With Zinc at 45 cents a pound, I've been looking very closely at WTC (WTZ?) again this weekend. The chart is starting to look very promising. ==============================================================
Nice call. I hope you jumped on it big time..... Fwiw, my biggest Ag et al producer.
Western Silver Drilling Expands Peyens Asco Mineralized Zone at Peyens Asquito Property Wednesday October 29, 12:48 pm ET Results reinforce belief Penasquito is emerging as a new silver-gold-lead-zinc district.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 29, 2003-- Western Silver Corporation today announced results from an additional eight core holes and fifteen shallow reverse circulation (RC) holes drilled at the Penasco zone within the Outcrop breccia, El Sotol and La Palma prospects, all of which are within its wholly owned Penasquito precious and base metals project area in Central Mexico. Penasco: Thirteen of the fifteen RC holes and all five core holes drilled at Penasco contain significant precious metal and lead-zinc values similar in grade to the Chile Colorado deposit, the original discovery area on the property situated about 1,700 meters south-east from Penasco.
To date, a total of 31 RC holes and 25 core holes have been completed that define an area containing porphyry-style silver-gold-lead-zinc mineralization which extends for 500 meters in a northwest-southeast direction, 400 meters in a northeast-southwest direction and from just below surface to a vertical depth of at least 350 meters. The mineralized zone forms an ovoid-shaped zone in the southern part of the Outcrop breccia, remains open in all directions except the northwest and may extend beyond the Outcrop breccia into the adjacent sandstones. Additional drilling will be completed before year-end to determine the deposit's size, shape and grade. Drill results to date indicate that mineralization is close to surface, making it particularly attractive for open-pit mine development. "The size and style of the mineralized system and its occurrence above and within a quartz porphyry intrusive are features usually found only in porphyry copper deposits", said Tom Turner, Western Silver's Manager of Mexican Exploration.
"Today's drill results continue to reinforce our belief that Penasquito is emerging as a new silver-gold-lead-zinc district which encompasses not only the Chile Colorado zone but other zones that have comparable size and grade potential," said Tom Patton, Western Silver's President and Chief Operating Officer. "Our intention over the next six months is to establish an inferred resource, then firm up a measured and indicated resource, on the Penasco prospect," he said.
(Earlier this year, an independent scoping study by M3 Engineering and Technology Corp. concluded that another area of the property, the Chile Colorado Zone, was one of the few bulk silver deposits in the world that could be economically exploited at current metal prices. The study identified several ways in which the economics of the project could be improved including the discovery of other nearby mineralized zones, such as Penasco)
At Penasco, five RC holes were drilled at 50- meter intervals on a north-south line approximately 250 meters east of discovery hole S-09, which was drilled earlier this year. The northernmost hole, S-37, contains a 67.7-meter zone from 40 meters to hole bottom at 107.7 meters averaging 0.81 g/t gold and 66 g/t silver. Hole S-32, collared 50 meters south of S-37, contains 36 meters averaging 0.70 g/t gold and 60 g/t silver from 46-82 meters. Core holes WC-71 and WC-72 were drilled due north and due south respectively at -50 degrees to cross beneath S-32 and S-37. Hole WC-71 contains 332.5 meters starting at 68 meters averaging 0.37 g/t gold and 25 g/t silver. Hole WC-72 contains three separate intervals totaling 250 meters with similar grades.
Other notable Penasco drill results released today include core hole WC-67, drilled due north at -50 degrees below RC holes S-07 and S-08, that intersected 59.5 meters beginning at 138 meters averaging 0.48 g/t gold and 62 g/t silver; and WC-70, drilled due north at -50 degrees below S-09 that contains 302 meters beginning at 138 meters averaging 0.45 g/t and 41 g/t silver.
El Sotol: Two core holes were drilled at the El Sotol prospect, located 2,500 meters northwest from Chile Colorado and 900 meters northwest of Penasco. Hole S - 30, originally a vertical RC hole drilled to 100 meters, was deepened to 502.3 meters. WC-68, collared 180 meters S and 120 meters W of S - 30, was drilled due north at an azimuth of -60 degrees to a depth of 157 meters where it was abandoned due to poor ground conditions.
S - 30 cut 34.55 meters averaging 0.42 g/t gold, 40 g/t silver, 0.52% lead and 1.01% zinc from 160 to 194.55 meters. WC-68 cut 77 meters of 0.3 g/t gold, 18 g/t silver, 0.30% lead and 0.55% zinc from 80 to 157 meters and was in mineralized rock when the hole was lost.
The style of mineralization and alteration at El Sotol is similar to the eastern fringe of the Chile Colorado deposit. Additional drilling with a larger drill rig will test a 200- meter wide geophysical anomaly that gently plunges to the northwest from the El Sotol discovery site for a known distance of 500 meters.
La Palma: One core hole was drilled at the La Palma prospect to follow up high- grade mineralization intersected in core hole WC-63 drilled earlier this year. WC-66 was collared 225 meters to the S and 50 meters W of the discovery hole WC-63 and drilled to the N at -60 degrees to determine if the La Palma mineralization had a westerly strike. Only one narrow zone of high-grade mineralization was intersected (1.1 meters of 1.8 g/t gold and 574 g/t silver). The absence of strong alteration in the hole suggests that the mineralized zone may have a northerly instead of a westerly strike. Additional core drilling is planned around discovery hole WC-63 to determine the strike of this high-grade mineralized structure.
