Key highlights include:
- The current drill campaign has successfully expanded the
Fernandez Zone up-dip vertically 40 m toward surface and 20 m to the south. Hole 21-53 intersected 50.17 m grading 104.64 g/t Ag.Eq (from 434.66 m to 484.83 m). TheFernandez Zone remains open above hole 21-53. - Hole 20-51 encountered 127.3 m of skarn / Fernandez style mineralization within two zones located close to surface, intersecting 35.46 m grading 52.50 g/t Ag.Eq (from 93.20 m to 128.66 m downhole), and 91.84 m grading 49.48 g/t Ag.Eq downhole (from 202.66 m to 294.50 m). These zones are located 365 m above the top of the current
Fernandez Zone resource envelope. - Historical hole 07-24 intersected 50.15 m grading 49.56 g/t Ag.Eq (from 19.80 m to 69.95 m) has been interpreted to be the extension of the Fernandez skarn mineralization encountered in hole 20-51 (collared 5 m to the east of 20-51, drilled 65 m up-dip to the north).
- These broad zones of near surface silver mineralization have been further tested through holes 21-57 and 21-58, with the objective of potentially developing a new zone above the top of the current
Fernandez Zone resource.
Exploration Program Update
A total of 4,510 m of diamond drilling has been completed in eight holes, including five holes targeting the Trovador & MS Zones (21-52A, 21-53, 21-54, 21-55, 21-56A), two holes targeting the upward extension of the
Fernandez Zone Up-Dip Extension
Hole 20-51
This hole was drilled at a steep angle directly over the top of the Fernandez Zone to test the potential upward extension (see Figure 1). Highlighted intercepts are included in Table 1 and demonstrate mineralization from Fernandez extends toward surface. Hole 51 intercepted two separate zones with a combined 127.3 m of mineralization at grades that could potentially exceed the estimated Ag.Eq cutoff grade for open pit mining (25 g/t Ag.Eq).
It is important to recognize previous exploration campaigns on the
Table 1 – Select Assay Intervals from Hole 20-51
Zone | Hole | From | To | Length (m) | Ag.Eq(1) g/t | Au g/t | Ag g/t | Pb % | Zn % | Cu % | |
New | 21-51 | 26.63 | 28.57 | 1.94 | 83.00 | 0.05 | 66.89 | 0.17 | 0.10 | 0.01 | |
Fernandez Extension | 21-51 | 93.20 | 128.66 | 35.46 | 52.50 | 0.06 | 30.27 | 0.14 | 0.24 | 0.01 | |
Fernandez Extension | 21-51 | 202.66 | 294.50 | 91.84 | 49.48 | 0.07 | 15.46 | 0.31 | 0.34 | 0.01 | |
includes | 213.25 | 228.80 | 15.55 | 76.15 | 0.10 | 22.30 | 0.45 | 0.60 | 0.02 | ||
includes | 256.25 | 280.85 | 24.60 | 93.17 | 0.13 | 29.32 | 0.62 | 0.63 | 0.02 | ||
includes | 256.25 | 263.27 | 7.02 | 178.96 | 0.04 | 69.26 | 1.67 | 1.01 | 0.01 | ||
New | 21-51 | 312.92 | 314.07 | 1.15 | 119.50 | 0.08 | 78.53 | 0.40 | 0.39 | 0.02 |
Elements of the Fernandez Zone skarn system were successfully intersected at 93 m (approximately 85 m vertical depth from surface, or 365 m above the previously interpreted top of the Fernandez Zone), returning 35.46 m grading 52.50 g/t Ag.Eq (93.20 m to 128.66 m) in a skarn zone spanning the contact between marble and diorite. A second skarn zone was intersected at 203 m depth in the hole (approximately 190 m vertical depth from surface, or 260 m above the previously interpreted top of the Fernandez Zone) returning 91.84 m grading 49.48 g/t Ag.Eq (202.66 m to 294.50 m) in a skarn zone spanning the contact between diorite and marble. Two zones of endoskarn were encountered within the diorite in this interval: 15.55 m grading 76.15 g/t Ag.Eq (213.25 m to 228.80 m) and 7.02 m grading 178.96 g/t Ag.Eq (256.25 m to 263.27 m). Massive sulphide skarn mineralization was observed to the end of the hole at a depth of 351 m. Unfortunately, due to caving at the top of the hole, 20-51 was terminated at 351 m well before the planned depth of 650 m.
