High-grade ore close to existing mines
Silver Storm Mining (TSXV SVRS / WKN A3EWAU) had initiated a drill program at the La Parilla mine complex acquired from First Majestic Silver in 2023 to prove that there is still enough silver ore there to justify the resumption of mining operations. And the latest drill results once again indicate exactly that!
As CEO Greg McKenzie’s company announced today, drill hole Q-23-024 intersected the so-called San Nicolas zone and returned 689 g/t silver equivalent over 9.39 meters. This included an intercept of 1,000 g/t silver equivalent over 5.25 meters. The mineralization is from a breccia zone that can be traced 235 metres to surface where there is a 25 metre deep shaft constructed by local prospectors.
High-grade ore close to existing mines
And once again, the high-grade mineralization is not “out in the middle of nowhere”, but only around 18 metres above the last development work carried out by First Majestic in this area. San Nicolas is considered part of the Quebradillas mine, which is located about 400 meters to the southwest. Historical trench sampling here returned 247 g/t silver equivalent over a strike length of 19 meters and a width of 1.49 meters. The economic cut-off is 125 g/t silver, so anything above that will be profitable.
Silver Storm further reports that drill hole Q-23-013A also encountered the San Nicolas zone, intersected 316 g/t silver equivalent over 4.09 meters, including 1 meter of 663 g/t silver equivalent and 1.58 meters of 297 g/t silver equivalent.
The area could also be of further interest to the company as surface mapping has identified several interesting sub-parallel zones to the west of San Nicolas. Here, historical surface samples had shown more than 500 g/t silver equivalent (the La Fe, La Virginia and La Esperanza zones).
Particularly pleasing: The high-grade mineralization of San Nicolas begins at the surface and has now been continuously detected down to a depth of 370 metres.
Conclusion: The results of the drilling and geological mapping at San Nicolas can justifiably be called a success for Silver Storm Mining. Before First Majestic Silver shut down the La Parrilla mine complex, mining had begun at San Nicolas over five established workings and 80 vertical meters. Silver Storm has now succeeded in extending the high-grade mineralization and tracing it to a depth of 370 meters below the surface – continuously. This is also significant as Silver Storm has all the infrastructure in place to support mining and processing of the ore from these growing zones. So, today’s drill results are another step towards the targeted resumption of production, we think. We will stay tuned!
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