The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - November 26, 2024
Laminated VMS mineralization from a 2.7-meter section of DC24-105 averaging 599.4 g/t silver, 2.37 g/t gold, and 14.5% zinc.
Silver47 Exploration Corp. Nov. 26 continued to make its presence known on the Alaska mineral exploration scene with another batch of assays from drill holes that cut strong silver and zinc mineralization at the Dry Creek deposit on the company's Red Mountain volcanogenic massive sulfide (VMS) project about 60 miles (100 kilometers) south of Fairbanks.
Following its Nov. 14 listing on the TSX Venture Exchange, Silver47 has released a steady flow of assay results from a six-hole drill program carried out earlier this year.
This year's drilling included three holes drilled at Dry Creek, the largest deposit outlined so far at Red Mountain; two holes at West Tundra Flats, a second deposit about 1.7 miles (2.7 kilometers) northeast of Dry Creek; and one hole at Kiwi, a prospect about eight miles (13 kilometers southwest of Dry Creek.
According to a calculation for Silver47 earlier this year, the Dry Creek and West Tundra Flats deposits host a combined 15.6 million metric tons of inferred resource averaging 71.4 grams per metric ton (35.9 million oz) silver, 0.43 g/t (214,000 oz) gold, 3.4% (1.17 billion pounds) zinc, 1.4% (476 million lb) lead, and 0.17% (57 million lb) copper.
This year's drilling highlights the potential to upgrade and expand upon the resources in both deposits. Highlights from previously released drill results include:
• 24.5 meters averaging 1.99 g/t gold, 55.5 g/t silver, 4.08% zinc, 1.32% lead, and 0.1% copper, including a 2.5-meter subinterval averaging 14.95 g/t gold, 249.5 g/t silver, 21.97% zinc, 7.03% lead, and 0.42% copper (Dry Creek).
• 22 meters averaging 57.5 g/t silver, 0.14 g/t gold, 1.6% zinc, 0.67% lead, and 0.09% copper in hole WT24-33, including a 2.9-meter subsection averaging 417.5 g/t silver, 0.74 g/t gold, 9.1% zinc, 4.77 g/t lead, and 0.11% copper (West Tundra Flats).
• 4.4 meters averaging 157.4 g/t silver, 1.05 g/t gold, 6.3% zinc, 3.03% lead, and 0.08% copper, including a 1.5-meter subsection averaging 356 g/t silver, 2.9 g/t gold, 13.7% zinc, 6.21% lead and 0.17% copper (West Tundra Flats).
The latest batch of assays are from the remaining two holes drilled at the western end of the Dry Creek deposit. Highlights include:
• 15.2 meters averaging 106 g/t silver, 0.45 g/t gold, 6.4% zinc, 2.2% lead, and 0.19% copper from a depth of 14.3 meters in hole DC24-104, including a six-meter subsection averaging 231.1 g/t silver, 1.04 g/t gold, 14.7% zinc, 5.3% lead, and 0.46% copper.
• 18.9 meters averaging 150.6 g/t silver, 0.82 g/t gold, 5.9% zinc, 2.6% lead, and 0.17% copper from a depth of 18.9 meters in hole DC24-105, including 2.7 meters averaging 599.4 g/t silver, 2.37 g/t gold, 14.5% zinc, 6.9% lead, and 0.64% copper.
"These results strengthen our exploration strategy and enhance our confidence in the scale of the resource," said Silver47 Exploration CEO Gary Thompson. "Moving forward, our focus will be on integrating the new data into an updated geological model for planning further drilling to expand the resources along strike and down-dip. Secondary objectives for the next program will be drill testing for new discoveries like the Galleon and Horseshoe showings, as well as testing the infill potential of the 2.7-kilometer gap between the two resource areas."
Galleon is a high-grade silver prospect about 4.5 miles (7.5 kilometers) north of Dry Creek where samples with grades as high as 1,265 g/t silver, 2.1 g/t gold, and 5% zinc-lead have been collected.
Mapping, trenching, prospecting, and geophysics have refined targets at Galleon that Silver47 plans to drill next year.
Horseshoe is a sedimentary exhalative (SEDEX) about 25 miles (40 kilometers) west of Dry Creek. Rock samples with grades as high as 37.9 g/t silver, 3.81 g/t gold, 4.6% zinc, and 2.6% lead have been collected from this prospect on the docket for 2025 drilling.
Silver47 says the one exploration hole it drilled this year at Kiwi cut narrow intervals of sulfide mineralization, including the copper mineral chalcocite, but no significant results were returned.
While rock sampling down the slope of the Kiwi zone returned high-grade mineralization, including two samples with over 10% copper and silver values of 165 g/t and 218 g/t, the company has lowered the priority status of Kiwi in favor of the numerous other exploration targets found across the 244-square-mile (233 square kilometers) Red Mountain property.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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