This looks like it might be a big puppy...
Peruvian Gold Limited -
Peruvian/Imperial initial results at Silvertip
Peruvian Gold Limited PVO
Shares issued 14,227,466 2000-02-09 close $0.67
Thursday Feb 10 2000
Also Imperial Metals Corporation (IPM)
Mr. David Henstridge reports
Peruvian Gold and Imperial Metals have received the initial results of the current 22-hole drill program at the Silvertip high-grade silver/zinc/lead project in northern British Columbia. Peruvian is earning an interest in the property from Imperial (see Stockwatch Sept. 30, 1999). The project contains a measured, indicated and inferred resource of 2.57 million tonnes grading 325 grams per tonne silver, 8.8 per cent zinc and 6.4 per cent lead, as estimated by Imperial. This latest program has been designed with a twofold purpose: to test the continuity and orientation of the mineralization discovered in hole SSD 99-2, which intersected 31.4 metres of 318 g/t silver, 8.65 per cent zinc and 5.53 per cent lead and to test several other geological targets. The assay results for the first seven holes from the current drill program are listed on the table below. Analyses were performed by Bonder Clegg, an independent Vancouver assay laboratory.
To date, most of the mineralization at Slivertip has been known to occur in mantos at, or just below, the gently dipping unconformity between the McDame limestone and overlying impermeable earn group argillites. However, most importantly, mineralization is also present in the McDame limestone for at least 100 metres below the unconformity and this may represent, in part, structurally controlled feeders to the overlying mantos. It is believed that the basal 15.3 metres in hole SSD 99-2, grading 411 g/t silver, 9.2 per cent zinc and 6.7 per cent lead, forms part of one of these feeder systems. The objective of the first part of the current underground drill program has been to drill fan-shaped arrays of holes around this intercept to define its shape and continuity. The drill program was completed on Feb. 7. Twenty-two holes (SUD 67 to SUD 88) were drilled totalling 3,209.3 metres of HQ core.
The first two fans of four holes each (SUD 67 to 74), located around the mineralization discovered in SSD 99-2, have intersected, in part, feeder-style massive sulphides. This mineralization is totally within the McDame limestone and is texturally and mineralogically different from the mineralization in the mantos at the top of the McDame limestone. The drill holes have intersected an east-west trending pipe-like feature that is elliptical in cross-section. This mineralized body remains open to the east and west.
Of particular interest is a new sulphide intersection in the lower part of hole SUD 68, which assayed 16.5 per cent zinc over 3.6 metres. This intercept is about 60 metres below the mineralization in SSD 99-2 and contains abundant magnetic pyrrhotite and chalcopyrite, minerals commonly found in feeder zones nearer the source of the mineralization. This supports the interpretation that there is potential for additional mineralization occurring at depth and to the south and east from the present drilling.
Silvertip is a carbonate replacement deposit (CRD) that has similar characteristics, such as multiphase mineralization, to two of the world-class CRDs', Santa Eulalia in Mexico (50 million tonnes grading 125 g/t silver, 3 per cent zinc and 2 per cent lead, Megaw at al (1988)) and Gilman in Colorado (11.7 million tonnes grading 228 g/t silver, 8.5 per cent zinc, 1.5 per cent lead, 0.9 per cent copper and 1.7 g/t gold (Beaty et al, 1990)). To help understand the evidence emerging from the current underground drill program, the following extract is given from a paper written by William Paxton Hewitt (1968) on the geology of the Santa Eulalia deposit:
"Santa Eulalia orebodies are typical limestone replacement features: mantos, chimneys, replacement veins and associated bedding replacements. Mantos and chimneys, pipe-like bodies in which the long axis is tons or even hundreds of times the length of the largest cross-sectional axis, are abundant. They are essentially similar -- mantos being horizontal, chimneys vertical."
In summary, the recognition of feeder-style mineralization at Silvertip significantly enhances the potential of this project. Mineralized bodies within CRDs, such as Santa Eulalia and Gilman, are generally interconnected through mantos and chimneys and the exploration history of these deposits has shown that tracing the mineralization to its source by following these feeders has resulted in the discovery of large deposits.
SILVERTIP PROJECT
Underground diamond drill program
Winter 2000
From - To Interval Silver Lead Zinc
(m) (m) g/t % %
Hole SUD 67
55.1 - 59.95 4.85 146.5 1.2 5.5
including
57.13 - 59.95 2.82 233.1 2.0 7.8
95.85 - 107.5 11.65 322.8 5.2 13.0
including
95.85 - 104.5 8.65 348.1 5.5 15.6
and
105.6 - 107.5 2.34 320.6 5.6 7.1
Hole SUD 68
95.38 - 103.67 8.29 345.9 5.0 13.7
125.96 - 127.11 1.15 925.6 20.1 8.9
183.8 - 187.4 3.6 71.1 0.3 16.5
Hole SUD 69
71.3 - 73.7 2.4 190 2.0 12.3
99.4 - 106.3 6.9 202 3.7 4.2
111.8 - 126 14.2 391.2 6.1 8.0
Hole SUD 70
109.8 - 113.5 3.7 790.6 17.1 8.9
120.1 - 122.8 2.7 299.9 5.4 8.7
174.4 - 176 1.6 254 0.6 9.5
191.2 - 192.3 1.1 760.6 14.6 13.5
196.5 - 196.6 0.1 480.5 11.6 11.9
Hole SUD 71
68.7 - 81.8 13.1 284.2 6.3 6.6
83.8 - 90 6.2 98.4 1.2 9.3
126.1 - 127.7 1.6 293.3 4.8 4.2
131.3 - 132.9 1.6 1008 20.3 16.8
Hole SUD 72
49.7 - 50.5 0.8 417.3 6.7 3.5
81 - 85.1 4.1 418.4 6.6 14.0
Hole SUD 73
69.9 - 82.5 12.6 345.5 5.9 10.8
including
69.9 - 77.3 7.4 219.3 3.3 15.7
and
79 - 82.5 3.5 803.8 15 8.1
95.8 - 96.1 0.3 93.5 0.03 15.5
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