MAG Silver Corp. (TSX:MAG,NYSEMKT:MVG) announced assay results from a six-hole, 4,271-meter Phase 3 drill program at its Mexico-based Salamandra property. Drilling finished in September, and the company received final gold check assays this month.
The Salamandra property has been optioned by MAG from Canasil Resources Inc. (TSXV:CLZ).
As quoted in the press release:
MAG’s Phase 3 exploration program consisted of six follow-up holes (SA15-30 – 35) designed to seek mineralization in more favorable host rocks (limestones) at depth beneath the strongest silver-copper-antimony mineralization with associated skarn alteration seen at surface and in earlier drilling. No limestones were encountered and, as in Phase 1 and 2 drilling, appreciable widths of strongly anomalous zinc mineralization were cut in three of the new holes (SA15-32, 34, and 35) (see Table 1 below). The best dispersed zinc intercept was hole SA15-34 with 28 metres (“m”) grading 1.43% zinc. The best narrow high-grade zinc zone was in Hole SA15-31 with 0.79 m grading 7.79% zinc. Strongly anomalous copper with no appreciable silver was cut in three holes.
Unlike any previous drilling, strong gold and tungsten mineralization was cut in the final hole, which was drilled farther east than any previous drilling. Hole SA15-35 (See Map in Figure 1 and Table 1), cut two zones of coherent gold mineralization at 895-931 metres downhole depth: 9.33 m grading 1.01 g/t gold; including 0.88 m grading 3.6 g/t gold and 8.07 m grading 1.36 g/t gold; including 2.31m grading 2.96 g/t gold. These zones occur in scheelite-bearing skarn which extends from approximately 650 m to 931 m downhole depth. The highest grade tungsten (“W”) is 0.9 m of 0.38%. A broad zone of dispersed zinc mineralization (29.9 m grading 0.5%) lies just above the gold zone. Check-assaying at SGS confirms these gold results.
George Paspalas, president and CEO of MAG, commented:
Salamandra continues to manifest signs of an extensive, complex system with a strong metals endowment. The broad pervasive multi-stage mineralization, now including consistent gold, in relatively unfavorable host rocks, supports interest in the system and warrants additional analysis to track it into the favorable limestones that regional work indicates should lie at depth.
Get Our Expert Guide to Zinc Investing FREE!
Download this FREE Special Report, Zinc Commodity News and Zinc Market Outlook 2015.
The post MAG Silver Reports Gold and Zinc Mineralization at Salamandra appeared first on Investing News Network.