Silver Dollar Resources Inc. [SLV-CSE; SIDRF-OTC] reported the remaining assay results from the phase I drilling completed on the underexplored Noria portion of the 100%-optioned La Joya silver project in the state of Durango, Mexico. Phase II drilling is now in progress and targeting the wide intervals of mineralization intersected in the new phase I discoveries.
Highlights include Hole NOR-22-008 that intersected 89.57 g/t silver equivalent (AgEq) over 125.3 metres starting at 3 metres downhole. This interval includes 267.56 g/t AgEq over 10.47 metres starting at 70.53 metres downhole. Mineralization consists of silver, gold, copper, lead and zinc mineralization over wide intervals associated with sulphide veins, hornfels, and quartz veins hosted in Indidura formation carbonates adjacent to a monzonite intrusive.
Hole NOR-22-009 intersected 60.33 g/t AgEq over 58.84 metres starting at 75.83 metres downhole. This hole was higher grade in gold recording 0.66 g/t gold over the same 58.84 metres interval. Gold tenors were over twice the grade and triple the width of mineralization encountered in historical hole LJ-DD12-96.
Phase I drilling exceeded expectations by identifying structural extensions of the known mineralized zones; the discovery of a near-surface gold zone with appreciable grades and widths; and wide skarn-type Ag-Au-Cu-Pb-Zn mineralization representing a new extension along the unexplored Coloradito intrusive beyond historical workings. Drill core samples from all 11 holes completed over a total of 2,424 metres of Phase I drilling were submitted for analysis.
Mike Romanik, president, said, “Our successful Phase I drilling has provided us with several new follow-up targets well outside the historic resource area. Assays from hole 8, which is approximately 1 kilometre west of the Main Mineralized Trend, are some of the best results ever reported from the Coloradito area. Phase II drilling continues, and we have encountered similar sulphide mineralization over even broader widths and will expand the program as analytical results dictate.”
Hole NOR-22-008 was designed to target mineralization on the west side of the Coloradito intrusive where anomalous gold and zinc values were intersected in historical hole LLDD12-96. This hole intersected wide intervals of skarn-type Ag-Au-Cu-Pb-Zn representing the highest reported grades and widths to date from the Coloradito area. This area represents an exciting new discovery, particularly given it is located a full kilometre west of the Main Mineralized Trend.
Hole NOR-22-009 was designed to test the downward extension of the mineralization previously encountered in hole LJ-DD12-96 with an intercept of 0.32 g/t gold over 29 metres. This hole returned 0.66 g/t gold over 58.84 metres starting at 75.83 metres downhole, both increasing previous gold tenors and width encountered in historical hole LJ-DD12-96. This intercept also averaged 60.33 g/t AgEq. Additional drilling in Phase II will follow up on this near-surface gold and skarn polymetallic mineralization.
Hole NOR-22-010 was designed to test mineralization at a depth of 375 metres. While the deep target was not encountered, interesting values were intercepted at shallower depths with the hole returning 72.29 g/t AgEq over 13.32 metres starting at 112.73 metres downhole, which included 0.78 g/t gold over the same interval. The above interval includes 305.57 g/t AgEq and 3.63 g/t gold over 2.09 metres starting at 123.96 metres downhole. Higher grade gold mineralization in Phase I has been observed associated with rhodonite and within an 80-170 metres vertical depth horizon spatially associated with the Coloradito intrusive. This higher-grade gold corridor which reported 29 g/t gold over 1.01 metres in NOR-21-004 represents a potential new target for Phase II follow-up drilling.
Hole NOR-22-011 targeted a western extension of the Yeyis structure with an intercept of 0.55 g/t gold over 7.87 metres starting at 155.23 metres downhole. While this mineralization generally coincides with the strike of the Yeyis structure, it is right on the intrusive contact.
The La Joya property is about 75 km directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico’s San Martin Mine, Industrias Penoles’s Sabinas Mine, Pan American Silver’s La Colorada Mine, and First Majestic’s La Parrilla and Del Toro Silver Mines. Silver Dollar is fully funded for 2022 with approximately $9 million in the treasury.