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Westridge finds more epithermal veins at Charay project, extends strike length to 4,000m

Westridge finds more epithermal veins at Charay project, extends strike length to 4,000m

Westridge Resources (CVE:WST) said Tuesday that the cumulative strike length of all mineralized vein structures on its Charay project in Mexico is now about 4,000 metres, compared to 250 metres when the project was acquired.

The company said that through ongoing interpretation of the results of drilling, geological mapping, trenching and sampling, it was able to increase the strike length of the project as it continues to identify new epithermal veins.

Westridge noted that two main geological units have been identified at Charay, an upper volcaniclastic unit and a lower andesite flow unit.

The high-grade veins exposed at the surface and cut by drilling occur within the deeper, andesite flow sequence, said the company.

Westridge added that where the veins enter the overlying volcaniclastic rocks, they become wide zones of silicification, clay alteration and lower-grade gold-silver mineralization.

"The geological relationships suggest that the overlying volcaniclastic rocks acted as a cap to the mineralization at Charay," said Westridge’s chief geologist John Dreier.

"The contact between the two units dips at a shallow angle to the north and northwest. This suggests that the best gold and silver values in the extensions of the El Padre vein system to the northeast and southwest lie at moderate depth in the underlying andesite flows."

Dreier said that the company’s geology indicates that the favorable andesite flow unit will be present at shallow depths to the north and northwest, “with strong exploration potential for the discovery of new, wide vein zones both there and elsewhere on the property."

In late April, the company said that drilling at its Charay project in Mexico extended high grades in the El Padre Vein to depths of around 150 metres down dip.

The extension of high grades to depths of around 150 metres down dip within the El Padre Vein was seen in hole 12-31, which returned an assay of 2.4 metres at 10.15 g/t gold. This included 1.4 metres at 15.25 g/t gold and 127 g/t silver, showing high grades intersected well below previous shallower drilling, the company said.

The junior miner said drilling had also intersected high grade veins not previously known, with drill hole 12-28. This hole intersected the El Padre vein and three hanging wall veins, the highest of which returned 1.0 metres at 20.6 grams per tonne (g/t) gold, followed by a second vein of 1.2 metres at 9.56 g/t gold and greater than 100 g/t silver.

Westridge CEO Peter Schulhof said the company has explored less than one percent of its land package at Charay.

“We consistently continue to identify new veins, and the drilling has clearly indicated the potential for the veins toexpand into wider vein zones. We look forward to our next drill program and exploring the full property package at Charay."

Indeed, the company said that aside from surface samples northeast of Tiro Barraza, anomalous gold values have also been seen in a vein structure roughly 400 metres southeast of the main El Padre vein, but due to poor outcrop and exposure, the true width represented by these samples was not well understood.

Westridge has an option to acquire up to a 100 percent interest in the Charay gold-silver project, located in Sinaloa State, Mexico. The relatively new company has maintained investor support since it emerged in 2010, largely due to the management and the successes at its flagship project.

The company says that significant cost advantages are associated with the Charay project due to mineralization at surface, ease of access and "excellent infrastructure" that currently exists on or very nearby the property.

The property is comprised of five concessions totaling 11,000 hectares close to railroads, trans-continental power lines and large water sources. It is just 15 minutes away from two major four-lane highways, and power and water are already on site and it is easily accessible by road.

With only 15 million shares outstanding, Westridge has a market capitalization of C$9 million.

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Westridge Resources Timeline

Article
April 20 2012

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