Ok, a few days past two months, but none-the-less...<eom>
This news is dated from Jan 19, 2000.
Len Brownlie, Director of First Silver Reserve Inc. is pleased to provide a progress report on the El Banco exploration drift, which is being driven from existing workings at the San Martin Silver Mine to the prospective Los Bancos zone where three mineralized structures (La Zuloaga, Rosario-Condesa and La Mancha) intersect. A horizontal drift towards the El Banco target from the existing mine working was started in late 1998. To the end of December, 1999, the drift had advanced approximately 550 m.
The drift has been centered on a new mineralized breccia which exhibits a length of 200 m. along the vein, has an average width of 2.6 m. and contains an average of 401 g/tonne (12.9 ounces/tonne) silver, 0.57% lead and 1.67% zinc. This new and prospective area is open upwards, downwards and to the west. Drilling to establish the full extent of this mineralization will be initiated after the vertical projection of the Los Bancos target is reached, which lies approximately 250 m. further west. The silver grade encountered in this section of the exploration drift is approximately 100 g/tonne higher than the current mill head grade.
The Company has recently reviewed a Report on the Mineralogic and Thermal Structure of the Zuloaga Vein by independent geologist Tawn Albinson. Mr. Albinson will be submitting a manuscript based on this report to the Society of Economic Geologists for publication in an upcoming Special Publication Series entitled "New Mines and Discoveries in Mexico and Central America". Mr. Albinson used mineralogic and fluid inclusion analysis of samples from the existing and new sectors of the San Martin Mine to determine the location of upflow zones responsible for mineralization. The style of mineralization and the fluid inclusion homogenization temperatures measured in sphalerite and quartz from the western sector indicate that this new zone of vein formation and mineralization is related to a distinct upflow zone that is independent from the hydrothermal cell that formed the orebodies in the eastern and central sectors of the mine. Furthermore, Mr. Albinson suggests that the central portion of the new upflow zone may be located further west of the present drift heading, under the vertical projection of surface expressions of the El Banco alteration zone, which occur 500 m. higher in elevation. Mr. Albinson has recommended that the exploration drift be continued an additional 500 m. further to the west. Mr. Albinson has also noted that the La Mancha structure exhibits an unexplored 800 m. long high-level alteration zone similar to Los Bancos. The Company is currently drilling at the face of the exploration drift to determine the precise location of the Rosario-Condesa and La Mancha veins, prior to continuing the drift. Further updates will be provided on this significant discovery as new data becomes available.
First Silver Reserve is a company focused on production and exploration of silver in Mexico. In 1998, First Silver produced 2.34 million ounces of silver at a cash cost of US$2.95 per ounce. First Silver shares trade on the Toronto Stock Exchange under the symbol FSR. TEL: (604) 602-9973 |
