Hole 22 exhibits our best zinc and lead values to date. commented Ruben Padilla, Vice President of Exploration for Sable. We are very happy to have identified a new vein in the hanging wall of the margarita structure with this hole.
Riversides President and CEO, John-Mark Staude, stated: The Sandy Project was a project the Company staked over a prospective area known to us from our past work in Sonora. We are pleased with the results from our first pass on the Sandy Project. Gold appears associated with large structures, intrusions and is an exciting potential step in the geologic deposit modeling for Sonora. We plan to follow up these positive results with some mapping and more sampling in 2019.
J. Duane Poliquin, Chairman of Azucar commented, We are pushing on with our comprehensive two year intensive drill program at the El Cobre project. The results so far have shown that the property hosts multiple porphyry centres over a five kilometre strike. We look forward to reporting drill results as the program continues.
Reconnaissance exploration recently completed at the Mecatona Property was successful in the discovery of a previously unknown silver, copper, gold zone hosted in pervasive skarn-altered Lower Cretaceous turbidites of the Mezcalera Group. Silver, copper, gold and anomalous cobalt mineralization is distributed in a 200 by 400 meter zone with apparent uniformity. Highlights of the program include 51 samples (29 chips averaging 1 meter in length, 17 grabs and 5 dump) taken across the new zone returning silver values averaging 110 gpt with a high of 486 gpt silver. Additional highlights of all samples taken within the mineralized zone include 12 of 51 samples grading > 100 gpt silver with 86% returning values greater than 20 gpt silver.
We are enthusiastic to have Craig leading the geologic team at Pino de Plata, stated Karl Boltz, CEO of Silver Spruce. He is a top-notch geologist and has extensive experience running successful exploration programs in remote locations. Dr. Gibson will be on site to determine the best drill collar locations and orientations for the upcoming drill program to maximize the potential success of the program. This is an important and low cost step to prudently prepare for the expensive drilling activities, slated to commence later this spring.
With intercepts of over 48m of multi-ounce values, near surface, these infill holes build our confidence in the continuity, grade and overall potential at Margarita, commented Ruben Padilla, Vice President of Exploration for Sable.
The Phase II sampling at Las Margaritas is demonstrating excellent continuity of gold mineralization along strike, stated Gainey CEO, David Coburn. This is allowing the field team to focus on the most prospective areas in order to begin generating drill targets. While there are several artisanal mine workings along the vein system, it has never been drilled and we look forward to testing the vertical continuity of the gold mineralization.
The maiden drill program at Cerro Cascaron demonstrates significant potential to discover a low to intermediate sulphidation epithermal gold deposit, specifically at the Serpiente Dorada and San Pedro areas, commented Stewart Harris, VP of Technical Services. Drilling at Serpiente Dorada delineated a significant structural corridor containing local high-grade gold mineralization. Well-developed quartz fissure veins within a broad stockwork containing moderate gold grades and epithermal textures exists at San Pedro, and drilling has aided in vectoring toward a deeper and possibly higher grade gold target. Additional drilling is needed to follow up both areas and for exploration of several untested targets.
N. Eric Fier, CPG, P.Eng and CEO, remarked, Less than three years ago we first started drilling the Las Chispas Property and we are now announcing our third resource estimate, including our first Indicated Resource Estimate. We are particularly excited about the high-grade resources delineated at the Babicanora (including HW), Babicanora FW and Babicanora Norte Veins. These three adjacent veins cumulatively host Indicated Resources of 1.0 Million tonnes grading 1,234 gpt AgEq (39.8 million ounces of AgEq). These high-grade resources are near surface and conceptually can be developed using the same underground infrastructure, which may be a key driver of the economics for the project. This Third Mineral Resource Estimate will be used to finalize the ongoing PEA planned for release in Q2, 2019. The Company will continue exploration with seven core drills focused on infill drilling to upgrade additional inferred resources into the indicated category and five core drills testing up to five new vein prospects in H1, 2019.
“We are still in the early days of exploring at Evolución, but the grades, widths and consistency of mineralization that we have intersected along strike and down dip are very encouraging, stated Ben Pullinger, Senior Vice President Geology. This drilling has loosely defined a large disseminated mineralized zone and we are working to use this data to vector in on higher grades in future drilling. We continue to view these results as evidence of a large mineralized system especially considering the amount of metal represented in these intersections and the numerous additional veins to be tested regionally.
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