last tier one discovery was Cannington Mine, Australia, which first opened in 1997.
However, the world of zinc mining has taken an impressive turn in 2016. According to InvestingNews.com (http://nnw.fm/uA32h
), by the end of 2015, China was leading the market with 4.9 million metric tons of production. Australia came in second with 1.58 million metric tons, Peru was third with 1.37 million metric tons, and the United States came in fourth with 860,000 metric tons. The U.S. showed the most impressive growth out of the four countries, with an increase from 832,000 metric tons in 2014. The U.S. Geological Survey (http://nnw.fm/pADx5
) found that, in 2015, zinc was mined at 15 mines across five states by four different companies.
Currently, zinc mining in the U.S. is best known in the Northwest and East of the country, but this could change in 2017. The Balmat Mine in St. Lawrence County, New York, acquired in November 2015 by Star Mountain Resources, Inc. (OTC: SMRS) with the aim of reopening in the near future, was recently identified to have significant zinc mineralization in the Upper Marble unit.
Star Mountain Resources’ Sully Discovery shows promising potential for there to be more zinc deposits in the Balmat-Edwards area. Over the years, Balmat has produced over 30 million tons grading 8.6% zinc. However, the recent Sully discovery strongly increases the possibility that the reserves are larger than the original feasibility report suggests. The results showed that, out of the seven drill holes, the percentage of zinc ranged from over 1% to over 24%. With this in mind, Star Mountain Resources, Inc. aims to continue its exploration efforts in order to contribute its full potential to the United States zinc mining industry.
Star Mountain Resources, Inc. is a junior exploration and mining company focused on a number of mining activities including recommencing mining in the Balmat Zinc mine in Upstate New York. The company is backed by unparalleled mining experience thanks, in part, to its acquisition of Northern Zinc and maintains a vision to grow through responsibly developing promising assets and people.
For more information, visit www.starmountainresources.com