Montreal-based Sulliden Exploration (SUE-T) has begun a 3,500-metre drill program at its Mario base metal property, 50 km southwest of Huancayo, Peru.
The holes are aimed at testing the Punapuna zone and its untested northerly and southerly extensions.
Punapuna has not been drilled since November 2000, when six holes returned encouraging intervals, including:
- Hole PU-8 — 13.3 metres (from 35 metres below surface) grading 18.54% zinc 4.66% lead and 452.6 grams silver per tonne;
- Hole PU-9 — 3.9 metres (from 45 metres) of 7.87% zinc, 4.91% lead and 486 grams gold; and
- Hole PU-2 — 4.1 metres (from 15 metres) of 4.03% zinc, 0.92% lead and 107.1 grams silver.
A previously reported hole, PU-1, was re-assayed and yielded grades of 9.8% zinc, 2.75% lead and 379.7 grams silver over 8.7 metres.
The Punapuna zone, part of a large electromagnetic anomaly, was discovered last August during geophysical surveying. It occurs at a contact between marble and brecciated dacite on the western flank of a dacitic dome.
Recent detailed horizontal loop electromagnetic (HLEM) geophysical surveying has confirmed that the electromagnetic conductor extends for more than 1 km to the south of section 450 S and 500 metres to the north of section 300 S. It follows the same limestone-dacite contact that hosts Punapuna and reaches a width of up to 100 metres over the last 300 metres to the southeast.
Last August, Sulliden signed an agreement with Cominco to earn a 100% interest in the 2,700-ha property, where the major spent two years carrying out mapping, geophysical surveying and drilling.
Sulliden can earn its interest by spending US$1.2 million on exploration over six years, including US$100,000 in the first year.
If Sulliden completes its earn-in, Cominco will retain a 2% net smelter return royalty.
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