Gatos Silver Extends Mineralization at Cerro Los Gatos and Commences Drilling at the Esther Zone
Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the “Company”) is pleased to report drilling results on its definitional drilling at Cerro Los Gatos (“CLG”) and the commencement of drilling at the CLG’s Esther zone.
Figure 1: Plan View of the SE zone Drill Hole Map, Block 4 of the Cerro Los Gatos System (Graphic: Business Wire)
The 2021 CLG definition drilling campaign continues to identify additional mineralization both on the Southeast (“SE”) and Northwest (“NW”) extensions of the deposit beyond the present reserve blocks. Since the definition drilling program began in late 2020, 23 holes have been completed in the SE zone and eight holes have been completed in the NW zone.
Stephen Orr, Chief Executive Officer, stated, “The initial drilling in CLG’s SE and NW zones is successfully upgrading the 3.7 million tonnes of Inferred resource to the Measured and Indicated category. Furthermore, the identification of additional offsets to a recently discovered new SE zone vein has extended the CLG mineralization beyond the current resource model and demonstrated that the southeast extension of the deposit is still open along strike. Reactivation of drilling at Esther represents another significant milestone for the Los Gatos District. Esther, which has an existing NI 43-101 resource, was discovered in 2011 and its initial exploration program was comprised of broadly spaced holes that indicated a mineralized zone with strong similarities to the CLG deposit. The current program will be focused on detailed definition of silver, zinc, lead and gold occurrence throughout this epithermal system. We expect to issue an updated NI 43-101 resource report in the first quarter of 2022.”
Highlights from the latest 13 drill holes, assays and principal findings are summarized below:
SE Zone
-
Hole GA385 intercepted 13.5m @236.0g Ag/T,
6.9% Zn,6.3% Pb, and 0.29g Au/T, indicating a continuity of mineralization and increasing zinc and lead grades in the southeastern most offset to the main deposit. The hole also shows an increase in thickness from hole GA364 which was previously reported. - Two offsets of the new footwall vein, which was first identified in hole GA370, have been intersected with higher copper in holes GA378 and GA386.
NW Zone
-
Additional high-grade mineralization has been identified in holes GA382 where 3.1m @608.7g Ag/t,
2.1% Pb and5.4% Zn was intercepted and GA384 where 4.3m @618.5 g Ag/t,0.9% Pb and2.9% Zn was intercepted.
Hole |
Zone |
From |
To |
Apparent
|
True
|
AgEq
|
Au
|
Ag
|
Pb
|
Zn
|
Cu
|
GA376 |
SE |
321.3 |
324.3 |
3.0 |
2.1 |
30.6 |
0.04 |
3.8 |
0.2 |
0.6 |
0.0 |
GA377 |
SE |
202.3 |
203.3 |
1.0 |
0.8 |
84.8 |
0.06 |
20.9 |
0.5 |
1.5 |
0.0 |
GA378 |
SE |
325.5 |
327.0 |
1.5 |
1 |
109.4 |
0.09 |
16.9 |
0.3 |
2.5 |
0.0 |
GA378 |
SE |
350.5 |
352.0 |
1.5 |
1 |
206.6 |
0.03 |
64.1 |
0.6 |
1.4 |
0.7 |
GA379 |
NW |
214.5 |
216.5 |
2.0 |
1.3 |
190.4 |
0.19 |
42.4 |
3.0 |
1.5 |
0.1 |
GA380 |
SE |
360.0 |
369.0 |
9.0 |
5.5 |
175.8 |
0.15 |
27.6 |
1.6 |
3.1 |
0.0 |
GA380 |
SE |
435.0 |
440.0 |
5.0 |
3.5 |
324.0 |
0.50 |
141.9 |
1.1 |
2.2 |
0.4 |
GA381 |
SE |
294.5 |
304.5 |
10.0 |
7.6 |
543.0 |
0.10 |
131.3 |
3.4 |
9.5 |
0.2 |
GA382 |
NW |
285.3 |
290.3 |
5.0 |
3.1 |
844.7 |
0.05 |
608.7 |
2.1 |
5.4 |
0.1 |
GA383 |
SE |
347.0 |
350.0 |
3.0 |
Gatos Silver, Inc.
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About GATOsunshine silver mining & refining is a privately-held u.s. based silver company that is advancing its two principle projects, the sunshine mine in idaho and the los gatos project in chihuahua, mexico. the sunshine mine deposit is one of the highest grade large primary silver deposits in the world with a resource of 75 million measured & indicated and 221 million inferred silver ounces at an average grade of 827 grams per tonne. the company also owns the sunshine precious metals refinery adjacent to the sunshine mine and is the only silver mining and processing company in north america that is fully integrated and certified to sell high purity silver directly to the comex in new york. the los gatos project is a joint venture between sunshine silver mining & refining corp (sunshine silver) and dowa metals & mining ltd (dowa) where sunshine silver has 70% ownership and is the operating partner. the project is comprised of 103,000 contiguous acres of mineral rights that define a new silver
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