Encouraged by the preliminary results from 20-51, the Company decided to undertake a new hole from a different setup to intersect the planned target and hole 21-58 was completed in
Hole 21-52A
This hole was drilled to test the western side of the
Hole 21-53
Elements of the Fernandez Zone skarn system were intersected at 298 m depth in the hole (approximately 275 m vertical depth from surface or 175 m above the previously interpreted top of the Fernandez Zone) to a depth of 559.5 m (approximately 500 m vertical depth from surface) where the hole crossed into the TSZ (see Figures 3 and 4). The TSZ is distinguished by the development of an alteration zone of bleached intensely silicified limestones and dark marble with fluid escape structures with open-space filling quartz veins associated with cataclastite and mylonite zones, whereas the Fernandez Zone is distinguished by skarn alteration (epidote-chlorite-pyroxene-magnetite-garnet) in diorite and limestones which have been recrystallized to marble.
A total of 11 zones with quartz-sulphide and stockwork veining with associated skarn alteration were intersected from 298 m to 559.5 m. Two zones in particular stand out: 1) A zone of exoskarn which returned 8.41 m grading 73.86 g/t Ag.Eq (349.07 m to 357.48 m; approximately 330 m vertical depth from surface or 120 m above the interpreted top of the Fernandez Zone). 2) A zone of exoskarn with quartz-sulphide stockwork veins, disseminated sulphides and massive sulphide bands characteristic of the Fernandez Zone returning 50.17 m grading 104.64 g/t Ag.Eq (434.66 m to 484.83 m; approximately 400 m vertical depth from surface). Hole 21-53 successfully extends the Fernandez Zone approximately 40 m upwards vertically toward the surface, and 20 m to the south of the currently defined resource envelope. Furthermore, there are another three zones of exoskarn mineralization which lie between the Fernandez Zone envelope and the
Table 2 – Select Assay Intervals from Holes 21-52 & 53
Zone | Hole | From | To | Length (m) | Ag.Eq(1) g/t | Au g/t | Ag g/t | Pb % | Zn % | Cu % |
New | 21-52A | 42.22 | 43.33 | 1.11 | 165.43 | 0.09 | 142.00 | 0.13 | 0.21 | 0.02 |
New | 21-52A | 154.95 | 158.20 | 3.25 | 299.69 | 0.02 | 237.02 | 0.41 | 0.82 | 0.08 |
includes | 154.95 | 155.70 | 0.75 | 1,160.95 | 0.03 | 953.20 | 1.41 | 2.64 | 0.30 | |
New | 21-52A | 160.60 | 161.10 | 0.50 | 332.57 | 0.02 | 248.00 | 0.52 | 1.28 | 0.05 |
Trovador | 21-52A | 286.16 | 287.60 | 1.44 | 102.94 | 0.46 | 47.82 | 0.07 | 0.16 | 0.05 |
Trovador | 21-52A | 293.80 | 294.90 | 1.10 | 373.76 | 0.28 | 194.80 | 1.70 | 1.92 | 0.07 |
New | 21-53 | 115.80 | 118.90 | 3.10 | 126.60 | 0.14 | 85.63 | 0.41 | 0.27 | 0.02 |
New | 21-53 | 127.86 | 130.55 | 2.69 | 390.85 | 0.05 | 354.91 | 0.30 | 0.41 | 0.02 |
New | 21-53 | 159.58 | 160.23 | 0.65 | 726.01 | 0.08 | 684.00 | 0.40 | 0.34 | 0.06 |
New | 21-53 | 182.90 | 183.50 | 0.60 | 209.27 | 0.05 | 162.00 | 0.68 | 0.37 | 0.02 |
New | 21-53 | 299.26 | 301.35 | 2.09 | 325.93 | 0.18 | 132.71 | 1.42 | 2.60 | 0.08 |
New | 21-53 | 305.45 | 306.85 | 1.40 | 131.40 | 0.06 | 42.64 | 0.91 | 1.05 | 0.03 |
