Pinecrest and Kootenay Announce Drill Results From the Espiritu Polymetallic Vein/Breccia Property, Sonora, Mexico
June 15 2012 - 9:30AM
Marketwired Canada
Pinecrest Resources Ltd. (TSX VENTURE:PCR) ("Pinecrest" or the "Company) and
Kootenay Silver Inc. (TSX VENTURE:KTN) ("Kootenay") report initial Phase 1 drill
results from the Espiritu polymetallic vein/breccia project, Sonora, Mexico.
Five diamond drill holes totaling 409 metres were completed on two of seven
known silver-rich mineralized areas outlined to date. Two holes tested the Road
Show Zone and three the Molinos Zone.
Road Show Zone
Two drill holes collared on the Road Show zone were an initial test of a
500-metre by 500-metre target characterized by the presence of
silver/gold/lead/zinc/copper mineralization as replacement, breccia, vein and
stockwork zones associated with ferrodolomite-ankerite and manganese alteration
hosted in limestone/rhyolite dikes.
ESP-12-01 intersected 54 meters of ferro-dolomite altered breccia in a rhyolite
dyke. Forty-one meters of the interval were anomalous in silver, lead and zinc
with the best interval returning 11.0 m grading 26.2 g/t Ag, 2762 ppm Zn and
1388 ppm Pb. The highest individual section within this interval assayed 1.0 m
assaying 187 g/t Ag and 1.87% Pb+Zn.
--------------------------------------------------------------------------
From To Interval Ag Zn Pb
Hole ID (m) (m) (m) (g/t) (ppm) (ppm)
--------------------------------------------------------------------------
ESP-12-01 0 41 41 9 1268 537
--------------------------------------------------------------------------
including 13 24 11 26.2 2762 1388
--------------------------------------------------------------------------
Drill Hole ESP-12-02 did not reach target depth due to fault offset.
Molinos Zone
Three holes tested the Molinos Zone. ESP-12-03 was lost prior to target depth
because it intersected an old mine working. This hole was then re-drilled and
intersected argillically altered argillites strongly fractured with limonite
stockworking. The drill hole showed anomalous values for Ag, Pb and Zn over 4
meters (see table below).
--------------------------------------------------------------------------
From To Interval Ag Zn Pb
Hole ID (m) (m) (m) (g/t) (ppm) (ppm)
--------------------------------------------------------------------------
ESP-12-03 18 22 4 17.8 195 1375
--------------------------------------------------------------------------
In drill hole ESP-12-04, argillically altered shale was intersected in the top
26 meters followed by 56 meters of sericitically and potassically altered
feldspar porphyry. The shale interval returned anomalous silver, lead and zinc
while the porphyry is anomalous in copper and molybdenum (see table below).
---------------------------------------------------------------------------
From To Interval Ag Zn Pb Cu Mo
Hole ID (m) (m) (m) (g/t) (ppm) (ppm) (ppm) (ppm)
---------------------------------------------------------------------------
ESP-12-04 13.5 22 8.5 12.4 730 582 420
---------------------------------------------------------------------------
ESP-12-04 27 64.5 37.5 569 65.5
---------------------------------------------------------------------------
Including 56 57 1 38 1580 960 670 210
---------------------------------------------------------------------------
ESP-12-05 was lost before reaching the target depth and encountered strong
sericite and potassic alteration with quartz veining in a feldspar porphyry. No
significant values were intercepted with very weakly anomalous amounts of gold,
silver, copper and lead being encountered.
The Molinos zone is located approximately 2.0 kilometres southeast of the Road
Show zone. Polymetalic mineralization is associated with highly anomalous
copper, lead, zinc and antimony with elevated molybdenum, tungsten and mercury.
A 500 m by 1,000 m soil survey completed over the Molinos zone outlined a broad
zone of highly anomalous gold, silver, lead, zinc mineralization. The Molinos
zone is interpreted to represent the deeper zones of mineralization associated
with high temperature carbonate-hosted replacement ("CRD") deposits. This level
of mineralization is commonly associated with porphyry, skarn and chimney/manto
styles of mineralization, and is suggestive of a continuum of mineralization
between the Road Show into the Molinos zone. Pinecrest and Kootenay are
reviewing all technical data from the Espiritu project in order to recommend the
next stage of work to advance the project.
