PAIV:Minera IRL finds high grade gold and silver mineralization at Escondido
Minera IRL Ltd (LON:MIRL,TSE:IRL) reported more high grade intersections from its Escondido project in Patagonia, Argentina, with one hole returning 136 grammes per tonne gold over 0.70 metres.
The group has now received assay results from the final holes in Phase 2 drilling undertaken in December 2010 and from the initial 20 holes in the Phase 3 exploration/infill drilling carried out in April and May 2011.
In hole E-D10-026, the team discovered 0.70 meters grading 136 g/t gold and 157 g/t silver, while in E-D11-037, it found 4.20 meters with 1.6 g/t gold and 663 g/t silver, including 0.55 meters with 4.2 g/t gold and 1,250 g/t silver.
At E-D11-052 Minera intersected 16.20 meters grading 2.05 g/t gold and 7.4 g/t silver, including 1.95 meters grading 10.0 g/t gold and 14.4 g/t silver, and E-D11-053 found 19.65 meters grading 2.43 g/t gold and 10.4 g/t silver, including 2.55 meters with 9.55 g/t gold and 51.6 g/t silver.
Chairman Courtney Chamberlain said: "The discovery of high grade gold and silver mineralization at Escondido gives a new perspective to this project."
"Whilst we have a lot more work to do to establish the significance of these new high grade structures, it does demonstrate the potential for bonanza precious metal grades. We have also received ongoing encouragement in the lower grade, potentially bulk minable areas of previously reported mineralization."
Minera announced a new discovery in September 2010 at the Escondido project in Argentina’s Santa Cruz province, contiguous to Mariana Resources’ (LON:MARL) Las Calandrias project.
A total of 4,133.20 meters from 33 widely spaced diamond drill scout holes were drilled in 2010. Phase 3 drilling has followed up the 2010 program with another 7,410.40 meters in 59 holes. Assay results from 20 of these holes have bee received.
Phase 3 drilling has also extended coverage to the southeast to probe a recently extended resistivity geophysical anomalous zone, which now has an overall strike of 1.7 kilometres. The southeast zone exhibits high silver characteristics compared to the northwest zone which is gold dominant, Minera added.
