Argentum Silver (ASL-V) got a boost after releasing its first four assays from the El Tajo vein on the Coyote silver-gold project in Mexico’s Jalisco State.
The four holes are apart of the company’s initial 2,000-metre drill program. Highlight hole, 2012-3, returned 4 metres grading 1,470 grams silver, including 2 metres carrying 2,745 grams silver. Both intercepts intersected less than a gram per tonne gold, and percentages of lead and zinc.
The junior says the high-grade hit is part of a 7-metre-wide zone where almost a metre of historic underground workings were encountered.
Coyote hosts the historic El Tajo mine, which was last mined in the early 1900s. It also contains two underground mines and several smaller surface workings.
The first hole drilled onto the 10.5-sq.-km narrow-vein project returned 6.1-metres grading 128 grams silver, and 3.05 metres of historic underground workings. The company says the intercept is part of a 9.1-metre-wide zone.
The other two holes intersected 2.8 metres of 180 grams silver, and 3 metres of 312 grams silver, plus amounts of gold, lead and zinc.
The four holes tested the El Tajo vein to a strike length of 215 metres, intersecting the vein at depths of 45 to 95 metres. Five more holes will be completed to test another 250 metres of the vein. The company will then drill parts of the project’s other mineralized zones – La Florida, Bocancha and La Colorada.
Though the property hosts dozens of low-sulphidation epithermal silver-gold veins and stockworking, the majority of the mineralization occurs within six defined zones within a 1,500-metre-by 2,600-metre area.
Owing to the intriguing results, Argentum is considering adding to the 19-hole program. On the drill news, investors pushed the stock up 4% to 25¢ as 2.3 million shares changed hands.
The company entered an option with Soltoro (SOL-V) last April to earn 100% of Coyote and the silver-gold Victoria project, also in Jalisco.
Elsewhere in Mexico, it has an option with Arco Resources (ARR-V) to acquire full ownership of the Lachiguiri and Silacayoapan properties.
Be the first to comment on "Positive drill results lift Argentum"