Metalsource Mining (CSE: MSM) Reports Major 2.4Km Drill Target Corridor At Silver Hill
Investorideas - gold and silver are down in this morning's trading session as the company reports news. Silver Sep 26 (SI=F) is trading at $55.95 US -1.48 (-2.58%).
Metalsource Mining Inc. (CSE: MSM) (OTCQB: MSMMF) (FSE: E9Z) announced the results of a recently completed induced polarization ("IP") survey designed to identify drill targets on strike from the historic Silver Hill mine. The survey identified approximately 2.4 kilometres of prospective strike length across two primary target areas, including a continuous 1.8 kilometre anomaly in the southern portion of the project area, in the immediate vicinity of Silver Hill, and an additional 600 metre IP anomaly in the northeast corner of the property.
These IP data and recent drilling results continue to validate Metalsource's exploration thesis that mineralization remains open in all directions, and there are significant opportunities to add scale to the mineralization discovered thus far through on strike and down dip exploration drilling.
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- Phase 2 IP survey identifies approximately 2.4 kilometres of prospective target areas across the Silver Hill district. High priority drill targets display geophysical characteristics analogous to the mineralized corridor defined by recent drilling. Targets remain open north and south of the historic mine, significantly expanding the Company's exploration pipeline. Results strengthen management's evolving geological model that Silver Hill may comprise multiple mineralized occurrences rather than a single historic deposit. Company advancing plans to increase drilling capacity to simultaneously expand known mineralization and systematically test newly identified targets.
Exploration drilling completed to date at Silver Hill has demonstrated significant metal endowment within the Company's target horizon. Drilling has so far identified mineralization in up to 18 metres of drill core, and composite assay results of up to 209 g/t gold, 241 g/t silver, 18.8% lead, 39.4% zinc, and 5.4% copper (Table 1). The consistency of this polymetallic mineralization has established Silver Hill as an excellent candidate for electrical geophysics and provided the foundation for the Company's evolving exploration model.
At Silver Hill, the combination of IP chargeability and resistivity data provides two complementary and independently interpretable signals. Elevated chargeability values (greater than 20 milliseconds) are interpreted to potentially reflect the presence of metallic sulphide minerals, while resistivity distinguishes the silicified host of the mineralization (1,500 to 4,000 ohm-m) from both the conductive weathered saprolite at surface and the highly resistive volcanic package, which exceeds 5,000 ohm-m. This two parameter discrimination allows geophysically anomalous zones to be ranked not only by their sulphide content, but also by their host rock environment, enabling the identification of interpreted mineralization occurring at the favourable contact between volcanic flows and the underlying silicified host rocks.
Joe Cullen, CEO of Metalsource Mining, commented:
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