Significant Potential For Parallel Silver Vein Structures
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South American silver play Silver Sands Resources Corp has informed investors that phase 2 drilling is complete and all samples are in the lab. The program included 20 holes and over 3100 metres of drilling. The big news though is the IP data they’ve released from the north east part of the property which has identified numerous series of potential parallel veins that look a lot like the conceptual open pits they’ve been drilling in the south.
The exciting new survey data, released as part of the company’s ongoing Phase 2 exploration of its Argentina silver project, has identified several lengthy drilling targets which are similar in structure to known silver-yielding veins on other parts of the property.
The Pole DiPole Induced Polarization survey program has found a potential series of parallel veins in the Florencia and Maos areas and further potential vein structures to the north of those.
The latest IP data is further good news for Silver Sands as it works to increase the silver resource from the current 15 million ounces to 50 Moz and beyond. The company is attracting the attention of investors as it has found relatively high grades of silver deposits in structures that are accessible to lower cost open pit mining and has much more property to explore.
“The next block of IP looks very similar to what it was on the south which means that there are a lot of structures which have come to the surface,” said NXTmine analyst Alka Singh.
“The IP from the north east looks exactly like it does in the south area which has all these conceptual open pits. Every dotted line that we see is a potential structure. So good news for the project when they started doing IP to the north east and came up with these structures. It suggests there could be more conceptual open pits being discovered as they drill. That’s the big picture.”
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Strong news flow from drilling and exploration is expected to continue through the next few months.
Silver Sands has completed its Phase 2 drilling program, designed to expand conceptual open pits first identified in 2016, by drilling the known silver bearing veins along strike for new mineralized shoots, and testing new potential silver bearing veins identified in the Phase 1 trenching and IP programs.
The completed drilling plan focused on 6 newly identified areas for anticipated resource expansion:
These targets were the primary focus of the completed drill campaign. Twenty holes totaling 3104 metres were drilled in Phase 2. All samples have been dispatched to the laboratory for analysis.
“Longer term, we are targeting an updated resource estimate late H2 2021. We are currently sufficiently funded to complete a Phase III drilling program and complete the resource estimate,” said Silver Sands CEO Keith Anderson.
Virginia hosts an epithermal vein field, meaning the silver deposits within the veins are formed at a relatively consistent depth, approximately 1000 metres below the surface at the time of deposition. Ideally, erosion would bring the silver deposits to surface, where they would be discovered as they were at Julia Central and Julia Norte. Faulting of the vein hosting rock has disturbed the veins along strike and to the east. Recent drilling has shown Julia South has been faulted and dropped, meaning the silver deposits at Julia South are deeper than those at Julia Central and Julia Norte. Folding or faulting has also dropped the rock units to east of Julia and Ely, meaning silver deposits in those veins (Martina, Margarita, Magi are deeper than those at Julia Central and Norte.
Several additional vein structures within the property package remain highly prospective, as Mirasol focused its exploration efforts on the resource area rather than continuing exploration on the underexplored additional veins. Several of these structures have highlight silver values in excess of 1,000 g/t Ag and have a high probability of hosting additional silver resources. These veins structures are the primary focus of the Silver Sands 2020/2021 exploration efforts.
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Strong news flow from drilling and exploration is expected to continue through the next few months.
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