Announce Namiquipa Drilling Continues To Define Significant Silver/Lead/Zinc Mineralization Within Multiple Vein System - Mexico
Brisbane, Feb 1, 2012 AEST (ABN Newswire) - Cerro Resources NL (
ASX:CJO) (CVE:CJO) is pleased to announce assay results for an additional eighteen drill core holes from the Namiquipa Silver Project, in Chihuahua state, Mexico.
60 holes have been completed for a total of 22,633m of core, with further assays pending. Drilling has resumed after the holiday break.
Highlights of the Princesa /Megan Vein system include
- NAM-047 6m @ 1,175g/t AgEq from 163m;
- including 1.4m @ 3,607g/t AgEq from 164.6m;
- NAM-036 12.5m @ 129g/t AgEq from 330.4m, with zinc values averaging 3%;
- NAM-039 2m @ 898g/t AgEq from 388m.
Core drilling has now intersected mineralization to vertical distances of 350m below the surface and continues to be open at depth. High grade mineralization intersected in NAM-047 correlates with mineralization intersected in NAM-018 and remains open at depth. Further drilling will test down dip and strike extensions.
Vein Systems
Core rigs operating at Namiquipa have continued to test the main vein systems at depth and along strike. To date the drilling confirms the system consists of multiple veins and strongly anomalous assays across the six main veins identified to date: Princesa, America, Mexico, Megan, Esmeralda and Antenna.
Eleven of the core holes currently being reported were drilled to test mineralization along the Princesa/Megan Vein system (NAM-033, NAM-034, NAM-036, NAM-037, NAM-039, NAM-043, NAM-047, NAM-049, NAM-052, NAM-057 and NAM-058: Figure 1 and Table 1). Assay results were also received for three drill holes designed to test surface geological features and potential mineralization along the Antenna system (NAM-040, NAM-041 and NAM-042: Figure 1 and Table 2). And results were received for holes drilled to test targets in the Northern Extension Area (NAM-022, NAM-025 and NAM-045: Figure 1 and Table 3), as well as results for two holes drilled to test the Southern Area (NAM-031 and NAM-042: Figure 1 and Table 4). Further assays are pending and will be reported as they become available.
The Princesa and Megan Veins
The historic La Venturosa Mine produced an estimated 14.4 million ounces of silver, 32,550 tonnes of lead and 43,530 tonnes of zinc from two prominent quartz/breccias vein systems; the America and Princesa, in a wider six-vein system.
The Princesa/Megan vein continues to be the principle target of Cerro Resources' exploration program, as the Princesa vein was only reported to have been mined to 100m below the surface and the down dip projection of the mineralization remains open at depth as well as along strike to the north and south. A simplified Long Section shown in Figure 2 summarizes the results of some of the recent assay results and the previously announced drill data.
NAM-033 and NAM-034 (Figure 3) were drilled below the previously reported NAM-008 (Press Release Aug 2011) which intersected an open stope at the target depth. NAM-033 also intersected an open stope at the projected target but still cut 0.49m with 409g/t AgEq comprised of 96g/t Ag, 2.5%Pb and 8.92%Zn from 213.2m to 213.7m. NAM-034 drilled at a steeper angle on the same drill platform as NAM-033 and intersected 133g/t AgEq over 7m from 257m to 264m with highs of 4% Pb and almost 14% Zn. NAM-034 was also successful in intersecting multiple silver, lead and zinc mineralization within a much larger zinc zone that broadly defines the Princesa system (Figure 3 and (Table 1).
NAM-036 was drilled as an infill hole between NAM-029 and the section containing drill holes NAM-008, NAM-033 and NAM-034 discussed above. The strong lead and zinc mineralization along with silver was also intersected in this drill hole, highlighted by 127g/t AgEq over 11.6m with 20g/t Ag, 1.13% Pb and 2.78% Zn from 243.3m to 255m (Table 2). Zinc values again clearly define this zone, containing highs to 18% Zn over 0.47m and 8.3% Zn over 1.15m. NAM-036 also intersected a deeper and broad zone consisting of 129g/t AgEq over 12.5m containing 10.9g/t Ag, 1.24% Pb and 3.06% Zn from 330.5m to 343m.
