Second phase drilling at the Oscar project in Mexico has returned intercepts of 1,875 grams silver per tonne over 1 metre and 115 grams silver over 23.39 metres, Impact Silver (IPT-V) reports.
The Oscar project is 2.5 km east of the company’s 500-tonne-per day Guadalupe processing plant in Central Mexico, which is fed by Impact Silver’s three operating mines: Chivo, San Ramon and Noche Buena. The mines and processing plant are about 100 km southwest of Mexico City.
Other highlighted intercepts from the most recent drilling include 408 grams silver over 2.65 metres, 234 grams silver over 5.10 metres, and 80 grams silver over 13.92 metres.
The drill results come a corridor of multiple high-grade epithermal silver veins on the southern extensions of the large Cuchara mine, a former producer last operated in 2004.
The second phase of drilling was designed to expand the Oscar Vein Corridor to the north and connect it with the Cuchara mine workings, as well as better define zones of silver mineralization intersected in the first phase drill program.
The company says it is analyzing the drill results to determine the potential to fast-track Oscar into production in early 2013.
Impact Silver is also active in the Mamatla mineral district, about 16 km southwest of its three producing mines, and where its open-pit silver-lead-zinc Capire project is expected to move into pilot plant production in the fourth quarter of this year.
Earlier this month Impact Silver reported its financial results for 2011. The company posted record revenues of $24.3 million, up 46% from $16.7 million in 2010. Net earnings of $7.6 million were up 121% from $3.4 million in 2010.
The company produced 833,607 ounces of silver in 2011, up 11% from 750,259 ounces in 2010.
At presstime in Toronto the junior was trading at $1.44 per share within a 52-week range of $1.26-2.42. The company has about 68 million shares outstanding.
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