Palmarejo Silver and Gold Corporation Announces Further Drill Results from the Guadalupe Project
Tue Jul 24, 9:20 AM
ca.news.finance.yahoo.com
LONGUEUIL, QUEBEC--(CCNMatthews - July 24, 2007) - Palmarejo Silver and Gold Corporation (TSX VENTURE: PJO.V)(the "Company") is pleased to announce results from the continuing reverse circulation (RC) and diamond drill program at the Guadalupe project, 7 kilometres southeast of the Palmarejo Project, in the Temoris District, Chihuahua, Mexico. The project is held by the Company's 100%-owned subsidiary, Planet Gold SA de CV.
The Guadalupe project consists of a series of northeast dipping quartz veins that have been traced for more than 1,500 metres along strike. There are three main prospects located along the Guadalupe structure known from north to south as Guadalupe Norte, Guadalupe and Las Animas. A fourth prospect, El Salto, has been identified by surface mapping as a link structure between Las Animas and Guadalupe. El Salto has only been tested by near surface drilling.
The UDR200 core rig recently commenced infill drilling on the G1 and G2 clavos at Guadalupe Norte. Three other core rigs, including the LY38 which relocated from the nearby La Patria project, are continuing the program of extensional drilling at Guadalupe Norte and Las Animas.
Twelve holes have been drilled for 1,059 metres of RC and 3,841 metres of diamond core since the previous drilling update on June 12, 2007. These drill hole results are being incorporated into the Guadalupe resource update which is currently in progress. Some of the better results from this drilling are reported below as down hole intercepts. Where there is a difference between down hole and true width intercepts these are noted in the table of full assay results recorded below.
- TGDH132D 9.00 metres @ 1.41 g/t Au and 30 g/t Ag (1.9 g/t AuEq)
- TGDH135D 8.00 metres @ 1.04 g/t Au and 40 g/t Ag (1.7 g/t AuEq) and
4.50 metres @ 10.61 g/t Au and 48 g/t Ag (11.4 g/t AuEq)
- TGDH137 3.05 metres @ 2.06 g/t Au and 112 g/t Ag (3.9 g/t AuEq)
- TGDH139 9.14 metres @ 0.34 g/t Au and 47 g/t Ag (1.1 g/t AuEq) and
12.19 metres @ 1.33 g/t Au and 67 g/t Ag (2.5 g/t AuEq)
A map is available at the following address: ccnmatthews.com
Details of the drill hole locations are available at the following address: ccnmatthews.com
Assay Results are available at the following address: ccnmatthews.com
Notes:
- Assays have been calculated using a 1.0 g/t AuEq cut off, no top cut and a gold to silver price ratio of 1:60.
- Metallurgical recoveries and smelter returns are assumed to be 100%.
- QVBX = quartz vein breccia.
- # = previously reported and included here for completeness.
- Bulked intercepts are calculated by weight averaging the grades between the given depths and incorporating a maximum dilution of 2 metres internal waste at less than the 1.0 g/t AuEq cut off.
- Results are awaited for drill holes TGDH128D, TGDH133D, TGDH133DW1, TGDH138D and TGDH140D to TGDH152.
The attached long section highlights the intercepts reported in this drilling update. Hole TGDH135D was drilled deep at Las Animas and extends the clavo down dip of the significant intercept in hole TGDH129 (25.91 metres @ 1.91 g/t Au and 204 g/t Ag). Holes TGDH137 and TGDH139 were drilled along the northern margins of the Las Animas clavo intersecting low to medium grade mineralization over true widths of 2.0 metres and 9.99 metres. Hole TGDH132D was drilled down dip of TGDH118D (15.00 metres @ 0.80 g/t Au and 74 g/t Ag) beneath the main Guadalupe workings.
Holes TGDH150 and TGDH152 are not shown on the long section as they were terminated short of target depth due heavy water inflow and inability to sample RC cuttings dry.
A total of 71 RC, 84 diamond core and eight diamond core continuations of RC holes for 15,821 RC metres and 29,545 core metres have been drilled at Guadalupe since drilling commenced in mid-2005.
A map of the Guadalupe Longitudinal Section is available at the following address: ccnmatthews.com
Quality Assurance
The Company has put in place a rigorous QA/QC program consistent with Canadian Securities Administrators National Instrument 43-101 ("NI 43-101") and using best industry practice. The QA/QC program is independently supervised by Keith Blair, Msc, PGeo of Applied Geoscience of Reno, Nevada.
Elements of the program include chain of custody of samples, standard and blank samples submitted to ALS Chemex, with each batch of samples, and a check assay program on a proportion of sample pulps with a second laboratory. Results from the QA/QC program have to date been satisfactory.
Qualified Person
The technical information contained in this release was compiled in accordance with the Listing Rules of the Australian Stock Exchange Limited, by a competent person who is a corporate member of the Australasian Institute of Mining and Metallurgy and who has consented to the inclusion of such technical information in the form in which it appears in this release. The competent person is Kenneth M. Phillips, geologist of VOP Mining Services Pty Ltd who is also a director of Bolnisi Gold NL, the Company's majority shareholder. Mr. Phillips is a qualified person under NI 43-101.
Forward Looking Statement
Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including statements regarding resource estimates, potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those suggested by these forward-looking statements for various reasons discussed throughout the Company's Annual Information Form dated October 12, 2006 and particularly in the section entitled "Risk Factors".
For more information about the Company and its projects, please refer to the NI 43-101 Technical Report dated October 1, 2006 and other documents available on SEDAR ( www.sedar.com) or via the Company's website at ( www.palmarejogold.com).
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
James Crombie
Palmarejo Silver and Gold Corporation
President & CEO
450-677-2253
450-677-2601 (FAX)
jcrombie@pjogold.com
Gerri Paxton
Palmarejo Silver and Gold Corporation
Manager, Investor Relations
450-677-2054
450-677-2601 (FAX)
gpaxton@pjogold.com
www.palmarejogold.com |
