Tyler Resources (TYS-V, TYRRF-O) has fired an exploration shot in its resistance to takeover bidder Mercator Minerals (ML-T, MLKKF-O), releasing results of exploration drilling on the Bahuerachi polymetallic property in Chihuahua state, Mexico.
Tyler’s reverse-circulation drilling program in the Cerro Prieto and nearby Silica Hill area, about 5 km from the Bahuerachi deposit, returned several intersections of lead, zinc, silver and copper mineralization. The mineralized zone is near the base of a carbonate bed that Tyler geologists believe correlates with the limestone that hosts the high-grade skarn mineralization at Bahuerachi itself.
Tyler plans a follow-up drill program of 20 to 30 holes.
Mineralized intersections at Silica Hill ranged from 4.6 to 22 metres in length, probably reflecting true widths of 3 to 20 metres. Zinc grades were anywhere from 1% to 8.4%, with some lead and copper credits, and silver grades mostly ranged from 1 to 9 grams per tonne.
At Cerro Prieto, a 30-metre intersection, probably indicating an 18-metre true width, ran 2.38% zinc, 0.17% copper and 0.31% lead, with 5.8 grams silver per tonne. Another hole intersected 41 metres grading 0.91% zinc, 0.27% lead and 4 grams silver per tonne, with an inferred true width around 30 metres.
Mercator has bid 0.113 of a Mercator share for each Tyler share, a bid that values Tyler at $146 million based on closing share prices on Nov. 14.
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