Key highlights include 31.0 metres at 459 g/t AgEq (silver equivalent) (3.88 g/t gold, 129 g/t silver), including 0.5 metres at 6,311 g/t AgEq (66.8 g/t Au, 638 g/t Ag) and 2 metres at 1,223 g/t AgEq (9.32 g/t Au, 431 g/t Ag) in MOG22-05 where total grade thickness through all mineralization is 14,233 g/t AgEq metres.
Hole MOG22-05 is a 270-metre step-out from previously reported MOG22-04 which intersected 11.6 metres at 450 g/t AgEq (2.7 g/t Au, 220 g/t Ag). The newly drilled mineralized zone at the Consolidated Extension target remains open to expansion in all directions.
The company anticipates a minimum of 25,000 metres of drilling in 50 holes is necessary for a spacing of approximately 50 metres between holes covering an area of approximately 500 by 300 metres to publish its first resource estimate on this first Mogollon property target. The Consolidated Extension target represents only 1.5% of the total prospective vein and structure length present on the property. All other prospective areas remain largely unexplored.
The company is planning to resume drilling at Mogollon within 30 days and after the completion of required continuing wildlife surveys. The core drilling program at the 100%-owned Hughes property at Tonopah, Nevada continues to be fully operational and assays for five additional holes are pending.
Galen McNamara, CEO, stated: “With only six holes drilled at Mogollon, and all of them hitting substantial high-grade silver and gold, it is clear we are only in the very early innings here. Hole MOG22-05 is also the strongest hole drilled to date by the company. It already stacks up very favourably when compared to world-class drill results from our much more advanced peers featuring substantially higher market capitalizations. We look forward to continuing to aggressively drill-out this high-grade zone and our Hughes property in Nevada this year.”
The focus of the Mogollon drill program is testing unmined extensions of the Consolidated mine, centred on the north-trending, epithermal-related Queen vein. Holes MOG22-05 and -06, targeted vein-hosted mineralization along strike to the north and down-plunge to the south from the Consolidated mine stopes. Both holes intersected broad zones (up to 31 m) of epithermal-related alteration, veining and brecciation with locally strong concentrations of silver-gold sulphide mineralization. These results continue to demonstrate the high-grade nature of the Queen vein and also the strong grade continuity along the vein and within the complex broad vein system.