Apex Silver Mines (SIL-X) will acquire a half interest in the Labor silver property in southwestern Honduras. The vendor, Intrepid Minerals (IAU-A), will retain the other half.
The acquisition increases to 28,700 ha Apex’s holdings in the Coloal district of the Central American country.
Apex is required to spend US$250,000 on the property by September 1999, after which time it will assume operatorship.
The Labor property contains several zones of high-grade silver and base metal values based on preliminary mapping and sampling by Intrepid. Grab samples run as high as 2,050 grams silver per tonne, as well as 19% zinc and 10% lead. The mineralization is hosted within felsic tuffs associated with a monzonite porphyry intrusive.
Intrepid plans further mapping and sampling in March, to be followed by drilling.
Apex intends to evaluate the property in conjunction with its nearby Ocote deposit, which, based on preliminary sampling and limited drilling, contains 2.1 million tonnes grading 310 grams silver.
Meanwhile, also in Honduras, Apex has optioned its Tatumbla gold project to Cyprus Amax (CYM-N). The agreement calls for payment of US$1 million over five years and at least US$500,000 in exploration expenditures.
Be the first to comment on "Apex locks up silver property in Honduras"