War Eagle Mining (WAR-V) released assay results from part of its underground percussion drill program at its Tres Marias Mine in Mexico, but the market failed to reward the Vancouver-based junior.
Using a 5% zinc or equivalent germanium cut-off grade, highlights include: 0 to 7.2 metres at 13.1% zinc, 0 to 9 metres at 3.8% and 0 to 6 metres at 9.4% zinc.
In Toronto on Aug. 1 the company’s shares remained flat at 51 on roughly 100,000 shares traded.
The Tres Marias Mine produced high-grade zinc and germanium ore from 1949 until production ended in 1992 after the smelter was unable to continue processing raw ore — even though workings were still in ore.
War Eagle says further assays will be announced as they are received.
The samples were obtained from drilling horizontally into the stope walls of the mine.
Only short holes were drilled, and the company says locations were chosen on the basis of 855 channel sample results.
A 25 hole underground diamond drill programs is scheduled as a follow up to the short hole drilling, and is scheduled to start in early August.
The aim of that program will be to determine the full extent of lateral mineralization — as the percussion drill program ended in mineralization in a majority of holes, the company says.
War Eagle has purchased a portable diamond drill for both underground and surface diamond drilling.
The underground and surface diamond drill programs will aim to delineate a minimum of 500,000 tonnes of mineralization — the amount considered necessary to complete a pre-feasibility study.
While the company hit some roadblocks in its effort to acquire equipment and drillers it now says those issues have been sorted out and it is accelerating its plans.
War Eagle has $5 million in cash to push ahead with its prefeasibility study.
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