New | 21-53 | 319.28 | 319.80 | 0.52 | 771.66 | 0.20 | 263.00 | 6.94 | 5.08 | 0.14 |
New | 21-53 | 342.20 | 342.70 | 0.50 | 212.38 | 0.02 | 71.20 | 1.53 | 1.68 | 0.08 |
New | 21-53 | 349.07 | 357.48 | 8.41 | 73.86 | 0.02 | 24.55 | 0.61 | 0.49 | 0.03 |
New | 21-53 | 364.90 | 365.89 | 0.99 | 122.14 | 0.07 | 26.30 | 0.77 | 1.25 | 0.05 |
New | 21-53 | 421.16 | 424.98 | 3.82 | 90.40 | 0.04 | 28.16 | 0.76 | 0.60 | 0.04 |
Fernandez Extension | 21-53 | 434.66 | 484.83 | 50.17 | 104.64 | 0.05 | 31.52 | 0.91 | 0.68 | 0.06 |
New | 21-53 | 495.47 | 497.62 | 2.15 | 115.29 | 0.02 | 36.72 | 0.86 | 0.93 | 0.04 |
New | 21-53 | 505.22 | 509.70 | 4.48 | 67.82 | 0.04 | 20.66 | 0.58 | 0.48 | 0.02 |
New | 21-53 | 528.46 | 533.41 | 4.95 | 115.61 | 0.08 | 40.29 | 0.97 | 0.65 | 0.04 |
Trovador | 21-53 | 563.00 | 564.66 | 1.66 | 135.65 | 0.93 | 17.66 | 0.49 | 0.40 | 0.03 |
Trovador | 21-53 | 596.28 | 597.18 | 0.90 | 330.44 | 0.06 | 119.20 | 1.69 | 2.92 | 0.10 |
Trovador | 21-53 | 600.40 | 600.89 | 0.49 | 235.17 | 0.03 | 125.00 | 0.63 | 1.62 | 0.10 |
MS | 21-53 | 624.45 | 626.25 | 1.80 | 107.87 | 0.06 | 30.50 | 0.62 | 0.99 | 0.04 |
MS | 21-53 | 629.77 | 630.38 | 0.61 | 260.51 | 0.17 | 28.90 | 0.78 | 3.90 | 0.09 |
New | 21-53 | 639.53 | 640.05 | 0.52 | 351.00 | 0.01 | 130.00 | 3.17 | 2.18 | 0.08 |
New | 21-53 | 655.47 | 657.10 | 1.63 | 184.39 | 0.02 | 86.24 | 0.27 | 1.66 | 0.09 |
New | 21-53 | 677.70 | 678.61 | 0.91 | 158.01 | 0.10 | 66.54 | 0.75 | 1.15 | 0.03 |
New | 21-53 | 762.86 | 763.37 | 0.51 | 149.40 | 0.64 | 31.80 | 0.91 | 0.64 | 0.02 |
New | 21-53 | 768.83 | 769.31 | 0.48 | 147.03 | 0.11 | 70.60 | 0.97 | 0.67 | 0.02 |
(1) All results in this release are rounded. Assays are uncut and undiluted. Widths are core-lengths, not true widths as a full interpretation of actual orientation of mineralization is not complete. Intervals of skarn, massive sulphide or stockwork quartz-sulphide vein mineralization to a vertical depth of 300 m were chosen based on a 25 g/t Ag.Eq cutoff with no more than 9 m of dilution and below 300 m were chosen based on a 53 g/t Ag.EQ cutoff with no more than 4 m of dilution. Silver equivalent: Ag.Eq g/t was calculated using 3-year trailing average commodity prices of
Sample Analysis and QA/QC Program
True widths of drill intercepts have not been determined. Assays are uncut except where indicated.
Review by Qualified Person and QA/QC
The scientific and technical information in this document has been reviewed and approved by
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Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, statements regarding the effects of the Company’s exploration program, assay results from the ongoing drill program, the expansion of the Fernandez Zone or the
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Figure 1
Plan Map Holes 11-40, 11-42, 20-51, 21-52A, 21-53 with Fernandez & Trovador Zones
Figure 2
Plan Map of Drilled Holes 20-51 through 21-58
Figure 3
Oblique Cross Section View to Northwest of Key Results 20-51, 21-52A, 21-53
Figure 4
Oblique Cross Section to West-Northwest of Key Results 11-40 & 21-53
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