This maiden drill program will consist of 10 to 12 HQ core holes totaling approximately 1,500 metres. This portion of the Buenavista vein-breccia structure was sampled at surface and underground during the last sampling program and returned a number of high-grade gold and silver intervals with assays as high as 239.9 g/t Au and 1390 g/t Ag.
“The amendment to the MIA is the last environmental approval required for the operational phase of the Media Luna Project and allows us to move forward with the deposition of tailings into the mined-out Guajes open pit. The switch to in-pit tailings deposition from filtered and dry-stacked tailings will coincide with the planned commissioning of the copper and iron sulphide flotation circuits as well as concentrate filtering and handling facilities.”
Heliostar CEO, Charles Funk, commented, “Ana Paula continues to outperform our expectations. The Company’s improved understanding of the gold mineralization led to the recent recognition of a new Parallel Panel only 50 metres north of the High Grade Panel. Today’s results are wide, with high-grade mineralization.”
Prime Mining Corp. Chief Executive Officer Daniel Kunz commented, “The drill results released today continue to extend the high-grade plunge at the south-east end of the Z-T Area, known as Tahonitas. Today’s results, along with previously released holes in this area, have extended mineralization approximately 250m down-dip from the May 2023 resource pits. We are excited by how the mineralization in this area is developing and continue to drill Z-T as part of our success-based drill program.”
Gregory K. Liller states, “I am extremely pleased with the results of the new mineral resource estimation. This study validates our belief that La Guitarra has a significantly overlooked resource base. Since April, our staff has been working on validating the project-wide database, incorporating historical data, auditing the previously mined areas, and refining the geologic interpretation of the vein and models. The next step to re-opening the Guitarra mine will be a Mine and Restart Plan due in the first quarter of 2024; consisting of a capital and operating cost study, the results of which will be used to evaluate the economic potential of the mine.”
Scott Emerson, President, commented: “These results, together with the previously announced assays from Soledad SE, indicate the presence of significant silver mineralization over a distance of approximately 1.6 kilometers of the Soledad structure.”
Greg McKenzie, President and CEO commented: “Within a week of acquiring La Parrilla our team successfully commenced underground drilling and we are proud to report our inaugural drill results from this world class silver project. Over a few weeks we were able to utilize the existing mining fleet and personnel to restore services and broaden access to additional drill sites. We expect this will continue throughout the remainder of 2023. The results reported today are within immediate proximity to development, ventilation, power, and other services that will support restart of operations at the appropriate time.”
Michael Tucker, lead geologist and director states, “The continued ability of the lower breccia zone to produce highly elevated gold grades over significant widths is very compelling. The system has proven the ability to generate spectacular grades and thicknesses. The indications of a large magmatic-hydrothermal system are present, and we are excited to continue expanding on these exceptional results as they clearly demonstrate there is a big system to be explored .”
The drill program has been optimized to focus on expanding the California zone oxide mineralization, which remains open laterally in every direction, with a minimum 11 holes and 1,600m of RC drilling in this current stage of exploration. The California zone porphyry target has a footprint of over 1 km x 1km exposed to date.
“What stands out in the filed Technical Report, not previously disclosed, is the Exploration Potential. The Technical Report establishes an Exploration Target for El Tigre of 7 to 9 million tonnes at 3.0 to 3.5 g/t AuEq for 675,000 ounces to 1 million ounces AuEq. We will immediately begin the process of drilling these significant potential additional ounces.”
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