VANCOUVER, July 19, 2011 /PRNewswire/ - Wildcat Silver Corporation (TSX: WS) ("Wildcat" or "the Company") is pleased to announce the results for 23 additional holes (21 of which are step-out holes), completed on the Company's Hermosa property located in Santa Cruz County, Arizona.
The Company has completed 80 holes accounting for approximately 20,730 metres of the total 30,000 metres planned. Wildcat has added a fifth drill rig to accelerate the current exploration program as it continues to focus on expanding the size and upgrading the quality of the current resource. The Company now has two core and three reverse circulation drills on the property. An update to the existing Hermosa mineral resource is expected to be released in the fourth quarter of 2011.
Seven holes (all step-out holes) were drilled in the central area of the Hermosa property where results continue to exhibit strong silver and manganese mineralization. The best intersections include:
- HDS-162 was drilled in a sparsely drilled area at the edge of the current resource and intersected 51.8 metres of 368.6 g/t silver, 6.32% manganese, 2.89% lead and 1.37% zinc.
- HDS-159, located 150 metres south of HDS-162, was drilled in an area of wide-spaced drilling near the edge of the existing resource and intersected 45.7 metres of 195.4 g/t silver, 13.83% manganese, 1.76% lead and 2.09% zinc.
Wildcat drilled five holes (all step-out holes) on the northern portion of the property, an area of focus, with the objective of expanding the resource. These drill results continue to indicate that silver mineralization extends to the north with strong manganese mineralization and lead and zinc exhibiting increased values. Significant intersections include:
- HDS-158, located 250 metres north and east of the existing Hermosa resource, intersected two thick zones of mineralization with the lower zone averaging 249.0 g/t silver, 13.14% manganese, 3.44% zinc and 2.70% lead over 14.0 metres.
- HDS-147, 250 metres near HDS-158, intersected seven significant mineralized zones from 277.5 metres down to 412.5 metres, with intervals ranging from 2.7 metres to 64.5 metres exhibiting silver grades from 27.76 g/t to 178.9 g/t, manganese grades from 10.51% to 24.05%, zinc grades from 2.12% to 14.66% and lead grades from 1.61% to 10.97%.
In the southern area of the Hermosa property, nine holes were drilled (seven step-out holes and two infill holes). Of note:
- HDS-142, an infill hole, intersected 13.4 metres of 158.5 g/t silver adding continuity to the resource.
- HDS-154, a step-out hole approximately 50 metres west of the current resource, intersected an interval of 13.7 metres averaging 161.8 g/t silver.
Two holes (both step-out holes), HDS-145 and HDS-153, have been completed in the northwest area with the objective of expanding and helping determine the width extent of the mineralization identified in previous drilling. Both drill holes intersected significant intervals of silver/manganese mineralization with increased amounts of lead and zinc.
A summary of the drill results are provided below. Please also see attached map.
Note: Intervals reported are drill thicknesses as measured along the core axis and are not true widths
A complete list of all drill intercepts, location map and 3D model of the Hermosa mineralization are available on the company's website at www.wildcatsilver.com.
Wildcat is a Canadian mineral exploration company focused on development of Hermosa, its 80% owned silver project located in Santa Cruz County, Arizona. The project currently has an indicated mineral resource of 6.0 million tonnes averaging 187.8 grams per tonne silver for a total of 36 million ounces of silver in addition to an inferred mineral resource of 46.3 million tonnes averaging 58.6 grams per tonne silver for a total of 85 million ounces of silver. The Company has completed an updated preliminary economic assessment which contemplates an 18 year mine life with expected annual production in excess of 6 million ounces of silver for the first full five years of production.
FORWARD LOOKING STATEMENTS
The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Wildcat's latest annual report and management discussion and analysis. Wildcat assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
CAUTIONARY NOTE CONCERNING INFERRED MINERAL RESOURCES
A preliminary economic assessment is preliminary in nature and includes inferred mineral resources. Inferred mineral resources have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that an inferred mineral resource will have the economic consideration applied that would enable it to be categorized in the mineral reserve category, and there is no certainty that the preliminary assessment will be realized.
Attached map: http://files.newswire.ca/918/Hermosa_July.pdf
SOURCE Wildcat Silver Corporation