After more than 30,000 metres of drilling, Palmarejo Silver and Gold (PJO-V) has intersected strong gold and silver grades at its Guadalupe project in Chihuahua, Mexico.
The company, which began exploring the site in June 2005, has drilled 57 reverse circulation core holes for a total of 12,055 metres and 66 diamond drill holes, totalling 19,223 metres. The focus is to further define the depth and strike extents of the high-grade clavos at the Guadalupe and Guadalupe Norte prospects.
The Guadalupe project is located along the 2.5 km-long Guadalupe fault system, which has silver-gold mineralization hosted by northeast dipping quartz breccia veins and an associated stock work envelope.
Some highlights from the results include hole TGDH108D, which intersected 11.5 metres grading 3.15 grams gold per tonne and 56 grams silver per tonne. Hole TGDH112D returned 8 metres grading 6.21 grams gold and 67 grams silver, including 1 metre grading 39.6 grams gold and 58 gram silver and 8 metres grading 3.09 grams gold and 444 grams silver.
In a separate structure beneath the main Guadalupe fault, a narrow zone of high-grade gold was discovered. Hole TGDH110D intersected 10.5 metres grading 7.1 grams gold and 292 grams silver, including 1 metre grading 85.66 grams gold and 1,264 grams silver. This hole is associated with a high-grade intercept down dip in hole TGDH091D, which assayed 6 metres grading 54.15 grams gold and 115 grams silver.
Palmarejo found visible gold in the footwall structure in both drill holes and will continue drilling to define this high-grade zone.
Palmarejo says the results indicate it has intersected the top of the epithermal mineralized profile based on the Palmarejo project geological model.
As of October 2006 Guadalupe had an inferred resources of 5.7 million tonnes grading 0.83 grams gold per tonne, 106 grams silver, or 155,000 oz. gold and 19.57 million oz. silver..
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