The positive initial results in conjunction with ongoing mapping and sampling on the property will be evaluated to determine the scope of Phase II drilling expected to start after the rainy season in the second quarter of 2011.
Tassa is located approximately 160km northwest and 230km south of the company’s Santa Ana and Corani silver deposits respectively.
The company’s 100% controlled Tassa silver-gold prospect is located approximately 16kms north-west from Chucapaca, currently under exploration by the Goldfields – Buenaventura joint venture where ,in a very similar geologic and geochemical setting, reported resources are 83.7 MT averaging 1.9g/t Au and 8.2g/t Ag.
Reportedly, the higher-grade gold mineralization at Chucapaca was ‘blind’ and drilling initially returned silver-rich intercepts before the gold deposits were discovered.
The target at Tassa is a 1.5km by 800m silver/gold anomaly where 852 rock chip samples (including trenches) to date average 30.71g/t silver.
An Induced Polarization survey defined several high chargeability anomalies, which seems to be related to increased fine black sulfides which contain elevated levels of silver and gold.
To date, Phase I drilling has intersected mineralization contained within multiple phases of phreatic, hydrothermal, tectonic and phreatomagmatic breccias, strongly fractured rhyolitic volcanics, and brecciated sediments.
Phase II drilling is expected to commence in the second quarter of 2011.
