Argentum Silver (ASL-V) got a boost after releasing assays for the first four holes into the El Tajo vein on the Coyote silver-gold project in Mexico’s Jalisco State.
The four holes are part of the company’s initial 2,000-metre drill program.
Highlight hole 2012-3 returned 4 metres grading 1,470 grams silver, as well as under a gram per tonne gold, plus lead and zinc.
The junior says the high-grade hit is part of a 7-metre-wide zone where almost a metre of historic underground workings were encountered.
Coyote hosts the historic El Tajo mine, which was last mined in the early 1900s. It also contains two underground mines and several smaller surface workings.
The first hole drilled onto the 10.5-sq.-km, narrow-vein project returned 6 metres grading 128 grams silver and 3 metres of historic underground workings. The company says the intercept is part of a 9-metre-wide zone.
The other two holes intersected 3 metres of 180 grams silver and 3 metres of 312 grams silver, plus gold, lead and zinc.
The four drill holes tested the El Tajo vein at a 215-metre strike length, intersecting the vein at depths of 45 metres to 95 metres. Five additional holes will be completed to test another 250 metres of the vein.
After that, the company will drill parts of the project’s other mineralized zones: La Florida, Bocancha and La Colorada.
Though the property hosts dozens of low-sulphidation, epithermal silver-gold veins and stockworking, the majority of the mineralization occurs in six defined zones within a 1,500-by 2,600-metre area.
Argentum is considering adding to the 19-hole program. On the drill news, investors pushed the stock up 4% to 25¢ as 2.3 million shares changed hands.
The company entered an option with Soltoro (SOL-V) last April to earn 100% of Coyote and the silver-gold Victoria project, also active in several silver projects in Jalisco, the most-advanced of which is El Rayo.
Elsewhere in Mexico, it has an option with Arco Resources (ARR-V) to acquire full ownership of the Lachiguiri and Silacayoapan properties.
Be the first to comment on "Positive drill results lift Argentum"