Having completed a 23-hole drill program on its Palmarito silver-gold project in Sinaloa state, Mexico, Great Lakes Minerals (TSE) estimates a geological resource of 2.6 million tonnes grading 0.3 grams gold and 131 grams silver per tonne.
The mineralized area contains a higher-grade zone of 1.7 million tonnes averaging 0.43 grams gold and 170 grams silver.
The property, which comprises 832 hectares, is underlain by Lower Tertiary andesitic volcanics. Gold mineralization is associated with a major northwest-trending shear zone and is characterized by intense brecciation and stockwork development. Alteration associated with mineralization includes silicification, argillization and propylitization in rocks adjacent to the shear zone.
The property contains abundant old workings consisting of pits and adits that can be traced along a distance exceeding 700 metres.
During the drill program, a series of five fences tested 150 metres of favorable stratigraphy which extends for over 1 km along strike. All but one hole encountered a potentially economic intersection of silver-gold mineralization.
Highlights from the drilling include 16.8 metres at 0.27 grams gold and 354 grams silver in hole 1; 19.8 metres grading 0.78 grams gold and 116 grams silver in hole 8; and 7.6 metres at 0.34 grams gold and 481 grams silver in hole 10.
The mineralization, which outcrops and dips at 20-35 to the east, remains open in all directions.
Great Lakes also completed a comprehensive sampling program of the adjacent waste dumps left from historic mining activities carried out during the period 1890-1910. Sampling indicates that these areas contain minable reserves (included in the geological resource) of 250,000 tonnes grading 0.6 grams gold and 281 grams silver.
Based on encouraging results to date, Great Lakes plans to carry out stepout drilling, mapping and sampling in the second quarter.
Be the first to comment on "EXPLORATION ’95 — Great Lakes outlines tonnage at Palmarito"