Silverton Metals Corp. [SVTN-TSXV; SVTNF-OTC] reported that step-out reverse circular drilling in two separate areas of the property has extended the silver mineralization at its 100%-owned Penasco Quemado (PQ) project in northern Sonora, Mexico.
Drill hole PQ21-3 drilled in the Fortuna target, intersected 438 g/t silver and 0.62% copper over 0.95 metres within a broader zone of 11.3 metres averaging 54.5 g/t silver, and extended the mineralization nearly 400 metres northwest of the nearest hole. Towards the northwest, the mineralization remains open along strike and at depth. The mineralization at the Fortuna target is hosted within northwest-oriented, near vertical to east-dipping vein structures adjacent to an andesitic dyke traced for a length exceeding 700 metres.
Drill hole PQ21-8 located southeast of the eastern limit of the Penasco Pit historic resource estimate prepared by Silvermex, extended the silver mineralization approximately 100 metres in said direction. This hole, in conjunction with several other holes drilled by previous operators east and outside of the Silvermex historic resource estimate, expand the Penasco Pit mineralization by an additional 300 metres along strike, for a combined total expansion of 400 metres from the deposit. for example, drill holes PQRC-37, PQRC-39, PQRC 79, and PQRC-80 which report average silver grades of 72 g/t, 75 g/t, 176 g/t and 186 g/t over 12 metres, 7.5 metres, 3 metres and 16.5 metres respectively.
John Theobald, President and CEO, commented: “The drill holes completed demonstrate that the mineralized system at the Penasco Pit target continues beyond the historic resource limits. The continuation of the mineralization offers potential to expand the historic resource. I am also encouraged by the intersections of silver and copper mineralization on the Fortuna target which is one of several geophysical anomalies identified across the property. Silverton will continue to explore the property to identify additional drilling targets. Silverton geologists are also evaluating the potential for updating the historic 9.6 million ounce silver resource with the view to commissioning a current resource estimate.”
A total of 2,105 metres were drilled in nine holes. Silverton has compiled drill hole data of 73 drill holes drilled by Silvermex in 2008 that were not incorporated into the historical resource estimate prepared by Silvermex in 2006. These holes are in its majority, infill holes within or in close proximity to the historical resource estimate.
Penasco Quemado is a 3,746-hectare property in northern Sonora, 60 km south of the town of Sasabe on the US-Mexico border. A 2006 drilling program outlined a historical measured and indicated resource of 2.57 million tonnes of 117 g/t silver for a historic measured and indicated resource of 9.63 million ounces silver.