More good news today from Mexico
Intrepid & Aura Report Positive Gold-Silver Results on Newly Acquired Alma Delia Property and East Taviche-Mexico
Tue May 27, 10:00 AM
TORONTO, ONTARIO--(Marketwire - May 27, 2008) - Intrepid Mines Limited (TSX: IAU.TO)(TSX: IXN.TO)(ASX: IAU.AX) and Aura Silver Resources Inc. (TSX VENTURE: AUU.V) are pleased to announce prospecting results for the Higo Blanco zone, a major jasperoid/vein breccia complex, located within the southern part of the East Taviche mineral concession.
The zone is at least several kilometers in strike length by up to one kilometer wide and extends southeasterly into the recently acquired Alma Delia concession. Samples assaying up to 3.08 grams per tonne gold and 1,780 grams per tonne silver were obtained in the jasperoid zones and assays of 1.07 grams per tonne gold and 251 grams per tonne silver in the vein breccia.
"These positive results reinforce the decision made by the Intrepid-Aura Silver joint venture regarding the acquisition of the Alma Delia concession," said Laurence Curtis, President of Intrepid. "These samples indicate the potential for a larger sediment hosted (Nevada style) system on the joint venture property. Together with the vein style systems already identified, we believe our team has substantially improved the discovery opportunity on the Taviche Project."
The new concession measures 898 square kilometers and covers several gold and silver prospects along the possible southeastern extension of the Taviche district.
Reconnaissance activities conducted by the joint venture in 2007 identified a corridor of SE-NW-trending quartz-sulfide-carbonate veins and vein breccias in volcanics, and extensive jasperoid zones in limestone. This trend, which clearly crosses the core of the Taviche district, extends to the southeast and includes part of the Alma Delia concession.
"The joint venture is sufficiently funded with US$1.5 million targeting a 4,000 meter drill program," said Robert Boaz, President and Chief Executive Officer of Aura. "A Phase 2 drill program in West Taviche is currently being formulated and the Higo Blanco project will be added to our work plan for 2008."
The joint venture geological team believes that the veins, breccia zones and jasperoid are an expression of a robust hydrothermal system emplaced into Cretaceous sediments and overlying Tertiary volcanics. The entire trend extending into Alma Delia is defined by veins and jasperoids and is characterized by anomalous gold (up to 3.08 grams per tonne gold), silver (up to 1,780 grams per tonne silver), arsenic (up to 8,680 parts per million) and antimony (up to 7,840 parts per million). Both gold and silver values appear to increase with decreasing elevation. Two styles of quartz mineralization have been observed:
- Jasperoid zones ranging from massive, single stage replacement of limestone to multi-stage breccias with significant disseminated sulfides reveal anomalous gold-silver-arsenic-antimony values. Initial sampling of a suite of 68 rock samples returned values averaging 0.271 grams per tonne gold and 110.4 grams per tonne silver. Anomalous values in arsenic were also received, averaging 1,007 parts per million arsenic and 464 parts per million antimony (52 only of 68 results received for these metals); and
- Quartz-chalcedony veins, vein breccias and stock work hosted by the overlying volcanic and epiclastic sediments. Initial sampling (27 rock chips) averaged 0.505 grams per tonne gold and 21.7 grams per tonne silver.
Mapping indicates that the veins in the volcanics are in the hanging-wall of the jasperoid. A large area of moderate to strong chlorite development commonly associated with distinct calcite flooding and veining in the overlying volcanics occurs between two of the jasperoid masses (approximately 700 meters apart) and may indicate continuity between these two masses. Similar alteration adjacent to the jasperoid suggest that mineralization extends laterally as well.
The joint venture is currently addressing the potential of this large area on three fronts:
- analysis of geologic and geophysical maps as well as Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER) data;
- reconnaissance type traverses across the concession; and
- detailed mapping and sampling of mineralized areas.
Although the area is remote and very sparsely populated, the joint venture is working closely with local communities to maintain good relationships and promote mineral development within this region.
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