Chile Colorado: Two core rigs are currently drilling infill core holes at Chile Colorado. Ten of the sixteen holes have been completed to date; assays are pending.
Details of the drilling are discussed below. A map with hole locations may be found on Western Silver's website at www.westernsilvercorp.com.
Dr.Thomas Patton is the qualified person responsible for the preparation of this release.
Western Silver Corporation is a Canadian-based mineral exploration company focused on exploring for silver and developing properties in Mexico and Canada. The company's 100%-owned Penasquito project has been independently confirmed as one of the largest silver resources in the world and one of the few bulk silver deposits that can be economically exploited at current silver, gold, zinc and lead prices. Western Silver also has an interest in the San Nicolas Zinc-Copper project together with Teck Cominco and owns the Carmacks Copper Project in the Yukon. Its shares trade on the Toronto (TSX:WTC - News) and American (AMEX:WTZ - News) stock exchanges.
The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings.
Silver holdings (US equivalents in parentheses). PAA (PAAS), SSO (SSRI), FSR, SVL, and..... With Zinc at 45 cents a pound, I've been looking very closely at WTC (WTZ?) again this weekend. The chart is starting to look very promising. ==============================================================
Hi Dave, First WTZ (WTC) and now SSRI.... My two biggest Ag plays. Way to call 'em, big guy! <gg>
Silver Standard Announces New Silver Discovery in Mexico Wednesday October 29, 4:30 pm ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 29, 2003--Silver Standard Resources Inc. is pleased to report a new silver discovery at its wholly-owned La Pitarilla project located approximately 170 kilometers northwest of Durango, Mexico. The outcrop discovery, called Cordon Colorado, is the first of three known silver zones on the property to be tested by trenching and drilling. Cordon Colorado measures approximately 700 meters in strike length, 200 meters in width and is open along strike and at depth. ADVERTISEMENT
To date, the company has received assays from six (6) of 16 reverse circulation holes totalling 3,500 meters planned to test the Cordon Colorado zone. These six angle holes are spaced approximately 50 to 100 meters apart along strike, and demonstrate that the zone defined by surface trenching extends to depth. The best values encountered to date are from drill hole BP-4 which intersected 173 grams of silver per tonne over 63 meters (5.5 ounces of silver per ton over 207 feet). BP-12 intersected 134 grams of silver per tonne over 62 meters (4.3 ounces of silver per ton over 203 feet). BP-13 intersected 111 grams of silver per tonne over 90.5 meters (3.5 ounces of silver per ton over 297 feet), including 79 grams of silver per tonne over 25.5 meters (2.5 ounces of silver per ton over 84 feet) and 123 grams of silver per tonne over 65 meters (3.9 ounces of silver per ton over 213 feet). These assay intervals start at or near surface, demonstrating the potential for open pit bulk tonnage mineralization. More assay results are pending and will be reported upon receipt.
"I am excited with the initial drill results for this new discovery," says Robert Quartermain, president. "Two years ago we decided to explore for bulk tonnage silver mineralization in Mexico, and I am pleased that our exploration staff has been able to deliver the new Pitarilla discovery. With further drilling, we will better define the value created here for our shareholders."
The Cordon Colorado zone appears to be related to structures and breccias associated with a collapsed caldera measuring 800 meters in diameter. The two other zones, Pena Dike and Javalena Creek zones, are structurally controlled and are scheduled for trenching and drilling in the first quarter of 2004. A gold showing has also been identified on the property and requires additional work to determine its significance. Using the Pitarilla model, the company has staked three other properties with similar characteristics in Durango State and will assess these projects over the coming months.
Silver Standard is a significant silver resource company with projects in Australia, Argentina, Chile, Mexico, the United States and Canada. The company's assets now include measured and indicated resources of 300.4 million ounces of silver and 1.1 million ounces of gold, plus inferred resources of 366.7 million ounces of silver and 1.1 million ounces of gold. Silver Standard is well financed with over US$12 million in cash and US$6 million in marketable securities, and is actively advancing its portfolio with drill programs and new acquisitions.
Cautionary note to U.S. investors concerning disclosure of estimates of measured, indicated and inferred mineral resources and contained ounces of silver: The terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used in this news release are Canadian geological and mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council on August 20, 2000 as may be amended from time to time by the CIM.
We advise U.S. investors that while such terms are recognized and required under Canadian regulations, the U.S. Securities and Exchange Commission (the "SEC") does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in the measured mineral resource and indicated mineral resource categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.
Under Canadian rules estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable.
Disclosure of silver resources expressed in ounces in the measured and indicated mineral resource categories and the inferred mineral resource category in this news release is in compliance with National Instrument 43-101, but does not meet the requirements of Industry Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, of the SEC, which will accept only the disclosure of tonnage and grade estimates for non-reserve mineralization.
SUMMARY OF PITARILLA DRILLING RESULTS October 2003
News 
Market Data 
Discover 
AI
