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Sierra Metals (T.SMT) extends Antacaca orebody with high-grade intercepts at Yauricocha

Stockhouse Editorial
0 Comments| June 20, 2014

Vancouver-based Sierra Metals (TSX:SMT, Stock Forum) has been hard at work at Yauricocha Mine ever since the company snapped up 81.8% interest in May 2011 and by December 2013, its aggressive drill campaign upped 2P reserves from 1.1 million tonnes to 6.4 million tonnes.


The company had even more reason to celebrate today as it announced the completion of its first phase of deep drilling at the mine located in western central Peru as each of the five deep drill holes intercepted their targets of mineralized zones.


Not only were the intercepts high-grade in nature, they also indicated an extension of the Antacaca orebody 250 metres deeper than previously known but that isn't the end of the good news. Assay results also revealed the discovery of a new high-grade mineralized body near the Catas orebody, which could quite possibly add further to the upside potential of the Central Mine Area.


Highlights from the assay results included, 21.39% zinc, 357.2 g/t silver and 0.13% copper over 2.85 metres at CAT-14-14-03 and 28.83% zinc, 67 g/t silver and 0.25% copper over 4.1 metres at CAT-14-14-04. Intercepts at ANT-14-14-05 in the Antacaca orebody cut a new polymetallic body 0.8 metres true width averaging 621.9 g/t silver, 33.52% lead and 26.30% zinc.


According to the news release, combined results from CAT-14-14-01, -02 and -04 plus ANT-14-14-03 and -05 have the potential of extending the life of the mine and therefore the company plans further drilling in the area.


Company president and CEO, Daniel Tellechea, commented on the phenomenal results, “All five holes from the current deep drilling program have intercepted the targeted deep extensions of the main orebodies. In addition, they intercepted multiple mineralized high-grade zones, some of which may be extensions of narrower orebodies currently being mined at higher elevations and others that may be new discoveries.”


He then summed up, “We continue to demonstrate that the four major orebodies at Yauricocha's Central Mine, the Catas, Antacaca, Rosaria and Antacaca Sur, extend significantly to depth and that we are adding significantly to the mine's resource potential.”


The news just keeps getting better at Yauricocha.


Sierra Metals was in the headlines recently when the company bumped 10% after an RBC stock upgrade a little over a week ago.


Shares edged up 1.19% on the news to $1.70 per share.


Currently there are 159.2m outstanding shares and a market cap of $270.6 million.

FULL DISCLOSURE: Sierra Metals is a Stockhouse Publishing client.

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