As reported March 6, 2012, core hole NAM-010 was positioned between the Princesa and the America Vein to test an IP anomaly and the potential for near-surface mineralization associated with the hanging wall of the America Vein. The near-surface mineralization is of prime interest because it represents potential for open pit exploration in a future development scenario.
NAM-010 successfully intersected multiple narrow veins consisting primarily of moderate to high silver values (high of 392g/t Ag over 1m from 115m) and moderate to low lead and zinc values above 117m. From 117m to 120m the zinc grades increased to highs of 1.61% over 1m.
These results open the potential for near surface mineralization.
A second drill hole – NAM-011 – was also conducted to test the IP anomaly.
Analyzing the core from this drill hole was put on a lower priority than the Princesa/Megan drill holes. Recent results from analysis of the core from this hole however has confirmed that the mineralization extends farther to the west, beyond previously known mineralization and also points to the potential usefulness of IP as a tool for locating additional mineralization in the area.
The Silver equivalent grades (“AgEq”) have been calculated using metal prices of US$25oz Silver; US$1.00/lb Zinc; and US$1.00/lb Lead. Metal recoveries are not considered in this calculation.
Further drilling is required to provide a more accurate assessment of vein thickness and true width may vary.
Drilling has continued to test the down dip projection of the America vein below the lower levels of previous historic mining activity (250m) as well as to the south of the known mining along of the America system.
CJO Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
