Assay results from the first three diamond drill holes on Minefinders’ (MFL-V) Dolores property in Chihuahua state, Mexico, have returned significant values.
The property lies in a northwest-trending structural zone measuring 3,500 metres in strike length and 500 metres in width. Gold mineralization is hosted in intensely silicified, brecciated and stockwork-veined latite dykes and sills and andesitic volcanic rocks.
Phase I of the drill program involves 20 drill holes. These holes are north of an area where, prior to 1929, about 325,000 oz. gold was mined.
Hole D96-1, drilled 50 metres west of a mineralized outcrop, intersected 39.5 metres grading 5.97 grams gold and 41.11 grams silver per tonne, including 2 metres grading 74.74 grams gold and 45.94 grams silver. A deeper, 10-metre intersection returned values of 0.9 gram gold and 28.11 gram silver. The company believes the widths of the zones are close to true widths, as the apparent dip of the mineralized zone is to the west at 40-70, and the hole was directed to the east at minus 45.
Hole D96-2 intersected a 27.6-metre zone grading 1.47 grams gold and 32.57 grams silver, including a 12-metre intersection grading 2.13 grams gold and 35.66 grams silver. Hole D96-3 intercepted a 29.6-metre zone grading 0.79 gram gold and 6.51 grams silver.
Assay results are awaited for other holes from the 20-hole program. A second-phase program is scheduled to start shortly.
Exploration is funded by Echo Bay Mines (ECO-T), which has an option to acquire 60% of the project’s reserves by spending a minimum of $24 million.
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