1st phase Mexico resultsIntrepid and Aura Silver Announce Results of First Phase Drilling Program at Taviche Project, Mexico
Mon Mar 3, 9:30 AM
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TORONTO, ONTARIO--(Marketwire - March 3, 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 results of the first phase drilling program at the Taviche Project in Oaxaca, Mexico.
Intrepid and Aura Silver are jointly exploring the Taviche Property, located 10 kilometers south of Ocotlan in the San Jose Mining District. This district has a rich mining history, with more than 60 recorded underground mines. The Taviche Property comprises two concessions totaling 13,724 hectares. Intrepid and Aura hold an option to earn a 70% interest in the Taviche Property from Plata Panamericana S.A. de C.V., a wholly owned subsidiary of Pan American Silver Corp.
In the fourth quarter of 2007, a drilling program was initiated to test the depth potential at three historic silver/gold mines: El Portillo, La Noria and San Martin. Twenty-two core holes were completed in the three prospects for a total of 4,090 meters.
"Drilling intersected wide intervals, up to 100 meters of strongly altered volcanic rocks containing discrete zones of quartz stockwork and microbreccias with anomalous gold, silver and base metals. Textural evidence suggests each of the target zones are high within the hydrothermal system and that deeper drilling (200-400 meters vertical) will be required to test for the existence of higher grade veins," said Laurence Curtis, President and CEO of Intrepid. "Values up to 23.6 grams per tonne gold, observed in EP03-08 and 234 grams per tonne silver in the deeper part of Hole EP06-08 speak to the prospect's future. The silver intercept in EP06-08 is encouraging, as it represents part of a vein that has not been explored for several kilometers leading into the recent discoveries by the Fortuna/Continuum Joint Venture."
Portillo Prospect
In January, six core holes were drilled at the Portillo prospect for a total of 1,220 meters. Four holes, EP01, EP02, EP03, EP05/5A, were drilled immediately adjacent to or below the Portillo mine workings while Hole EP04-08 is located about 120 meters south and Hole EP06-08 is approximately 275 meters north of the mine. A summary of the selected gold and silver assays is presented in Table 1.
Quartz-sulfide vein breccias, sheeted veins and stockwork were identified in all holes during this Phase 1 program. From the data in Table 1, there is variability in the silver/gold ratios indicative of multiple mineralizing events. Values up to 23.6 grams per tonne gold over 0.85 meters in Hole EP03-08 and 234 grams per tonne silver over 1.65 meters in the deeper parts of Hole EP06-08 are indicative of the potential of the system at depth.
Table 1. Portillo Prospect - Selected Assay Intervals - 2008 Phase I
Drilling Program
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Hole Interval Assay
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No. From To Length Gold (g/t) Silver (g/t)
(m) (m) (m) FA/AA Grav.
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EP01-08 70.75 92.8 22.05 2.12 17
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Including:
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70.75 72.95 2.2 5.69 9
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and 74.1 76.65 2.55 4.89 4
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and 87.6 92.8 5.2 2.8 41
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EP03-08 52.7 56.2 3.5 6.98 22
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Including:
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52.7 53.55 0.85 23.6 22
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EP06-08 166.65 168.25 1.6 2.68 less than 3
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176 177.65 1.65 0.825 234
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Holes EP02-08, EP04-08 and EP05-08 produced no significant results
A Quality Control sampling program of blanks and duplicates has been instituted to monitor the integrity of all assay results. All core samples are split at the Oaxaca core facility and shipped to SGS Minerals in Durango, Mexico, where they are dried, crushed, split and 50 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish and ICP for copper, lead and zinc.
La Noria Prospect
At the La Noria prospect, six core holes were drilled across both the West and East Noria veins for a total of 1,346 meters. Holes LN01-07 through LN03-07 targeted the West Noria vein system and encountered several zones of well developed quartz-illite-(adularia)-pyrite alteration cut by moderate to strong quartz-chalcedony-pyrite stockwork and microbreccias. Anomalous gold and silver values were obtained over intervals of up to 9.15 meters, including 3.49 grams per tonne gold and 66 grams per tonne silver over 0.55 meters.
The East Noria vein was tested with Holes LN04-07 through LN06-07 (3 profiles) over a strike length of about 250 meters; intersecting the vein at 100 to 200 meters below the surface. All three holes encountered a well developed mineralized structure consisting of strong quartz-illite-(adularia)-pyrite alteration with moderate to strong white to gray quartz veinlets, stockwork, microbreccias and distinct vein breccias on the hanging wall contact up to 5 meters true width. Mineralized widths ranged from 14.85 meters, on the north end, to 126 meters on the south. These results suggest that the levels tested to date remain above the targeted boiling zone.
San Martin Prospect
The first phase of drilling at the San Martin prospect consisted of eight core holes, totaling 1,524 meters, drilled along four roughly east-west profiles over a strike length of 400 meters.
Drilling has revealed broad zones of quartz-clay-illite-pyrite alteration up to 30 meters wide hosting extensively developed quartz-base metal sulfide stockworks and disseminations with local quartz-cemented hydrothermal breccias and base metal sulfides. Gold and silver values are mostly restricted to the hydrothermal breccias and range up to 0.85 meters of 3.48 grams per tonne gold and 49 grams per tonne silver and 1.60 meters of 2.62 grams per tonne gold and 125 grams per tonne silver. The alteration mineralogy, vein textures and structural styles suggest the holes intersected the upper parts of the epithermal system.
East Taviche Concession
Mapping and sampling are continuing in the East Taviche concession where a series of quartz-carbonate-sulfide veins are being evaluated. Several exciting, high-grade silver-gold targets are emerging including the Vichache, Rosario and San Carlos veins. Environmental permitting should be completed by early April with drilling commencing mid-2008.
Phase 2 Drilling
Drilling will resume in mid-2008 to follow up on the Phase 1 results. A program of 4,000 metres is planned. Areas currently being considered for testing include:
- The East Noria and Portillo veins along strike and beneath the 2007 intercepts;
- The Portillo/Donaji vein system south of the San Jose Deposit on the Fortuna/Continuum property; and
- The Vichache-Rosario-San Carlos veins in the East Taviche concession.
About Intrepid Mines:
Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Company's producing property is the Paulsens Gold Mine, located in northwestern Australia. The Company's advanced development property is the Casposo Project located in San Juan Province, Argentina. The Company's exploration properties are located in Argentina, El Salvador, Mexico, Australia and Canada. The issued capital is 181,783,419 shares comprised of 166,361,766 ordinary shares of Intrepid Mines Limited on the (TSX: IAU.TO) and (ASX: IAU.AX) and 15,421,653 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the (TSX: IXN.TO).
About Aura Silver:
Aura Silver Resources Inc. is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in North America with a focus on silver. The Company has 35,117,727common shares outstanding.