(Image via Silver Sands Resources Corp. Click to enlarge.)
A Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions is set to get its drills back in the ground and develop its economic precious and base metal property.
Silver Sands Resources Corp. (CSE: SAND, Forum) announced this week that it had had commenced the Phase IV exploration program at its Virginia Silver Project, located in the mining-friendly Santa Cruz state of Argentina.
The advanced exploration stage project is in the mineral-rich Deseado massif, lying within the mining-friendly state of Santa Cruz in the Patagonia region of Argentina.
The drilling program is slated to cover 1,500 metres. It aims to expand on the Ely Central and Ely North Extension drilling successes to build additional potential mineral resource ounces. It will also follow up the Phase III Margarita discovery.
Speaking to investors on this news vis
a media release, Silver Sands CEO Keith Anderson said that the team is eager to commence Phase IV drilling at Virginia as they continue progressing towards significantly increasing the 2016 mineral resource estimate.
“Our successes at Ely Central, Ely North and Martina, coupled with our new discovery at Margarita and the newly developed targets at Patricia and Daniela have the makings for an extremely exciting program. Additionally, we anticipate developing new vein targets as we systematically evaluate the numerous linear IP anomalies to the north and northeast.”
The 850-metre gap between the Ely South and Ely North conceptual pits has returned silver intersections in all holes drilled to date. A few more infill drill holes are required for sufficient coverage along the 580 metres to allow for the calculation of a mineral resource block at Ely Central.
Concurrent with the drilling, the geological teams will prospect the potential structures identified during the Phase II and Phase III IP programs to the north and east of the known vein field to generate trenching and drilling targets for the subsequent Phase V program.
Silver Sands has the option to earn in 100% of the Virginia silver Project, its key asset. Upon completion of the option, Mirasol Resources will retain a three percent NSR royalty, of which one percent can be bought back by Silver Sands for $2 million (USD).