South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) intersected a secondary copper enrichment mineralization at the Escalones copper-gold porphyry project in Chile. Hole 36 was drilled and the best 2 metres averaged 3.04% copper with 0.13 g/t gold.
As quoted in the press release:
The better secondary enrichment averaged as follows:
0.99% copper with 0.15 g/t gold and 2 g/t silver over 27 metres including 2.23% copper with 0.14 g/t gold and 1.4 g/t silver over 6 metres
This intercept continues for a total of 124 metres and averages 0.51% copper with 0.13 g/t gold and 1.1 g/t of silver which equates to a copper equivalent (CuEq*) of 0.62%. The entire mineralized interval to 358 metres averages 0.5% CuEq*.
South American Silver Corp. Executive Chairman, Ralph Fitch said:
The significance of this intercept is that it represents the development of excellent grade mixed primary and secondary copper enrichment mineralization which previously we thought had mostly been eroded by the glacier that covered this area. If we can continue to expand this style of mineralization in other parts of the Meseta it will greatly enhance our previously reported 0.41% copper resource of 3.8 billion pounds (see December 19, 2011 News Release). It is also important that drill hole ES-36 was drilled into similar porphyry style mineralization from which the excellent 25% to 34% copper concentrates were produced in our previously reported laboratory tests (see December 10, 2012 News Release). The overlying partially leached rock also contains interesting gold values of 0.26 g/t gold with 1.5 g/t silver, a grade that could be sufficient to pay for stripping a potentially important economic benefit for the project.
Get Our Expert Guide to Silver Investing FREE!Download this FREE Special Report, When Will Silver Go Up: Is the Highest Price of Silver Still to Come?