I make no apology for reissuing these drilling figures for the simple reason that had they been announced on any other day I believe that the market would have responded very positively to them and seen this rock bottom share price as a real buying opportunity.
Cerro Resources has been quietly but systematically improving and upgrading its silver and gold resources leading up to the pending bankable feasability study and moving closer to production.
Most of the broker targets have been based on much lower dold and silver targets and the companies other projects not even included in the potential rerating.
I cannot see the share price ever being this low again. Even over the carnage of the last couple of days it held strong and it seems a strong bottom has been formed.
March 6, 2012. Cerro Resources NL (ASX/TSX-V: CJO) is pleased to announce positive results from 11 additional drill holes at the Namiquipa Silver Project, in Chihuahua, Mexico.
The results are from drilling conducted in the second half of 2011, aimed at targets beyond the main Princesa/Megan system.
Highlights Include:
- 9m @ 237g/t AgEq (NAM-60) from 195m; - 27m @ 167g/t AgEq (NAM-57) from 332m, including 1.33% Pb and 4.03% Zn; - 3m @ 545g/t AgEq (NAM-57) from 231m; - 4.3m @ 440g/t AgEq (NAM-55) from 341m, including 1.1m @ 1190g/t Ag and 2.03g/t Au (gold not included in AgEq calculation); - 3.4m @166g/t AgEq (NAM-10) from 75m; - 5m @ 160g/t AgEq (NAM-10) from 115m. Namiquipa
CJO Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
