Solitario Exploration & Royalty Corp. (TSX: T.SLR, Stock Forum) said its recent drill program resulted in the best hole ever drilled at its Bongará zinc project in Peru.
The Bongará project holds underground drill stations designed to drill test in detail approximately 350 meters of strike length of the San Jorge mineralization.
According to the press release, the best hole ever drilled on the project was underground core hole V-297. The hole intersected 56.6 meters grading 22.69% zinc, 1.15% lead and 31.23 grams per tonne silver.
In addition, drill hole V-298 intersected 7.4 meters grading 40.05% zinc, 3.68% lead and 58.99 grams per tonne silver, representing the highest grade ever intersected at Bongará.
All holes were drilled from the San Jorge underground exploration tunnel, completed in late-2011.
During this period 70 core holes totaling 12,342 meters were completed from eight different underground drill stations.
The San Jorge mineralized area, and the Florida Canyon deposit in general, remains open to expansion in all directions.
Based on the results, operator, Votorantim Metais has proposed extending the San Jorge exploration tunnel a further 300 meters to the south where high-grade mineralization remains wide-open.
Votorantim can earn up to a 70% interest in the project by committing to place the project into production based upon a positive feasibility study.
Solitario is a gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in the United States, Brazil, Mexico, and Peru.
On Thursday, Solitario’s stock was up 4% and was trading at $1.25 a share. The company has a market cap of $43 million, based on 34.5 million shares outstanding. The 52-week high and low was $2.46 and $1.00 respectively.