Athena Silver Corporation (OTCBB: AHNR) announced today it is planning a new drilling program on its Langtry Claims.
Athena is planning a reverse circulation drilling program consisting of 12 holes; 10 vertical holes will attempt to test the results of the much larger historic drilling program conducted by Superior Oil Company and two angle holes would test new exploration targets near historic workings on the property. The primary objective of the proposed program is to test historic drilling results obtained by Superior Oil Company. Superior was an independent American Oil Company acquired by Mobil Corporation (now Exxon Mobil Corp.) in 1984 for $5.7 Billion.
The historical resource estimate at Langtry thus far has been defined by 201 rotary drill holes drilled by the minerals division of Superior Oil Company in the late 1960s and early 1970s. Average hole depth was 400 feet and the deepest hole was 575 feet. The estimated historical resources on the Langtry claims are a 22 million ton ore body, with silver grading at an average of 2.37 ounces per ton for a total of 52.14 million ounces and barite grading at 7.9% for a total of 1.73 million tons. Superior estimated a potential 65% recovery rate on the silver ore. Athena has not independently verified these historical estimates and cannot attest to their accuracy.
The proposed drilling program is contingent upon several conditions, including applicable regulatory approvals and obtaining equity and/or debt financing of $250,000 to $500,000.
Source: Athena Silver Corporation