The Espiritu project covers an extensive area of alteration and mineralization
over several kilometers including a copper-gold porphyry zone where previous
drilling intersected up to 232 meters grading 0.14% Cu and 0.14 g/t Au. In
addition, silver-gold-lead-zinc veins, stockworks and breccias have been
documented on the property with grab samples assaying from background values to
over 1000 g/t Ag. The project is located along a northwest structural trend that
a few tens of kilometres to the south hosts the La India and Tarachi gold
deposits which are being advanced by Agnico Eagle and also Alamos Gold's Mulatos
gold deposit.
Mineralization, alteration and host rocks at Espiritu are similar to many
limestone-hosted replacement deposits of the Mesa Central district of Mexico
that include the Santa Eulalia, San Maritn, Naica and Santa Barbara silver
mines. These deposits are some of Mexico's largest silver deposits/mines.
Santa Eulalia: greater than 45Mt grading 310 g/t Ag, 8.2% Pb, 7.1% Zn
San Martin: 60Mt grading 118g/t Ag, 0.9% Cu and 3.9% Zn)
Naica: greater than 24 Mt grading 213 g/t Ag, 5.9% Pb, 5.6% Zn
Santa Barbara: 25 Mt grading 113 g/t Ag, 1.7% Pb, 3.4% Zn
QA and QC
All intervals reported are hole length as true widths are not known at this
time. Drill holes were completed using HQ sized core and samples were cut in
half with a diamond saw with one half being bagged, tagged, recorded and sent to
ALS Chemex in Hermosillo Sonora, Mexico for sample preparation and onto ALS
Chemex in Vancouver for analysis. The other half of the core was returned to the
core box. All samples were in 1 to 2 meter lengths. Further QA and QC procedures
are posted on Kootenay Silver's website.
---------------------------------------------------------------------------
Depth Inclin-
Drill Hole (m) Azimuth ation EAST NORTH ELEV
---------------------------------------------------------------------------
ESP-12-01 99 50 degrees -50 683480 3213648 832
---------------------------------------------------------------------------
ESP-12-02 99 230 degrees -50 683653 3213746 828
---------------------------------------------------------------------------
ESP-12-03 (aborted) 21 200 degrees -50 685130 3212749 920
---------------------------------------------------------------------------
ESP-12-03 57 175 degrees -50 685127 3212751 913
---------------------------------------------------------------------------
ESP-12-04 82 150 degrees -50 685128 3212678 908
---------------------------------------------------------------------------
ESP-12-05 51 110 degrees -50 685159 3212553 892
---------------------------------------------------------------------------
Total Drilled 409
--------------------------
Pursuant to the terms of an option agreement with Kootenay Silver Inc, Pinecrest
can earn a 50% interest in the Espiritu project by spending $1.0 million on
exploration over a four year period and by issuing up to 750,000 common shares
of Pinecrest over 3 years. Pinecrest is the operator on the project (see
Pinecrest News Release dated February 28th, 2011).
The technical disclosure in this release has been reviewed and verified by James
McDonald, P.Geo., a qualified person ("QP") as defined by National Instrument
43-101 - Standards of Disclosure for Mineral Projects. Mr. McDonald is a
director of Kootenay.
ON BEHALF OF THE BOARD OF PINECREST RESOURCES LTD.
Edward Farrauto, CGA, President and CEO
Forward-Looking Statements: Statements in this release that are forward-looking
statements are subject to various risks and uncertainties concerning the
specific factors disclosed and elsewhere in the company's periodic filings with
Canadian securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on information currently
available. Pinecrest does not assume the obligation to update any
forward-looking statements.
Pinecrest Resources (TSXV:PCR)
Historical Stock Chart
From Oct 2024 to Nov 2024
Pinecrest Resources (TSXV:PCR)
Historical Stock Chart
From Nov 2023 to Nov 2024
