Canadian explorer Viscount Mining Corp (CVE:VML) could have more than 50mln ounces of silver in the ground at its Silver Cliff project in Colorado, USA, according to Torrey Hills Capital’s Clay Chase.
The company reported assay results from two holes from its latest round of drilling on Wednesday.
Hole P17001 returned intersects of up to 113.5 grams per tonne (g/t) of silver (Ag) over 9 meters (m) from 24m to 33m, including 237.5 g/t Ag over 3m from 25.5m to 28.5m.
The other hole, P17003, returned intersects of up to 58.5 g/t over 6m from 15m to 21m, including 86 g/t over 1.5m from 16.5m to 18m.
The two holes add to the results from five which have already been reported over the past month or so, and three more assays from this phase of drilling are due in the coming weeks.
The historical resource estimate at Silver Cliff, generated in the mid-1980s, suggested Silver Cliff was host to 50mln ounces of silver, and Viscount is working on re-classifying that number in order to meet NI-3-101 requirements.
That may seem like a lot of metal, but Chase reckons further drilling could reveal even more underfoot.
“These results further lead us to the belief that at some point the market is going to come to the realisation that the historical resource estimate of 50mln ounces could possibly be not only a reliable number of ounces, but given the fact that this deposit could run both deeper and laterally outside the original resource estimate envelope - that the initial number could possibly even be improved on and come in at higher than the originally reported [estimate],” said Chase.
“We also see the fact that this deposit looks to be configured as horizontally shaped tablets could make this project a lower cost, bulk mining operation vs mining steeply tilted narrow vein configuration mineralisation - which can be both more difficult and expensive to mine.”