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Wildcat Silver up 23% after high-grade silver discovery at Hermosa property in Arizona


Wildcat Silver (TSE:WS) announced Tuesday it intersected mineralization in an additional four drill holes, including 483.2 grams per tonne (g/t) silver, at its 80% owned Hermosa property in Arizona, causing its shares to jump over 20%.

Assays from hole HDS-192 found two zones of mineralization in an area of shallow drilling, the company said. The upper zone averaged 483.2 g/t silver, 15.5% manganese, 2.5% zinc, 2.8% lead, and 0.2% copper over 22.9 metres. The lower zone returned 4.6 metres grading an average of 138.5 g/t silver, 12.3% manganese, 3.3% zinc, 1.1% lead, and 0.1% copper.

In Toronto, the Vancouver, B.C.-based company's shares hiked 23.81% as of 1:03 pm EDT, to trade at $1.56.

Meanwhile, hole HDS-189, which was drilled on the eastern side of the property, encountered four zones of mineralization. Wildcat said the middle two zones are of most significant.

The lower of these two zones intersected 433.6 g/t silver, 4.98% manganese, 1.93% zinc, 1.23% lead, and 0.24% copper over 19.8 metres, while the upper zone returned 47.3 metres grading 246.6 g/t silver, 7.44% manganese, 0.65% zinc, 1.27% lead, and 0.11% copper.

Other notable results include hole HDS-190, which intersected an upper zone of 25.9 metres at 79.0 g/t silver and 17.8% manganese, and a lower zone grading 15.4% manganese over 39.6 metres.

The fourth hole, HDS-173, is the most northeastern hole drilled to date, and was intended to test the extension of the Hermosa mineralization. The hole encountered two zones of mineralization, with the upper hole returning 89.3 g/t silver over 16.8 metres.

Wildcat said it continues to drill at the property, with five rigs currently active. The company is intent on expanding the size of the property, which it says remains open, and upgrading the quality of its resource estimate.

Currently, the Hermosa project has an indicated mineral resource of 6.0 million tonnes grading an average of 187.8 g/t silver for a total of 36 million ounces of silver. It also as an inferred mineral resource of 46.3 million tonnes grading, on average, 58.6 g/t silver for 85 million ounces of silver.

The property also has an estimated 18-year mine life, with annual production in excess of six million ounces of silver for the first full five years of production, according to the updated October 2010 preliminary economic assessment.

Wildcat said it hopes to release both the updated resource estimate and the updated preliminary economic assessment in the fourth quarter of the year.

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