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Discovery Metals has released results from eight holes completed at its Cordero project in Chihuahua state in Mexico, including 1.4 metres grading 1,907 g/t silver-equivalent (700 g/t silver, 0.74 g/t gold, 16.1% lead and 14% zinc) in its first hole testing the 1.2-km-long Todos Santos vein trend at the project.
The intercept, in hole 342, started at 147 metres depth and was part of a wider 5.3-metre breccia interval that averaged 653 g/t silver-equivalent (225 g/t silver, 0.27 g/t gold, 5.1% lead and 5.5% zinc).
Another high-grade intercept came from hole 338, which intersected the Parcionera vein at 150 metres depth. That hole returned 1.5 metres of 1,119 silver equivalent (489 g/t silver, 0.82 g/t gold, 2.9% lead and 11.1% zinc) within a 4.3-metre intercept of 651 g/t silver equivalent (365 g/t silver, 0.55 g/t gold, 2.1% lead and 4% zinc).
Discovery Metals acquired Cordero last year from Levon Resources
Discovery Metals recently expanded its drill program at Cordero, which began in September 2019, to 55,000 metres from 35,000 metres, and added a second drill rig in early July at the 370-sq.-km project.
The drill program is designed to test the strike and depth continuity of high-grade feeder structures and bulk-tonnage, breccia-hosted targets.
“We continue to intercept wide zones of bulk-tonnage style mineralization along the North-East Extension at Cordero,” said Taj Singh, president and CEO of Discovery Metals in a release.
“In addition, our understanding of the previously overlooked high-grade vein trends on the property continues to evolve. Four of the eight drill holes in this news release hit high-grade feeder structures, including 1,907 g/t silver equivalent over 1.4 metres in our first ever drill hole targeting the Todos Santos vein trend, and 1,119 g/t silver equivalent over 1.5 metre at the Parcionera vein trend.”
Singh added that the two vein trends have a current combined strike length of over 1.5 km, based on historical underground workings.
Five of the eight holes reported were drilled northeast of the core Pozo de Plata zone, in areas with significant gaps in drilling. Four intercepted multiple broad zones of stockwork or breccia-hosted mineralization, including hole 333, drilled 650 northeast of Pozo de Plata. That hole returned 120.4 metres grading 114 g/t silver equivalent (30 g/t silver, 0.11 g/t gold, 0.3% lead and 1.5% zinc), starting at 206.8 metres depth.
Discovery Metals acquired Cordero, located in the northern part of the Central Mexican Silver Belt, last year from Levon Resources. At a 15 g/t silver-equivalent cutoff grade, the project hosts 990 million indicated tonnes grading 32 g/t silver equivalent for 1 billion oz. It also holds 282 million tonnes grading 56 g/t silver equivalent for 513 million oz.
A 2018 preliminary economic study showed the project could support 29 years of open pit production at 40,000 tonnes per day, producing an average of 8 million oz. silver, 99 million lb. of zinc in concentrate, 69 million lb. of lead in concentrate, and 11,900 oz. of gold annually.
Midday Monday, Discovery Metals’ stock was up 11.6% on the TSXV. The company has a C$344 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
