Significant Points:
Gang this story just took a significant leap forward. To start off with we have a historic mine that ceased operations while still in ore because a Government order in 1943 redirected non-essential resources (including people) to the war effort; next we have studies by geologists and mining engineers that led subsequent owners to plan exploration and mining campaigns that continued to expand the potential of the site (but did not result in mining due to lack of funding); then we have numerous holes drilled by International Millennium that have intersected commercial grades over mineable widths; and now, with this release, we demonstrate the potential for very high grade zones of mineable width within the main Nivloc structure. You can easily do the math to see what a Ton of ore is worth at today’s silver prices when you have 1,725 grams per Ton!
The focus of the current drill program, which will move to its last pad, pad 6, in the New Year, is to define a resource within the historic underground workings. Upon completion of this program the exploration focus will switch to expanding the mineralized zones to the northeast and southwest.
The two most recent holes, centered 100 feet apart, both intersected high grade silver and gold zones within a wide zone of lower grade material. It is this pattern of low-grade zones interspersed with high-grade lenses that allows for the possibility of underground bulk-mining, particularly with the favorable silver prices we are experiencing.
Holes 11NL29 & 11NL30 were collared from drill pad 4 on the western part of the northeast-southwest-trending Nivloc vein structure. This continues a program testing a 1,200 foot long by 800 foot vertical un-mined zone that lies between two partially mined areas within the historic Nivloc underground workings.
Highlights from 11NL-29*:
172.6 feet @ 53.3 g/t Ag and 0.64 g/t Au - Main Nivloc vein
Including: 13.5 feet @ 292.3 g/t Ag and 2.46 g/t Au - Main Nivloc vein
Highlights from 11NL-30*:
196.0 feet @ 98.6 g/t Ag and 0.31 g/t Au - Main Nivloc vein
Including: 5.5 feet @ 1,725.0 g/t Ag and 0.16 g/t Au - Main Nivloc vein
*Please refer to the actual news release on the Company Web Site for a table of results and estimated true widths from these two drill holes
My last comment on this release is to say that work is continuing on the NI 43-101 compliant report that is intended to outline viable mineralized zones that can be converted to resources. This latest result will have a material effect on that report.
Merry Christmas & Happy New Year Everyone!
Kevin Hull,
IR Manager
