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Minera Andes Inc. (TSX:MAI) unearthed 7.5 kilometres of new new high-grade silver/gold veins at its San Jose Mine, Argentina, during exploratory drilling in 2010, the company reported on Thursday.
The new veins represent a 44% increase in the cumulative strike length of all veins known at the mine at the end of 2009. In addition, drilling in 2010 through September 30th produced a doubling of the inferred mineral resource, as previously reported on November 22, 2010. The new veins are located within the area of the existing San José mining operations between the Kospi and Frea veins, and access for the new veins will be developed from existing underground mine workings. The discoveries are the result of a significant increase in the exploration effort at San José compared to previous years.
“These drill results demonstrate that the area in and around the San José mine is extremely prospective,” said Chair and CEO Rob McEwen, adding:
“We are eagerly awaiting the results of the ongoing exploration drilling in and outside the mine area. The recent $3.6 billion acquisition of Andean Resources’ for its nearby Cerro Negro property by Goldcorp Inc. highlights the world class potential of this emerging gold/silver district.”
Minera Andes has a 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine, which lies in close proximity to Goldcorp’s Cerro Negro project. The company also owns the Los Azules copper deposit with an inferred mineral resource of 10.3 billion pounds of copper and an indicated resource of 2.2 billion pounds of copper.
The company has USD$31 million in its treasury and no debt. McEwen owns 31% of the shares.
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