The Company is fully funded and planning the next phase of exploration
Vancouver, British Columbia–(Newsfile Corp. – December 15, 2022) – Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) (“Silver Dollar” or the “Company”) is pleased to report the progress in its new target development work at the underexplored Noria portion of the La Joya Silver Project (the “Property”) located in the state of Durango, Mexico.
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Ground Magnetic Geophysical Survey:
TMC Exploration recently conducted a ground magnetic (MAG) survey on the Coloradito area within the Noria portion of the Property. The limited MAG survey was designed to test the signature of the pyrrhotite/intrusive contact associated with the Brazo discovery mineralization and identify any extensions or replication of that signature.
The ground magnetic lines were surveyed using GPS, chain, and compass spaced at 50 or 100 metres (m) and oriented at 060° to perpendicularly cross the Brazo, Brazo East and the Coloradito intrusive contact.
Magnetic readings were collected continuously by the instrumentation over 14 lines ranging between 1.325 to 1.5 kilometres (km) for a total of approximately 19.8 km of magnetic data.
TMC provided an interpretation identifying, three relatively well contrasted and thin magnetic beds striking N150º/N330º that can be differentiated to the south (namely S-1, S-2, and S-3). Each bed may sub-outcrop and appears with some continuity at depth. They may underscore, for example, sulphide and ferromagnesian rich horizons hosted along a shear zone.
- S-1: is located in a largely blind area mostly covered with caliche (hardpan) with limited outcrops of limestone and hornfels.
- S-2: in general, follows a N-S trending just off the east side of the top of Coloradito with coincident anomalies and workings.
- S-3: is coincident with the El Brazo mineralization and identifies a prospective area to the south.
Ground Truthing and Surface Sampling:
Detailed surface mapping and sampling have been carried out with a focus on the areas identified as targets by the ground magnetic survey. A total of 125 rock samples have been submitted to the lab for analysis, of which assays for 79 samples have been received to date.
On the S-2 target, mapping and sampling identified coincident alteration, mineralization, and old prospect pits and shafts. Sample assays returned values up to 291 grams per tonne (g/t) silver 0.8 g/t gold and 1.2% zinc.
On the S-3 target, which extends from the Brazo mineralization to the south, follow-up mapping and sampling also identified alteration zones and mineralization. Seven samples returned elevated zinc (0.3%-1.0%) and lead (1.4%-6.2%).
Further follow-up work is being conducted in the areas where both geophysical and geochemical anomalies have been identified to develop new drill targets.
Silver Dollar hired Orix Geoscience to compile and integrate all historical and 2021-2022 drilling into Leapfrog to model geology and mineralization in three dimensions. Additionally, all historical surface and recent sampling programs plus geophysical signatures were integrated with 3D modeled trends. This work will aid in understanding mineralizing controls and vector exploration and drilling efforts to expand the Brazo mineralization and test for similar style mineralization proximal to and around the Coloradito intrusive contact.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About the La Joya Project
The La Joya Property is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico’s San Martin Mine, Industrias Penoles’s Sabinas Mine, Pan American Silver’s La Colorada Mine, and First Majestic’s La Parrilla and Del Toro Silver Mines.
Silver Dollar previously reported analytical results for its Phase I drill program, which consisted of 2,424 metres (m) completed over 11 holes (See news releases of March 24, 2022 and May 4, 2022); and for its Phase II program, which consisted of 3,428 m of drilling completed over 17 holes (See news releases of June 13, 2022, August 17, 2022, and October 25, 2022).
For additional information, click on the Property location map below to watch a short video.
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About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $7 million in the treasury. The Company’s projects are located in two of the prolific mining jurisdictions in the world. They include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico, and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: [email protected]
179 – 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
This news release may contain “forward-looking statements.” Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Original Article: https://www.newsfilecorp.com/release/148061