- 83 m @ 420 g/t AgEq1, including
- 11 m @ 1,596 g/t AgEq, and
- 4 m @ 1,319 g/t AgEq
The underground drilling program is targeting bulk tonnage-style mineralization in the Plomosas Mine Area (following the Company's recent discovery at level 775, approximately 250 m below surface) aiming to delineate high margin precious and base metals mineralization with potential for large tonnage and scalability.
The successful underground exploration drilling program at the Plomosas Mine Area has discovered extensions to the wide mineralization previously sampled at level 775, both below, and laterally to, previously mined areas. The mineralization is represented by thick intercepts of Au-Ag-Pb-Zn-Cu mineralization hosted in a series of hydrothermal breccias.
Drill intercept highlights from recently completed hole PLI20-042 include (see also Table 1):
- 83.0 m @ 420 g/t AgEq (2.52 g/t Au, 33 g/t Ag, 0.9 % Pb, 2.9 % Zn and 0.3 % Cu, from 98.0 to 181.0 m), including:
- 4.0 m @ 1,319 g/t AgEq (9.35 g/t Au, 38 g/t Ag, 0.4 % Pb, 10.5 % Zn and 0.3 % Cu); and
- 11.0 m @ 1,596 g/t AgEq (9.41 g/t Au, 135 g/t Ag, 5.7 % Pb, 9.8 % Zn and 0.5 % Cu)
_________________________ | |
1 | AgEq is based on long term gold, silver, zinc, lead and copper prices of |
2 | As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths. |
Two oriented underground core drill holes (PLI20-03, PLI20-04), drilled by
Four historic underground drill holes (PLI17-05, PLI17-08, PLI17-15 and PLI17-16), located nearby, were also validated with new sampling by
The drill hole PLI20-04 represents a 25 m step-out from the previously released high grade discovery at the deepest level (775m RL) of the Plomosas Mine Area (see News Release dated
The wide mineralized zone is mainly comprised of high-grade Au-Ag-Pb-Zn hydrothermal breccia, with late disseminated chalcopyrite (Cu) - pyrite rich veins/veinlets. A pervasive chalcopyrite-pyrite quartz stockwork system is common not only on the footwall, but also on the hanging wall of the mineralized hydrothermal breccia. This system is apparently hosted by the two fault systems and also by specific geological units, oxidized andesites and andesitic tuffs, defining a prospective corridor along strike. A similar style of mineralization was recently mapped in the upper levels of the Plomosas Mine Area and is currently the subject of detailed exploration. Based on the recent underground drilling results,
Table 1 and 2 summarize the most significant assay results for the underground drill holes reported in this News Release.
Table 1: Underground Drill Hole Results - News Release
Hole No. | Type | From (m) | To (m) | Drilled width (m) | Ag g/t | Au g/t | Pb % | Zn % | Cu % | AgEq g/t |
PLI20-03 | UG | No significant assays | ||||||||
PLI20-04 | UG | 98.0 | 181.0 | 83.0 | 33 | 2.52 | 0.9 | 2.9 | 0.3 | 420 |
includes | 99.0 | 103.0 | 4.0 | 38 | 9.35 | 0.4 | 10.5 | 0.3 | 1,319 | |
139.0 | 150.0 | 11.0 | 135 | 9.41 | 5.7 | 9.8 | 0.5 | 1,596 |
Table 2: Historic Underground Drill Hole Results - News Release
Hole No. | Type | From (m) | To (m) | Drilled width (m) | Ag g/t | Au g/t | Pb % | Zn % | Cu % | AgEq g/t |
PLI17-05 | UG | 120.0 | 125.0 | 5.0 | 58 | na | na | na | na | |
PLI17-08 | UG | 80.0 | 98.7 | 18.7 | 31 | 0.21 | 1.5 | 1.6 | na | 152 |
includes | 91.0 | 95.6 | 4.6 | 88 | 0.73 | 5.8 | 5.3 | 0.1 | 512 | |
PLI17-15 | UG | 0.0 | 41.1 | 41.1 | 14 | 0.35 | 1.5 | 2.8 | na | 180 |
PLI17-16 | UG | 0.0 | 32.1 | 32.1 | 6 | 0.39 | 1.9 | 1.9 | na |
As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths. AgEq is based on long term gold, silver, zinc and lead prices of |
The following table (Table 3) summarizes the collar locations for drill holes identified in this News Release.
Table 3: Drill Hole Locations – News Release
Hole No. | East (m) | North (m) | RL (m) | Azimuth | Dip | Depth (m) |
PLI20-03 | 451152 | 2551934 | 748 | 270 | -10 | 165 |
PLI20-04 | 451152 | 2551934 | 748 | 270 | -30 | 230 |
PLI17-05 | 451022 | 2551887 | 705 | 0 | -45 | 125 |
PLI17-08 | 450917 | 2551891 | 705 | 56 | -45 | 159 |
PLI17-15 | 451022 | 2551887 | 705 | 0 | -45 | 124 |
PLI17-16 | 451023 | 2551886 | 705 | 25 | -55 | 104 |
All numbers are rounded. |
Qualified Person
The scientific and technical data contained in this News Release related to the
Quality Assurance Program and Quality Control Procedures ("QA/QC")
The Company has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in
The recent drill holes, completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic's Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry.
About
PLOMOSAS SILVER PROJECT
The Project has an 8,515-hectare property position and is strategically located within 5 km of the
The
The Company has commenced an 11,900 m drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the
The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km - 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately
The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remain under-explored.
In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.
SAN MARCIAL PROJECT
San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project, which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) NI 43-101 resource estimate. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area.
Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource.
Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce
OTHER PROJECTS
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Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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