Vancouver — The results from a 7-hole drill program has prompted Silver Standard Resources (SSO-V) to increase the economic prospects for the Challacollo property in northern Chile.
The 746-metre program tested the Lolon vein over a 600-metre strike length. All of the holes cut mineralization with the highest grades coming at the northern end of the underground adits where hole 3 returned 262.7 grams silver per tonne over 22 metres from 84 metres downhole and hole 4 cut 370.8 grams silver over 24 metres from 66 metres downhole. Moving 200-to-500 metres along strike to the north of the historic workings, hole 5 cut 177.4 grams silver over 10 metres, hole 6 hit 68 grams silver over 17.5 metres and hole 7 returned 72 grams silver over 5.5 metres.
One of four veins that have been traced on surface for over 2-km, the Lolon vein now hosts an indicated resources of 1.38 million tonnes grading 231.6 grams silver and an inferred resource of 4.7 million tonnes grading 244.2 grams silver.
Mineralization is hosted in rhyolites, dacites and andesites that ware overlain by conglomerate, sandstone and shale. The property holds four structurally controlled north-south striking veins that lie 100-to-200 metres apart.
Silver Standard paid Sociedad Contractual Minera Challacollo (SCMC) $20,000 in order to complete a fourth-month due diligence over the property.
The Challacollo silver-gold project is located 130 km southeast of Iquique and lies at an elevation of 1,500 metres above sea level.
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