Caracara Silver Inc. planning drill program at Pilunani zinc-lead project in Peru
TORONTO, March 19, 2014 /CNW/ – Caracara Silver Inc. (CSV:TSXV) (the “Company” or “Caracara”) is pleased to announce that a first phase
drill program for its Pilunani zinc-lead project in southern Peru is
scheduled to begin in late May or early June, pending receipt of all
regulatory and operating permits. These permits include a social
license agreement with the community of Picotani which has been
The first 1,000 metres of drilling will test a near surface zone of
zinc-lead mineralization which was the site of a shallow 10-hole drill
program completed by Solex Resources (“Solex”) in 2006 and artisanal
production in the 1980′s.
HISTORIC DRILL RESULTS
Drilling completed in 2006 by Solex, near the area of artisanal mining,
was successful in intersecting high grade zinc and lead mineralization
associated with a manto-type deposit hosted in brecciated limestones.
Additional drilling completed outside of the artisanal workings,
intersected widespread low grade zinc and lead mineralization hosted in
Results from the Solex 2006 drill program are listed below:
HOLE FROM TO L (m) Ag g/t Pb % Zn % (1) PIL-1 0 20.2 20.2 6.05 5.60 6.40 PIL-3 0 7.35 7.35 1.23 1.39 5.15 PIL-4 0 7.1 7.1 1.05 2.05 4.63 PIL-5 0 19 19 0.15 0.15 0.91 PIL-6 0 15.6 15.6 3.4 1.71 5.14 PIL-7 0 17.2 17.2 3.07 1.24 6.84 PIL-8 0 27.1 27.1 0.52 0.55 0.56 PIL-9 17.75 44.5 26.75 0.65 0.86 3.63 PIL-10 0 50.3 50.3 0.94 1.25 1.30
(1)Intervals represent the down hole core intersection and, until more
data is available on the geometry of the mineralized zone, are not
considered true widths. Caracara has not verified any of the drill
results and categorizes this data as historic. As a result these drill
results cannot be relied upon.
The zone of mineralization outlined by the historic drilling was
previously defined by detailed surface sampling, soil geochemistry and
trenching. The soil geochemical sampling was successful in outlining
four discreet surface zinc-lead anomalies, of which only one was drill
Modelling of the historic drill results by Caracara suggests that the
mineralization is directly associated with fault breccia developed
along a north dipping thrust fault. The mineralized zone is open long
strike towards the north and west. A cross section highlighting the
geometry of the surface mineralization at Pilunani, is included below.
Mineralization consists of sulphide-oxide cemented limestone breccias,
narrow stringers of galena-sphalerite and patches of zinc oxide
hydroxides within a matrix of limonite-goethite-jarosite-hematite.
As the limestone breccias appear to thicken towards the west, the
Company believes there is good exploration potential for extending the
mineralized zone both laterally and at depth.
Importantly, a majority of the mineralized intersections listed above,
begin from surface which suggests that if an economic deposit is outlined, it could be
amenable to open pit mining.
Three other broad zinc-lead surface geochemical anomalies provide
additional exploration potential and will be followed up with more
surface sampling and mapping in the upcoming field program.
“With many analysts becoming more bullish on the prospects for zinc over
the next two years, we feel our timing is right to allocate funding
towards such an advanced stage zinc project as Pilunani,” Nick Tintor,
President and CEO, commented.
A complete list of historic drill results with corresponding cross
sections and plan maps from the Pilunani project is included in a NI
43-101 technical report available on Caracara’s website at www.caracarasilver.com and on www.sedar.com
The Parcuyo project is an early stage silver-zinc-lead prospect which is
located approximately 50 kilometres northwest of the Pilunani project.
The target at Parcuyo has been defined by surface mapping and sampling
over a 200-metre by 100-metre area.
Mineralization is hosted by diatreme clastic breccias and includes high
grading grab samples such as 28% zinc and 18.8% lead and 16% zinc and
12.6% lead. Parcuyo has never been drill tested.
Mr. Alain Vachon, P.Geo, Caracara Silver’s Vice President Exploration
and the Company’s Qualified Person as defined by National Instrument
43-101, has reviewed and approved the contents of this press release.
About the Company
Caracara Silver Inc. is focused on acquiring, exploring and developing
zinc, lead and silver resources to meet the world’s growing demand.
The Company holds 43 concessions totalling 29,099 hectares in Southern
Caracara has 50,821,167 shares issued and outstanding and trades on the
TSX Venture Exchange under symbol: CSV.
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SOURCE Caracara Silver