Partners
Situated 85 km southwest of Watson Lake, the property is accessible by a 25-km road from the Alaska Highway. Peruvian can acquire a 60% interest in the Silvertip project from operator Imperial Metals by spending $5 million over three years. Once Peruvian completes its earn-in, Imperial can earn back a 20% interest by spending $2 million in 18 months.
The drilling will test the continuity and orientation of a high-grade intercept of mineralization discovered last fall during a preliminary 3-hole investigation. Hole 2 of that program intersected a 31.4-metre interval averaging 8.65% zinc, 5.53% lead and 318 grams silver per tonne. This intercept is described as the thickest intersection encountered to date at Silvertip. The joint venture believes the hole may have intercepted a feeder system.
The hole passes within 100 metres of an existing underground exploration decline. The partners have spent the past few months de-watering some 1,500 metres of underground workings, and securing the ceilings with new rock bolts and screens to provide access for follow-up fan drilling.
Silvertip hosts manto-style mineralization consisting of irregular tube-like bodies in limestones. Based on previous drilling, the total mineral resource is estimated at just under 2.6 million tonnes averaging 8.8% zinc and 6.4% lead, plus 325 grams silver and 0.63 gram gold. The measured and indicated portion alone stands at 1.1 million tonnes grading 9.5% zinc and 7.7% lead, plus 378 grams silver and 0.85 gram gold.
The mineralization remains open in all directions. Hole 1 of last year’s fall program stepped out 250 metres southwest of the known mineral resource and hit 3.2 metres of manto-style mineralization grading 9.7% zinc, 2.1% lead and 117 grams silver.
The project is supported by a fully winterized camp, repair shops and water settling ponds, enabling work to continue through the winter months.
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