Denver — Flush with cash for the Aldea El Zapote silver project in El Salvador, Intrepid Minerals (IAU-V) is moving ahead with drilling.
The Toronto-based company received $530,000 in funding from Apex Silver Mines (SIL-X), which is earning a 60% interest in El Zapote.
The funds consist of US$380,000 for the drilling program, plus a $150,000 private placement of 558,000 shares at $26.8 per share. The placement is subject to regulatory approval of the Canadian Venture Exchange.
The drilling will target the bonanza-grade breccias of the Cerro Colorado 3 target, along with the San Casimiro and Santa Carolina zones. Sampling at Santa Carolina outlined a broad geochemical anomaly that appears to represent a manto system formed at the contact between Cretaceous limestones and Tertiary intrusives.
The company plans 2,000 metres of core drilling, which should begin before the end of the month.
Back in Canada, Intrepid is exploring eastern Ontario for platinum-palladium project with Wallbridge Mining (WM-T). It is also evaluating the copper-gold-uranium potential of the Lake Superior region of Ontario with a joint venture with Billiton.
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