Farallon Resources (FAN-T) has extended the southeastern zone of its G-9 polymetallic deposit in Guerrero state, Mexico, after drilling 14 new holes at its Campo Morado project.
Hole 634 returned a 6-metre intersection grading 1.82 grams gold per tonne, 157 grams silver, 2.45% copper, 2.91% lead and 23.47% zinc.
Another section of Hole 634 returned 9.6 metres grading 12.24 grams gold per tonne, 731 grams silver, 0.33% copper, 3.06% lead and 5.39% zinc.
A 10-metre intersection from Hole 639 returned 2.03 grams gold per tonne, 234 grams silver, 2.61% copper, 2.51% lead and 19.08% zinc.
And a 5.81-metre intersection from Hole 642 returned 0.89 grams gold per tonne, 167 grams silver, 3.25 % copper, 0.88% lead and 21.78%% zinc.
The intersections were between 327 metres and 488 metres depth.
Farallon says a trend of localized concentrations of high-grade precious metals seems to be emerging at G-9.
Farallon president and CEO Dick Whittington says the precious metal zones would add significant by-product credits to any future mine production.
These infill holes will continue to be the highest priority of our ongoing drilling program in the immediate future, Whittington said in a statement. However, before the end of September, we hope to also be exploring north of the San Raphael fault once again.
Using a 2% zinc cutoff, G-9 has an inferred resources 5.6 million tonnes grading 2.8 grams gold per tonne, 186 grams silver, 1.3% copper, 1% lead and 7.3% zinc.
The company hopes to bring an underground mine with decline access into production by mid-2008.
Farallon shares were up 1.5% in Toronto today to 67 on a trading volume of 612,000 shares.
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