Just some reading on a company with some sort of activity in our neck of the woods... SantaCruz eh.... Let's dream away that is is us one day, shall we? This year would be nice...;0)$~
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2013) - Santacruz Silver Mining Ltd. (TSX VENTURE:SCZ) ("Santacruz" or the "Company") announces that further to its press release of November 20, 2012 the Company has received results from 18 additional diamond drill holes as part of an ongoing 6,000 meter diamond drill program at its 100% owned Gavilanes Silver project in Durango, Mexico. The current drill program is designed to test three of seven known silver-bearing veins and a stockwork area within the 7,347 hectare property (see attached map - http://media3.marketwire.com/docs/scz115-F1.pdf - which is also posted on the Company's website).
Drill results reported herein are from the Guadelupe-Soledad-Aranzazú (GSA) vein and the Stockwork area of El Hundido. Gavilanes hosts a low sulphidation epithermal system.
Highlights (reported as true widths and assays uncut) include:
- SCHN-09: 5.40 m @ 286 g/t Ag eq. (263 g/t Ag, 0.28% Zn, 0.69% Pb and 0.01 g/t Au).
- SCHN-08: 4.95 m @ 439 g/t Ag eq. (427 g/t Ag, 0.07% Zn, 0.40% Pb and 0.01 g/t Au).
- SCHN-07: 4.70 m @ 274 g/t Ag eq. (212 g/t Ag, 1.18% Zn, 1.13% Pb and 0.03 g/t Au).
- SCGP-12: 3.82 m @ 267 g/t Ag eq. (243 g/t Ag, 0.21% Zn, 0.32% Pb and 0.23 g/t Au).
Two drill rigs are currently working at Gavilanes on the last phase of the first 6,000 meter drilling campaign. Arturo Préstamo, President and CEO stated, "We are very pleased with the drill results thus far as it continues to prove grades and widths on the targeted mineralized areas, reinforcing our belief that Gavilanes will continue to return high grade silver as the property is more fully explored."
Complete results from the 18 drill holes in addition to the first 7 holes announced on November 20, 2012, and in this press release which have been received to date are as follows: (Note that the first 7 holes announced on November 20, 2012 were not in numeric sequence. Due to hole numbers being assigned using the proposed drill hole number instead of numbering them in the actual order they were drilled in. Since holes are not being drilled in the same sequence as the drill plan, the hole numbers were not in sequence. For example, hole 22 was actually the fourth hole completed. This has been rectified but will continue to appear in the reporting until the 22nd hole has actually been completed).
Diamond Drill Holes Location:
Drilling is ongoing and results will be reported as assays are received from the laboratory. Gavilanes is a volcanic hosted, epithermal precious metal vein system. Drilling by previous operators totaled only 3,200 m. An historical resource estimated in 1990, which was not prepared in accordance with NI 43-101 contains an inferred resource of 1.2 million tonnes at 420 g/t Ag at the Guadalupe-Soledad-Aranzazú (GSA) vein on 500 meters of the known strike of 1,000 meters. (This estimate was performed by Minas de San Luis in 1990. The Company believes that the grade assays are representative of the structures and the resource has been called inferred, however the assumptions of continuity are unclear. Santacruz is unaware of more recent data on the property, and the same results have been repeated by Hochschild Mexico in 2008. Confirmation drilling needs to be completed with documented sampling and preparation procedures and a new model developed to determine whether there is a resource at Gavilanes that is compliant with NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. Santacruz is not treating this historical estimate as current mineral resources).
Sampling and Laboratory
NQ-sized drill core was sawn in half at site and sent to ALS Chemex, a fully accredited and certified laboratory service. Samples were prepared at the ALS Chemex facility in Zacatecas, Mexico, and were assayed at ALS Chemex in Vancouver, Canada. All samples were analysed using a one assay ton fire assay with an AA finish Au and Ag (Au-AA23) and a 48 element ICP method for Pb, Zn and other elements (ME-MS61). A comprehensive QA/QC procedure is followed using standards, blanks and duplicates, all samples are randomly placed.
Donald E. Hulse, P.E., SME-RM of Gustavson Associates LLC, is a qualified person under NI 43-101 and is independent of the Company, and has reviewed and approved the technical information contained in this press release.
Mr. Hulse verified the data disclosed in this release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican focused silver company with a project in development (Rosario) and two advanced-stage exploration projects (San Felipe and Gavilanes). Rosario is expected to reach production at the end of the first quarter of 2013. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.
Arturo Prestamo Elizondo, President, Chief Executive Officer and Director