Vancouver – Shares of UC Resources (UC-V) gained more than a dime to $0.465 on volume of 1.45 million shares the day after reporting a 5.15-metre wide intersection averaging 44.6 grams gold and 1,564 grams silver per tonne from the Copalquin property in Durango State, Mexico.
The hole was drilled about 15-20 metres below historic mine workings at the epithermal prospect in Mexico’s Sierra Madre mineral belt. The 64,000-hectare property is reported to have produced an estimated 250,000 oz. gold and 11 million oz. silver from 336,000 tonnes prior to the 1910 Mexican Revolution.
The property was explored in the late 1990s by a previous operator that drilled 31 holes, mostly to test two known prospects. The results include both high and low grade gold-silver mineralization within an extensive flat-lying quartz breccia with local vertical expression.
UC also encountered both low and high-grade mineralization from its previous drilling programs in late 2004 and early 2005. After reviewing results from past drilling, the company noted that many of the mineralized intervals represent only the highest grade sections within much wider zones of lower-grade mineralization.
The latest hole drilled by UC was the first ever completed below the workings at the La Soledad mine to test potential strike extensions of the past-producing mineralized zone. Within the 5.15-metre wide zone is a 1.75-metre wide section averaging 112.8 grams gold and 4,337 grams silver. Another 0.5-metre interval averaged 199 grams gold and 7,820 grams silver.
The mineralized zone contained quartz, silicified andesite breccia, native gold and acanthite (silver sulphide mineral). Results are awaited from two additional holes. The company plans to expand the next phase of work, which will include additional drilling at La Soledad.