NAM-037 targeted down dip projections of the Princesa Vein intersecting 124g/t AgEq over 1.6m with 70g/t Ag and 0.63% Pb and 1.34% Zn from 339.3m to 341m.
NAM-039 was drilled below previously reported NAM-016 (Press Release October 25, 2011) and intersected a 13.3m drilled length of mineralization from 376.7m to 390m averaging 169g/t AgEq and included a 2m interval averaging 898g/t AgEq with silver to 305g/t Ag over 0.9m and also containing 19% Pb and 24% Zn (Table 1).
NAM-043 was drilled south of NAM-008 and north of NAM-016. This drill hole also intersected multiple zones of mineralization, highlighted by 102g/t AgEq over 12m from 343m to 354m, comprised of 13 g/t Ag, 1.95%Pb and 4.61% Zn.
NAM-047 drilled south of NAM-018 (Press Release October 25, 2011) successfully intersected significant broad zones of silver mineralization along the Princesa Vein system including 6m of 1,175g/t AgEq with 1.41m containing 3,540g/t Ag, 1.02% Pb and 1.43% Zn. A broader zone was intersected lower in the drill hole consisting of a drilled interval of 18.6m from 202m to 220.6m containing 127g/t AgEq (Table 1).
NAM-049 drilled approximately 130m south of NAM-047 (discussed above) intersected the Princesa Vein at approximately 80m to 107m and included a 5m interval containing 56g/t AgEq.
NAM-052 drilled below NAM-049 and was terminated because of strongly broken ground after intersecting a possible historic working. However, despite being stopped early the drill managed to intersect 26.8m averaging 61g/t AgEq from 156m to 182.8m.
NAM-057 was drilled below NAM-029 (Press Release October 25, 2011) and intersected both the Princesa Vein at approximately 231m to 234m with 545g/t AgEq comprised of 193g/t Ag, 2.84% Pb and 9.99% Zn. The drill hole also intersected the Megan Vein lower in the hole, consisting of a 27m interval averaging 167g/t AgEq (20g/t Ag, 1.34% Pb and 4.03% Zn).
NAM-058 drilled below NAM-002 (Press Release August 11, 2011) has results showing a 13m interval from 283m to 296m averaging 71g/t AgEq and a lower zone with 6m from 320m to 326m averaging 79AgEq.
Antenna Veins
Outside of the main zones of mineralization holes NAM-040, NAM-041 and NAM-042 were drilled to test geologic targets along the Antenna veins and the possible blind mineralization projected as splays off of the Princesa. NAM-040 failed to intersect anomalous silver, lead or zinc mineralization. NAM-041 however intersected a very broad zone of low grade zinc mineralization from a drilled depth of 400m to 586m with highs of 6.21% Zn from 585m to 586m. Despite the low grade silver values the mineralization in association with favourable geologic characteristics will require this area to be further evaluated.
Northern and Southern Extension Areas
Results have been partially received for several drills holes that targeted extensions of the northern and southern extensions to zones to the main mineralized zones of the Princesa Vein, America and Mexico Vein systems. Thus far only NAM-045 has returned multiple zones of silver, lead and zinc mineralization. Other assay results for drill holes completed in the area are pending.
2012 Program
Drilling recommenced on 20 January 2012 utilising 1 core rig on double shift. The assay results referred to above are being inputted to the continued remodelling of the project data to review and set drill location targets. The focus in early 2012 will be in and around the area marked on the long section (figure 2) and will follow strongly the significant silver discovered in hole NAM-047 as discussed above.
To view the complete Cerro Resources announcement, including Tables & Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/71531-ASX-CJO-576601.pdf
Contact
Tony McDonald
Managing Director
+61-7-3252-0122
admin@cerroresources.com
Greg Germon
General Manager Investor Relations - Australia
+61-2-9300-3341
greg@cerroresources.com
Ms. Gerri Paxton
Manager Investor Relations - North America
+1-514-544-2696
gpaxton@cerroresources.com
Cerro Resources NL
http://www.cerroresources.com
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