Peter J. Hawley, CEO and president, remarked: “As you can see [in an image on the company’s website], planned definition hole SM20-47 was designed to fill in a shallow depth, drill poor gap in the past resource area. Of interest to note is the lack of or decrease of gold values found in previous drilling to the east and at depth.”
Definition diamond drill hole SM20-47 was drilled at a dip or angle of -66Ëš for a planned total drilled length of 200 metres but actual drilled metreage was 188 metres and was designed to hit the targeted Santa Maria footwall structure at approximately minus 150 metres below surface.
Before intercepting the targeted Santa Maria Structure, a newly discovered mineralized hydrothermal breccia was intersected from 143.2 to 144.2 metres, which graded 162.08 g/t silver equivalent over 0.95 metres.
The main target, which was the Santa Maria footwall structure, was intercepted from 156.30 to 169.40 metres where the entire 13.10 metres reported 98.31 g/t AgEq, which many higher-grade intercepts are contained within, including 6.10 metres grading 176.99 g/t AgEq, 4.65 metres grading 192.16 g/t AgEq, and 1.50 metres returning 299.51 g/t AgEq and 338.71 g/t AgEq over 1.25 metres.
The 13.10-metre Santa Maria footwall structure was composed of alternating zones of mineralized hydrothermal breccias within a porphyritic diorite dike host rock, which has fine disseminated sulphides.
The purpose of planned definition hole SM20-47 was to once again fill in a drill poor gap in the past resource area and was very successful. As seen in an image on the company’s website, the multi-phased hydrothermal breccias along and within the dike unit are well mineralized.
Hole SM20-47 was not only successful in determining the exact location of the mineralized Santa Maria footwall structure but more importantly filled in the resource gap with a 13.10-metre mineralized intercept, which will help build out the ounce category in this area.
Definition diamond drill hole SM20-48 is located approximately 25 metres to the east and designed to test the structure horizon at minus 275 metres and infill the lack of drill pierce points into the structure at this depth.
Holes SM20-48 to 50 have been completed, and holes 48 to 50 have been submitted for assay.
The company has entered into an agreement with Golden Minerals Company [AUMN-TSX, NYSE American] to acquire the Santa Maria property, a high-grade silver-gold property situated in the centre of the Mexican epithermal silver-gold belt.