Dec 11 2011
Silvore Fox Minerals Corp. has announced the first assay results from due diligence drilling in Chile.
As part of its due diligence process before finalizing the purchase from Sinotech Mineral Exploration Chile Limitada of the 100% interest in two Gold with Copper exploration properties in Chile, Silvore Fox has continued the programs initiated by Sinotech and performed the following geological work on the two properties:
Totora Property:
A test drill program was designed to test targets within two prominent vein systems in a shear structure traceable for approximately five kilometers. These were identified by mapping and geophysical work carried out earlier by Sinotech. The June magnetic survey covering a large portion of the mapped vein systems suggests the presence of buried extensions of the quartz diorite intrusive at shallow depths below the prominent shear structures. The margins of the intrusions appear to be controlled by faulting. Two IP profiles across the area suggested five target anomalies of which 4 coincide with known veins. On surface these vary from 2 to 50 meters in width around some of the old surface workings.
Silvore Fox has completed one drill hole testing one of these structures and has received encouraging assay results with highlights as follows:
The hole intersected two veins. One from 65.35 to 66.75m graded 1.3 g/t gold and 1.49% copper over the 1.4m.
The second zone, of 9.4 meters from 147.4m to 156.8m, graded 0.84 g/t gold and 0.35% copper and represents three distinct mineralized portions including narrow waste bands. The higher grade central core of this vein system from 150.4m to 153.25m graded 2.28g/t gold and 0.90% copper over 2.85 meters. Values within the mineralized portions ranged from 0.11 to 4.73g/t gold and 0.07 to 2.16% copper.
The true thickness of the above material is not as yet determined and the minimum sample size was 1meter.
Sample preparation and assaying was carried out by the accredited Santiago based branch of Acme Analytical Labs.
Harvest Property:
The pole-dipole IP coverage along lines spaced at 200 meters over a 3600m by 120m grid is completed. This covers target areas within the gold and copper vein systems earlier outlined through mapping and ground magnetics by Sinotech. Interpretation of the results is in progress and to date has determined three drill targets.
Roscoe Postle and Associates of Toronto have been retained Silvore Fox to prepare a NI43-101 report on the two properties and to assess the valuation being used in the acquisition transaction.
"To the best our knowledge, this was the first hole ever drilled on the Totora Property. The drill location is in the north part of a possible five kilometers long alteration zone. We expected to hit gold and copper and we did. Further drilling is designed and planned to delineate the grade, vertical and lateral extent of the veins and other prime target areas on both the Totora and Harvest properties.
An additional permit was required to continue the drilling program on the Totora Property and we expect to receive this in due course. Additionally we wish to form agreements with surface owners for continued access and road construction arrangements. We will make an announcement about the start up of further drilling upon the completion of the above."
Source: www.silvorefox.com