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31.07.2014 14:06
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Wildcat Silver highlights Sulfide Skarn potential at Hermosa with updated resource and announces C$2 million private placement
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PR Newswire
VANCOUVER, July 31, 2014
VANCOUVER, July 31, 2014 /PRNewswire/ - Wildcat Silver Corporation (TSX: WS) ("Wildcat" or the "Company") is pleased to announce an updated resource for the lead/zinc/silver Sulfide Skarn Zone at its Hermosa Project and a C$2 million private placement that will fund additional drilling on the zone. The updated resource results from the remodelling of the drill and geologic data using parameters specific to the sulfide mineralization and includes several significant intercepts of lead/zinc skarn mineralization. The Sulfide Skarn Zone is located down-dip and below the Manto Oxide (silver/manganese) Zone that was included in the December 2013 Hermosa pre-feasibility study.
Wildcat Silver's President and COO, Don Taylor, said "The Sulfide Skarn Zone represents a separate and distinct project from the Manto Oxide Zone, providing another positive addition to Hermosa. This zone clearly indicates the size potential and robust nature of the mineralizing system. Based on the drilling to date, it appears there is an opportunity to significantly expand the resource down dip and along strike to the south and west and the private placement enables us to fund additional drilling to test that potential. Currently, we envision the skarn project as an underground mine with simple flotation processing with the potential to add considerable value to the overall Hermosa Project."
The Hermosa Sulfide Skarn mineral resource is provided below. It should be noted that mineral resources that are not mineral reserves and do not have demonstrated economic viability.
| Hermosa Sulfide Skarn Mineral Resource | |||||
| | Tons (000s) | Lead (%) | Zinc (%) | Silver (opt) | Copper (%) |
| Measured | 896 | 2.66 | 4.94 | 1.28 | 0.12 |
| Indicated | 803 | 2.38 | 3.97 | 1.07 | 0.11 |
| Measured & Indicated | 1,699 | 2.53 | 4.48 | 1.18 | 0.11 |
| | | | | | |
| | Tons (000s) | Lead (%) | Zinc (%) | Silver (opt) | Copper (%) |
| Inferred | 4,836 | 3.66 | 5.25 | 1.47 | 0.16 |
Assumptions: Cut-off of $70 per ton; Metal Prices of Pb $0.94/lb, Zn $0.84/lb, Ag $20/oz, Cu $3.20/lb; Contained metal recovery of 95%.
The Sulfide Skarn has been intersected by 15 diamond drill holes located on Wildcat's patented claims, of which the assay results from all of the drill holes have been previously reported. Based on these drill results and certain anticipated operating parameters, the above updated 43-101 mineral resource was calculated. The Hermosa Sulfide Skarn resource was calculated separately from the previously reported Manto Oxide and Upper Silver Zone mineral resource. The updated Sulfide Skarn mineral resource represents a significant increase in tonnage and grade from the previously announced 2013 Sulfide Skarn mineral resource and more importantly focuses on the lead and zinc potential.
The Sulfide Skarn mineralization is composed of coarse grained galena, sphalerite, chalcopyrite and pyrite hosted in altered limestone. The mineralization remains open for potential expansion to the west, south and north. Wildcat intends to drill an additional four to five holes on its patented claims to test the extension of the mineralization. The majority of the Sulfide Skarn Zone is accessible from Wildcat's patented claim block.
Private Placement
Wildcat has arranged for a non-brokered private placement with the Chairman and CEO of the Company of 4.5 million units at C$0.45 per unit for gross proceeds of C$2 million. Each unit is comprised of one Wildcat common share and one common share purchase warrant exercisable into one additional Wildcat common share at a price of C$0.55 per Wildcat common share for a period of two years.
The private placement includes the conversion into common shares of loan advances and interest at 7% totalling approximately C$0.6 million that were previously provided by Wildcat's Chairman and CEO. The net proceeds from the financing of approximately C$1.4 million will be used for drilling to test the extension of the skarn resource and for general working capital purposes.
Closing of this transaction is subject to regulatory approval.
Drill Hole Summary
A summary of the most significant drill intercepts for the Hermosa Sulfide Skarn Zone can be found below. Please see Appendix A for a drill hole location map.
| Hole | From (feet) | To (feet) | Interval (in feet) | Pb % | Zn % | Ag opt | Cu % | Au opt |
| HDS-102 | 1,857 | 1,922 | 65 | 4.79 | 7.11 | 1.97 | 0.12 | 0.001 |
| HDS-102 | 1,956 | 1,967.5 | 11.5 | 8.60 | 9.44 | 2.89 | 0.16 | 0.002 |
| | | | | | | | | |
| HDS-103 | 2,231.5 | 2,242 | 10.5 | 11.04 | 14.36 | 3.19 | 0.15 | 0.001 |
| HDS-103 | 2,338 | 2,353 | 15 | 8.17 | 2.56 | 2.28 | 0.15 | 0.002 Werbung Mehr Nachrichten zur Arizona Mining Aktie kostenlos abonnieren
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