HudBay Minerals Inc. says it’s fast tracking its diamond drill program at its Lalor Lake mineral project in Manitoba after finding what it calls a “significant new zinc discovery.”

The Winnipeg based mining firm said in August that the first 10 holes drilled showed potential for a high-grade zinc deposit.

“Results from the next set of holes have substantially increased the potential deposit size,” the company said in a release late Tuesday.

“Based on data from 16 holes, indications are potentially 18 to 20 million tonnes at 7.7 per cent to 8.8 per cent zinc, 15 kilometres from our Snow Lake concentrator and the deposit is open in two directions”, president and CEO Peter Jones said.

“We are fast tracking what we believe is a significant new zinc discovery in Canada.”

The Lalor Lake mineral property is located near Snow Lake, Man., in the Flin Flon Greenstone Belt.

HudBay has operating mines, concentrators and a metal production facility in northern Manitoba and Saskatchewan. It also owns a zinc oxide production facility in Ontario, the White Pine copper refinery in Michigan and the Balmat zinc mine operations in New York state.

Prior to Tuesday’s announcement, HudBay shares close up 1.6 per cent at $25.14 on the Toronto Stock Exchange.

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