Andean Silver (ASX: ASL) has confirmed “exceptional” assays grading up to 4,649 grams per tonne silver equivalent (AgEq) from maiden drilling at the first target of the Cerro Bayo silver-gold project in Chile.
Assays from the Pegaso 7 prospect, which sits 2 kilometres outside of the existing resource and processing plant, have outlined a mineralised area of 600 metres along strike to a depth of 300m and open in all directions.
Strong veining structures identical to those hosting the mineralisation are believed to continue 1km along strike.
Best assays
Highlights among the results included 5.85m at 807g/t AgEq (351.6g/t silver and 5.5g/t gold), including 0.9m at 4,649g/t AgEq (2,107g/t silver and 30.6g/t gold) and 1.6m at 642g/t AgEq (601.6g/t silver and 0.5g/t gold), including 0.75m at 1,093g/t AgEq (1,085g/t silver and0.1 g/t gold).
Historic results at Pegaso 7 include 1.1m at 13,218g/t AgEq (5,291g/t silver and 95.5g/t gold), 2.6m at 1,699g/t AgEq (1,427g/t silver and 3.3g/t gold) and 1.4m at 721g/t AgEq (553g/t silver and 2g/t gold).
Resource growth
Chief executive officer Tim Laneyrie said results from the maiden program had demonstrated potential to grow the resource.
“We have outlined a large area of high-grade mineralisation which remains open in all directions and importantly, the hosting vein structures extend for 1 kilometre along the surface, highlighting the huge potential to continue growing this mineralised footprint,” he said.
“We are now planning an expanded drilling program to grow this mineralised area and the results will combine with a large database of historic assays to form part of the resource upgrade we have scheduled for this quarter.”
New targets
Mr Laneyrie said the new campaign would branch into areas targeting veining and brecciated dome mineralised zones.
Ongoing work will include testing the potential for future open-pit resources through systematic surface channel sampling across an outcropping vein corridor, along with a second phase of drilling to test extensions of intercepts from historic drill holes 400m north of the current program.
Andean is also planning an in-fill drilling campaign into the current dacite dome contact area to support a future maiden resource and an extensional program to further test for down-plunge extensions.
Name change
Andean’s recent acquisition of the Cerro Bayo project saw the company change its name from Mitre Mining to better reflect its silver-gold focus.
“We have enjoyed immense success since acquiring this outstanding asset late last year,” Mr Laneyrie said at the time.
“In a relatively short period, we have not only doubled the existing resource but have also commenced our maiden drill campaign and established a strong pipeline of new targets hosting extensive mineralised veins.”