A new polymetallic find at the Mexican joint venture known as El Salvador has returned some encouraging results for 55-45 partners Teck (TEK-T) and Western Copper Holdings (WTC-T).
Drill hole SAL-25 cut 161.2 metres of massive-to-semi-massive sulphides.
The top 28.4-metre section averaged 5.53% zinc and 0.64% copper, plus 1.2 grams gold and 47.6 grams silver per tonne.
The rest of the intercept returned lower-grade values, including 78 metres averaging 0.93% zinc, 0.34% copper, 0.73 gram gold and 18.2 grams silver, as well as 54.8 metres averaging 0.38% zinc, 0.76% copper, 0.22 gram gold and 9.2 grams silver.
Situated in the central Mexican state of Zacatecas, the project comprises 22,000 ha. Teck can acquire an additional 10% interest by choosing to arrange production financing, and an additional 5% based on the net present value of the project upon completion of a feasibility study.
Hole 25 tested an induced-polarization anomaly measuring 500 by 500 metres on claims optioned from the Mexican vendor, Luismin, which retains a back-in right to a 25% participating interest.
The vertically drilled hole encountered the sulphide interval beginning at a depth of 207.1 metres. It was stopped in mineralization at a depth of 368.3 metres. The hole will be restarted and deepened through to the footwall.
A second hole, SAL-24, will be drilled some 200 metres south of hole 25.
Oxide copper mineralization has been discovered in several areas of the 225-sq.-km project, in predominantly intermediate volcanic rocks. While drilling the prospect in 1996, Teck intersected high-grade massive sulphide mineralization 75 metres below the oxides. Discovery hole 96-5 encountered 1.6 metres of true width grading 16.57% zinc, 2.07% copper and 1.53% lead, plus 3.68 grams gold and 213 grams silver.
Follow-up drilling has since extended this flat-lying zone over an area measuring 150 by 300 metres, with a variable thickness ranging from 0.6 to 13.3 metres. Grades, for the most part, have been lower than those of the discovery hole, ranging in the order of 1.42-9.12% zinc, 0.22-1.42% copper, 0.32-4.37% lead, 0.34-2.9 grams gold and 47.4-276 grams silver.
The deposit remains open both to the northwest and southeast.
Western Copper also controls, through an option with Kennecott Exploration, more than 2,978 sq. km of mineral rights in Zacatecas state.
Western Copper is required to spend US$3 million on exploration over the next three years. Kennecott retains a back-in right to a 51% interest in each property.
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