Recent drilling has left San Fernando Mining (VSE) confident that it can prove up a significant gold-silver-copper deposit on its La Fortuna mine project in Mexico.
The road-accessible property is in the western foothills of the Sierra Madre, 45 miles northeast of Culiacan, the capital of Sinaloa state. Limited production from high-grade mineralization took place in the late 1800s. Recent interest, however, is primarily focused on bulk-tonnage potential. Previous operators outlined a probable geological resource of 3.7 million tonnes grading 0.16 oz. gold and 0.88 oz. silver per tonne, plus 0.3% copper. San Fernando’s drilling program is aimed at defining this resource further and also defining further reserves. So far, about 10,000 ft. have been drilled.
Assay results were released for seven holes which intersected a broad zone of mineralization consisting of quartz-chalcopyrite-pyrite stockwork veins and veinlets. The mineralization is associated with pervasive chlorite-epidote alteration and is hosted within intrusive rocks.
Among the more impressive results was Hole LF3, which returned 145 ft. grading 0.19 oz. gold and 1.79 oz. silver per ton plus 0.48% copper (from 89.9-234.9 ft.).
Hole LF6 intersected 190.6 ft. of 0.16 oz. gold, 1.79 oz. silver and 0.74% copper (from 117.7-308.3 ft.), while Hole LF7 returned 233.2 ft. of 0.15 oz. gold, 0.61 oz. silver and 0.4% copper (from 73.8-307.0 ft.). The first hole tested the southern margin of the zone and encountered anomalous values, while the second hole drilled 80 ft. to the north encountered old workings.
Hole LF4 returned 98.4 ft. of 0.039 oz. gold, 0.37 oz. silver plus 0.13% copper, while Hole LF5 intersected 92.8 ft. of 0.05 oz. gold, 0.96 oz. silver and 0.29% copper.
“Based on what we’ve seen so far, we probably have the makings of a medium-size open-pit operation,” said David Duval, vice-president of corporate development. “If this mineralization continues to depth, we are looking at million-ounce potential. With these widths and grades, it is possible to build reserves quickly.”
The drilling was completed from two levels, with the mineralized zone being traced along a vertical dip extent of more than 650 ft. Assay results are awaited for a further 24 holes.
The company plans to resume drilling in early April, after geologists process accumulated information. The goal will be to extend the deposit along strike (drilling to date has investigated a strike length of 360 ft.) and to depth. Exploration is also planned for other targets. San Fernando’s holdings in the region total 46,000 acres, on which there are coincident geological, geochemical and geophysical signatures similar to La Fortuna.
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