Alianza Minerals Ltd. has announced the signing of a Letter of Intent with Coeur Explorations, Inc., a completely owned subsidiary of Coeur Mining, Inc., to study the road-accessible Tim Property in southern Yukon Territory.
The target of the exploration at the Tim Property is high-grade silver-lead-zinc mineralization analogous to that mined by Coeur at its Silvertip mine situated 12 km to the south of the Tim Property.
By funding $3.5 million in exploration over a period of five years and making phased cash payments amounting to $275,000, Coeur can earn an interest of 51% in the property. The company can choose to finalize the option to earn 80% in the property by funding a positive feasibility exploration in the following three years and making annual payments totaling $100,000.
We are very pleased to have partnered with Coeur to advance the Tim Property. Tim looks to be a Silvertip analog and the Coeur team is an obvious choice to move the project forward. It will be a great advantage to have Coeur’s geological expertise applied to the project.
Jason Weber, President and CEO, Alianza Minerals
The target of this year’s exploration program at the Tim Property will be high-grade silver-lead-zinc carbonate replacement mineralization (“CRM”) analogous to that found at Silvertip. The tentative plans of Coeur are similar to those launched by the Company recently and will include soil geochemical surveys, detailed mapping, and reopening of old trenches dating back to 1988.
In the year 2013, Tarsis Resources Ltd., Alianza’s predecessor, finished a focused work program to re-assess a historical zone of CRM rich in silver-lead-zinc originally revealed in 1988 through mechanized trenching. Following historical chip sampling throughout the zone, 352 g/t silver and 9.12% lead were obtained across 4.00 m.
Apart from exposure, analogous mineralization was also announced in nearby trenches 180 and 250 m on both sides of the central trench. Previously, the zone has never been tested with drilling. In 2013, the central trench was resampled by Tarsis, yielding 3.7 m assaying 365 g/t silver and 7.5% lead from a channel sample.