Zacatecas Silver Received 30 Drilling PermitsBy Karin Dilge | Mon, 05/09/2022 - 11:33
The company Zacatecas Silver Corp. provided an update on its El Cristo vein system located within their Zacatecas property. According to the company, SEMARNAT approved 30 drilling permits at El Cristo. “Multiple oxidized and silver-base metal mineralized veins were defined over a strike length of at least 4km significantly extending the previous reported strike length of 2.5 to 3 km,” reported the company.
The program contemplates a total of 2500m of diamond drilling in the initial phase of drilling at El Cristo. There is ongoing drilling at the Panuco North area with multiple assays pending.
Recently, the company reported that its drilling at Panuco North is targeting the down-dip strike extension of surface mineralization. Results from six holes drilled northwest of the vein showed zones of low-grade silver-gold mineralization. In addition, they revealed shallow workings over a strike of 200m to a maximum depth of 60m. The company announced that the vein has not been tested below these measurements.
Nevertheless, the vein system of El Cristo is in the central part of the Zacatecas property and it is in the northwest extension of the well-known Veta Grande vein, which has reported albeit unverified, historical production of 200Moz AqEq. The veins at El Cristo show similar characteristics to those at Veta Grande, with a similar orientation and part of the same sigmoidal zone of dilation.
“The approval of 30 drill pads at El Cristo will allow the company to drill test multiple veins within a zone of dilation that is almost 4km long and up to 600m wide. The approved pads will allow the near surface depth extensions of veins to be tested, a strategy that has worked extremely well at Panuco North, where the company is currently drilling,” said Dr. Chris Wilson, COO and Director, Zacatecas Silver.
Wilson added that at El Cristo, the parts of the veins that have historical shafts and surface workings are of particular interest. “Historical, unverified channel sample assay results show robust silver grades. Furthermore, the down-dip extension of these zones shows very attractive targets.”
Last month, the company announced the acquisition of the advanced-stage Esperanza Gold Project, located in the state of Morelos, as well as the acquisition of its shares by another important mining company in the country. The company acquired Esperanza Gold under the terms of a share purchase agreement from Feb. 28, 2022, signed with Minas de Oro Nacional, a subsidiary of Alamos Gold. The total amount of the transaction is approximately US$60 million, but the initial payment consists of US$5 million and 12,140,000 common shares of Zacatecas Silver with a total value of US$10 million, among other benefits for Alamos Gold. The rest of the payment will be made when significant steps in commercial production are achieved.