Tillkännagivande • Apr 21
Silver Dollar Resources Inc. Commences Exploration Drilling At La Joya Silver Copper Gold Project
Silver Dollar Resources Inc. has commenced diamond drilling at its 100%-owned La Joya Silver (Cu-Au) Project, located in the state of Durango, in the southeastern portion of the Mexican Silver Belt. The 3,500-metre drilling program will test targets outside the historic resource areas, focusing on the Noria portion of the 2-by-3-kilometre La Joya mineralized complex. The primary target areas display similarities with the mineralization style at the nearby San Martin mine, located approximately 25 km southeast of La Joya. Silver Dollar’s discovery of San Martin-type mineralization at La Joya, specifically at the Coloradito Intrusive, “El Brazo”, provides evidence supporting the concept of deeper mineralization around the main intrusions. Both La Joya and San Martin are situated within the Cuesta del Cura Limestone Formation and the overlying Indidura Formation, along the broadly defined San Luis-Tepehuanes Fault System, commonly referred to as the Mexican Silver Belt. These intrusions are of the same age, similar in size and composition, and in both cases, mineralization is concentrated along the contact near the outer limit of skarn alteration surrounding the intrusion. Historically, the San Martin mine reportedly contained more than 300 million ounces of silver, with mineralization extending vertically for more than 850 meters. Drilling has indicated that mineralization remains open for an additional 400 meters below known intercepts, suggesting depths well beyond 1,200 meters. Several targets have been developed at La Joya to drill-test for deep San Martin-type mineralization below known mineralization or magnetic anomalies near the margins of the intrusive bodies. These targets include: Central Dyke: Delineated over a strike length of 770 meters with 134 of 170 samples (156 channel and 14 rock grab samples) returning assays greater than 100 grams per tonne silver equivalent (AgEq); including sample #161, taken in altered carbonate sediments proximal to the intrusive, that returned 3,823 grams per tonne AgEq. El Brazo: Situated approximately 1 km west of La Joya’s Main Mineralized Trend (MMT), is a carbonate-hosted mineralized system exhibiting characteristics consistent with the San Martin carbonate replacement deposit (CRD) model. Drill hole NOR-22-013 intersected 232 grams per tonne AgEq over 19.35 meters, including a higher-grade interval of 535 grams per tonne AgEq (420 grams per tonne Ag, 0.41 grams per tonne Au, 0.05% Cu, 1.97% Pb, and 3.9% Zn) over 5.0 meters. Silver Dollar’s El Brazo discovery not only confirms the presence of high-grade CRD mineralization but also highlights the potential to expand future mineral resource estimates at La Joya by including lead and zinc credits, which were notably absent from the historical calculations. North Side: With historic hole LB96-04 intersecting results of 694 grams per tonne AgEq over 8.6 meters at a depth of 401 meters, this deep high-grade mineralization identifies a “San Martin” type target, along strike and to the north of the MMT. This target is below and beyond the depth of previous drilling and remains open in all directions. Road Zone: Located just to the northwest of the MMT, is a blind gold-rich target, originally intersected at 126 meters in hole NOR-21-004 (that deviated while testing a deeper North Side target). This structure is identified by the presence of rhodonite with fine-grained pyrite-chalcopyrite that assayed 1,099 grams per tonne AgEq over 3 meters. Subsequent drilling intersected similar mineralization in holes NOR-22-010 (204 grams per tonne AgEq over 2.09 meters) and NOR-22-017 (700 grams per tonne AgEq over 1.87 meters) over a strike length of 190 meters. El Puerto Mag Anomaly: A ground magnetic anomaly that coincides with a topographic low between Coloradito and the MMT, and just west of the Road Zone. This is a blind target in a prospective structural corridor. Silver equivalent is calculated using the following metal prices in USD: Au $1,750/oz, Ag $22/oz, Pb $1.25/lb, Zn $1.50/lb, Cu $4.30/lb. Recoveries of Au 66%, Ag 93%, Cu 70%, Pb 87%, Zn 84%, historically reported from Pan American Silver’s La Colorada mine and Southern Silver’s Cerro Minitas mine (Cu only), have been used in the AgEq calculation, and are assumed to be comparable to anticipated recoveries at La Joya. Reported assay results are adjusted based on the historic recoveries reported above. La Joya is a large, advanced exploration-stage project comprising 15 mineral concessions totaling 4,646 hectares and hosts the Main Mineralized Trend (MMT), Santo Niño, and Coloradito deposits. The Property is situated approximately 75 km southeast of Durango, the state capital city, in a high-grade silver region with past-producing and operating mines, including Silver Storm’s La Parrilla Mine, Industrias Penoles' Sabinas Mine, Grupo Mexico's San Martin Mine, First Majestic's Del Toro Mine, and Pan American Silver's La Colorada Mine. The previous operator, Silvercrest Mines, released a Preliminary Economic Assessment (PEA) National Instrument (NI) 43-101 Technical Report for La Joya in December 2013. The PEA included a mineral resource estimate (MRE) for only the MMT and Santo Nino deposits that was primarily based on Silvercrest's drilling between 2010 and 2012. The MRE was reported to conform to CIM definitions and standards for resource estimation at that time. However, a qualified person of Silver Dollar has not done sufficient work to classify the historical resource, and the Company is not treating it as a current mineral resource. Independent data verification and an assessment of the mineral resource estimation methods are required to validate the historical mineral resource estimate. La Joya is 100%-owned by Silver Dollar, subject to a 2% net smelter returns (NSR) royalty on all minerals produced from the Property. Metalla Royalty & Streaming Ltd. owns the NSR royalty. Dale Moore, P.Geo., the “Qualified Person” as defined by NI 43-101, has reviewed and approved the scientific and technical information contained in this news release. Dale Moore, P.Geo., is not independent of the Company in accordance with NI 43-101.