Dec 30 2010
ECU Silver Mining Inc. (TSX:ECU) has announced that it has signed a contract with LandDrill International to start drilling the high grade deep massive sulphide targets below the Santa Juana mine, on the Velardeña Property.
A special high performance drill will be moved on site early in the first quarter and drilling will begin immediately thereafter to confirm the extensions of the intercepts that were reported in drill hole SJ-08-21 on July 9th 2008.
Drill hole SJ-08-21 intersected two massive sulphide veins (the "M-S Veins"). The first intercept yielded 3.66 grams per tonne (g/t) gold (Au), 295 g/t silver (Ag), 7.87% lead (Pb) and 12.07% zinc (Zn) (20 g/t Au equivalent or 945 g/t Ag equivalent) over a core length of 12.04 metres (40 feet). The second intercept yielded 7.90 g/t Au, 550 g/t Ag, 11.25% Pb and 27.68% Zn (39 g/t Au equivalent or 1,845 g/t Ag equivalent) over a core length of 1.75 metres (6 feet). Silver and gold equivalents are calculated based on current commodity prices.
The four key points regarding the M-S Veins include:
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The grades in the M-S Veins are substantially higher than the Santa Juana NI 43-101 Inferred Resource grades which supports the geological model for higher grades of veins at depth.
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Drilling has entered a zone where a multiple number of massive sulphide lenses may be found, which is expected as drilling gets nearer to the intrusive, which is associated with the source of mineralization in the area.
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The extent of the alteration zone is unknown as drilling has not yet reached the intrusive and hence there is an expectation to find additional massive sulphide lenses.
Between the date of the discovery of the M-S Veins and the fall of 2008, ECU tried to reach the same sector again to obtain additional intercepts but the drilling equipment used was not adequate enough to complete the task. In 2009 and 2010, ECU shifted its focus on production following the acquisition of the oxide mill with the objective to re-start exploration as soon as cash flows permitted it. This having been reached this fall, an exploration program was designed and approved which will use controlled deep drilling to cut the projections of the mineralized bodies at specific locations.
In addition, the Company intends to contract a surface drill to test new targets identified in recent months on the Chicago property as well as on the main Velardeña property. In both cases, these targets were not included in the past NI 43-101 compliant mineral resources estimate.
Michel Roy, CEO of ECU stated, "It will be good to finally restart our exploration drive, starting with this high priority target that could be so important in defining the future of the Company. At the same time, other targets will be tested to confirm new areas of mineralization and define old ones."
Additional Information
Readers are cautioned that until a prefeasibility study is completed, there are no assurances these latest mineralized zones will be economically viable.
True widths are approximately 35% of core length for the massive sulphide veins. Samples were assayed at the ERSA laboratory in Torreón, Coahuila, Mexico which is currently in the process of being certified. Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of NI 43-101, prepared the technical information disclosed in this news release.
Source: ECU Silver Mining Inc.