logo-loader

Solitario reports "significant" high-grade drilling results at Pachuca Real project

Last updated: 12:21 17 Jan 2012 EST, First published: 13:21 17 Jan 2012 EST

no_picture_pai

Solitario Exploration & Royalty Corp. (TSE:SLR)(AMEX:XPL) said Tuesday that "significant" high-grade silver-gold mineralization was intersected in drilling on its Pachuca Real property in central Mexico.

Tuesday afternoon, shares were up 2.23 percent to $1.83.

Highlights include drill hole PAN11-28, which intersected over 1.05 metres grading 16.4 grams per tonne (g/t) gold and 239 g/t silver; PAN11-27, which returned over 0.60 metres grading 5.6 g/t gold and 837 g/t silver; and PAN11-31 with 0.85 metres grading 8.4 g/t gold and 283 g/t silver.

Solitario president and CEO, Chris Herald, said: "We are very encouraged with the results of the 2011 drilling program, where holes on at least eleven of seventeen veins tested in 2011 intersected significant silver-gold mineralization.

"The history of the prolific Pachuca district demonstrates that a mineralized vein, no matter how narrow, can develop into a significant mineralized high-grade vein structure as it is followed along strike or down dip.

"Over the next several months, we will evaluate these results and develop a plan with an eye towards following-up the more significant drill-hole intercepts to test for the widening of the mineralized structures."

The 2011 drilling program was managed and entirely funded by Solitario's joint venture partner, Compania de Minas Buenaventura (NYSE:BVN). Buenaventura has informed Solitario that it has elected not to fund the second year $2.3 million program, and will therefore forfeit its right to earn an interest in the property.

Buenaventura recently completed a 38-hole core drilling program totaling 13,489 metres on the project. Twenty of the holes intersected at least one interval grading in excess of 100 grams per tonne silver equivalent.

The target at Pachuca consists of high-grade silver-gold mineralization in veins. Most of the holes were widely spaced on 17 separate vein prospects, scattered over an area measuring nearly 14 kilometres in an east-west direction and eight kilometres in a north-south direction.

Solitario's 100%-owned Pachuca Real project encompasses approximately 31,300 hectares of mineral rights in and around the famed Pachuca silver-gold mining district.

Historic production from the Pachuca district totals approximately 1.4 billion ounces of silver and over 7.0 million ounces of gold, making it one of the largest historic silver-gold districts in the world.

Solitario is a gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in Brazil, Mexico, and Peru.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

14 minutes ago