Highlander Silver eyes drill targets in Peru, shares rise
Highlander Silver Corp. [HSLV-CSE] said Friday it has completed a ground gravity and unmanned aerial vehicle (UAV) survey over the Laguna Pachas target zone on its Alta Victoria silver-polymetallic project in central Peru.
“These surveys will be integrated with mapping and geochemistry to develop drill targets that are planned to be tested in 2022,” the company said in a press release on Friday.
Highlander released the exploration update after recently appointing Ron Stewart as CEO. The company said Stewart has over 30 years of international experience in exploration, project development, operations and as a mining analyst and brings with him an extensive network of contacts in South America and international capital markets.
The Alta Victoria project is located 160 kilometres northeast of Lima and consists of 18 mining concessions over a total area of 71 square kilometers within the Central Cordillera polymetallic mineral belt, which hosts major scale silver and polymetallic mineral deposits.
The project is located in a district that has produced over 1.5 billion ounces of silver historically from carbonate replacement deposits, skarn, vein, manto and diatreme-related deposits.
Two target areas, referred to as Pachas and Santa Teresita, emerged from multiple generations of surface work from different companies, including Pan American Silver Corp.[PAAS-TSX, NASDAQ], Glencore Plc, Solitario Zinc Corp. and Minera Sociedad Corona SA. Historic mining on the property dates back to the 1970s.
In the Panchas area, prospects include the Victoria mine, Adriana North, Adriana East, Buenas Estrillas and Sanguinetti mine. Sampling around these prospects has returned high-grade gold and base metal mineralization, suggesting a proximal intrusive source.
Multiple chip and grab samples have returned grades of up to 6.2 g/t gold, 4,800 g/t silver, 0.64% copper and 18.7% lead, 30.1% zinc, and 0.14% molybdenum.
The Victoria mine was worked up until 2018, having produced 1,500 tonnes at an average grade of approximately 311 g/t, and 10% pb.
At Santa Teresita, moderate to high-grade gold, silver and base metal mineralization is hosted by brecciated sandstones.
In the fourth quarter of 2020, the company completed a 2,300-metre, seven-hole-diamond-hole, scout drilling program. Six of the seven drill holes were collared in the Santa Teresita area, while one hole was drilled to test the depth extension of the Sanguinetti Mine mineralization, part of the Pachas area.
Continuing exploration is focusing on detailed work to better define potential targets in the Pachas and Santa Teresita areas.
On Friday, Highlander shares rose 3.0% or $0.01 to 35 cents. The shares are currently trading in a 52-week range of 41 cents and 17 cents.
Supported by a strong treasury, with approximately $3.5 million in working capital, the company said it is actively targeting additional mineral projects to acquire within Peru and South America. “Further details of these efforts will be disclosed over the coming weeks as progress continues,” the company said.