Zacatecas Silver Corp. (TSX-V:ZAC, OTC:ZCTSF) announced that it has completed additional fieldwork at the Zacatecas silver project in Mexico, including a detailed petrographic review of the previous diamond drill core from the El Cristo vein system.
The company said it had previously targeted the near-surface depth extension of small areas of the El Cristo vein system, the NW strike extension of the prolific Veta Grande vein system.
The El Cristo vein system has a strike length of more than three kilometers and is made up of multiple veins formed within a dilation jog that is up to 650 meters wide.
The company’s previous exploration program consisted of 28 scout drill holes designed to test the near-surface depth extension of select veins over at least 2 km of strike extension.
Silver-base metal mineralization was intercepted in 22 out of 28 drilled holes, which the company noted is consistent with the veins being the strike NW extension of the Veta Grande system.
Zacatecas said its recent petrographic study has confirmed that most holes intercepted oxidized vein material, meaning the upper parts of the veins where downward percolating rainwater has resulted in breakdown of primary sulphide minerals to iron oxides and secondary silver-lead-zinc minerals.
It said the depth of the oxide-sulphide transition is irregular but appears to extend between 70 meters to 110 meters from the surface. Deeper intercepts in unoxidized sulphidic veins reported higher silver equivalent grades.
The company said that based on the petrographic work, it will be applying for drill pad permits to test the deeper parts of the veins beneath the current level of oxidation, targets it sees as “low risk, high reward.”
Drill permitting is anticipated to take between six to eight weeks.
Zacatecas Silver is developing two key projects: the Esperanza gold project in Morelos State, Mexico and the Zacatecas silver project in Zacatecas State, Mexico.
Its exploration update on Tuesday sent the company's stock 10.7% higher at $0.16 in the early afternoon.
- Updated with share price movement -