The latest batch of five holes continues to expand the Navidad silver discovery in the Patagonia region of Argentina for owner IMA Exploration (IMR-V).
Holes 15-20 were collared in the Galena Hill as part of a program currently testing the area between the Navidad and Galena Hills zones.
Holes 15 and 16 were at opposite ends of line 51,160E, and extended the drill-tested width there to about 450 metres. Hole 15 cut 69.1 metres (from 46.6 metres below surface) grading 113.5 grams silver per tonne, 1.46% lead, 0.13% zinc and 0.02% copper, including 8.5 metres (from 47 m) of 461.7 grams silver, 6.5% lead, 0.49% zinc and 0.08% copper.
Hole 15, about 500 metres to the southwest, returned 9 metres (from 63.5 m) of 34.2 grams silver, 2.5% lead, and 0.07% zinc. The interval represents the lowermost portions of the mudstone unit and upper portions of the underlying volcanic rocks.
Holes 17, 18, and 19 drilled on section 51,000E were highlighted by a 66.5-metres section running 100.3 grams silver and 2.74% lead, including 8.4 metres of 177.4 grams silver and 4.22% lead in hole 19.
Finally, hole 20, on section 50,800E, returned 5.1 metres averaging 54.8 grams silver, 1.82% lead, 0.03% zinc and 0.02% copper. The hole encountered a significantly thinner stratigraphic section and topographically higher basement than in previous holes. IMA believes the hole found a restricted area of higher basement paleotopography.
The company says holes 16-18 (plus the previously sunk hole 12) indicate that the southwestern portion of Galena hill is characterized by lower silver to lead ratios, which may suggest a more distal portion of the hydrothermal system.
So far, IMA has completed around 6,000m of the planned 8,500-metre program at Navidad; results for the first 3,340 metres have been reported.
Investors were ill impressed with the latest results sending IMA’s shares 28, or 8%, lower to $3.30 in afternoon trade in Vancouver following the news on Feb. 20.
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