Vancouver — Western Silver (WTC-T), formerly Western Copper, has discovered a new polymetallic zone on its wholly owned Penasquito property in Zacatecas state, Mexico.
The junior hit the new zone, dubbed La Palma, some 1.5 km north of the Chile Colorado deposit. The discovery hole, #63, yielded six metres grading 20 grams gold, 485 grams silver per tonne, plus 4.53 % lead, 7.13 % zinc and 0.34 % copper from 276 metres downhole with a broader 38 metre interval averaging 3.71 grams gold, 99 grams silver, 1.16 % lead and 2.15 % zinc.
The zone lies on a crescent shaped gravity geophysical high that extends 500 metres to the west toward the Outcrop breccia and 500 metres to the south.
Three holes tested the Northeastern zone of Azul Breccia, with hole 65 intersected 501 metres grading 0.29 gram gold, 45 grams silver, 0.72% lead and 1.68% zinc. The mineralized zone has been defined by drilling over a 500-by-100-to-300 metre area.
Targeting the Southeast and northwest extensions of Chile Colorado, hole 58 cut 2 metres grading 0.85 gram gold, 537 grams silver, 5.14% lead and 4.16% zinc, while hole 55 hit 279 metres averaging 0.44 gram gold, 31 grams silver, 0.19% lead and 1.32% zinc.
Testing the zone at depth, hole 26 was deepened to 1,002 metres from 404 metres. Collared in the south central portion of the deposit, a 30 metre section ran 1.81grams gold, 58 grams silver, 0.32% lead and 2.83% zinc from 404 metres downhole..
The Chile Colorada zone remains open to the southwest and northwest.
Holes 61 and 62 were drilled along the southern border of the Outcrop breccia. Both holes intersected narrow zones of mineralization with the later hole intersecting a two metre interval running 3.36 grams gold, 871 grams silver, 2.31 % lead and 2.65 % zinc.
The holes were part of a 13-hole, 5,462 metre program drilled from Feb. through March.
A new resource calculation tabled earlier this year gave the Chile Colorada zone an indicated resource of 118 million tonnes grading 0.36 gram gold, 41.9 grams silver, plus 0.38% lead and 0.89% zinc. An additional 58.6 million tonnes grading 0.31 gram gold, 28.98 grams silver, 0.24% lead and 0.69% zinc is classified as an inferred resource.
Covering 32.5 sq. km in the historical Concepcion del Oro district of Mexico’s Zecatecas state, Penasquito hosts a 9-sq km mineralizing system lying 30 metres below alluvial cover. Modern day exploration over the prospective ground began in 1994 with Kennecott, a subsidiary of mining giant Rio Tinto (RTP-N) completing several geochemical and geophysical surveys, as well as drilling a total of 71 holes. This work led to the discovery of polymetallic mineralization, rich in silver hosted in Cretaceous sandstones at the Chile Colorado zone, two large breccia pipes and numerous, as yet untested anomalies.
Western entered the picture in 1998 by acquiring the property as part of a deal that included eight projects scattered throughout Zacatecas, San Luis Potosi and Guanajuato states. The Dale Corman-led junior subsequently drilled nine holes on the property before dealing it to Lima, Peru-based Mauricio Hochschild & Cia in August of 2000.
Western subsequently reacquired its 100% stake in the project after Hochschild dropped its option to earn a 68% interest. Hochschild spent more than US$1 million on exploration, mostly at the Chile Colorado prospect, where 11 core holes were drilled.
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