Martha (Argentina) Exploration
Since purchasing Martha for $2.5 million in 2002, we have produced over 13 million silver ounces and have steadily increased the mine’s proven and probable silver ore reserves through constant exploration.
New Silver and Gold Zones Discovered at Joaquin Open on Strike and at Depth
Exploration in the Santa Cruz Province near Coeur’s Martha Mine has returned encouraging results from first phase drilling on the Joaquin property, where new zones of gold and silver mineralization have been discovered on three targets, La Morena, La Negra and La Morocha. Joaquin is located about 80 kilometers northwest of the Company’s Martha mine and Coeur has an option to earn up to 71% managing interest in a joint venture with property owners Mirasol Resources Ltd. In November, Coeur completed 1,648 meters of drilling in 15 core holes on these three targets at Joaquin. A second phase of drilling will begin early this year. ).
At the La Morenatarget, drilling of six core holes encountered near-vertical zones of silicified breccias and veins. Drill intercepts reach up to 16.5 meters estimated true width with gold grades up to 7.67 grams per tonne in higher-grade portions of the breccias. Drilling tested to 120 meters depth and just 200 meters of strike of the target system which extends over 2.5 kilometers on surface.
At La Negra, drilling of three core holes tested approximately 150 meters of strike and down to 100 meters below the surface of this epithermal vein system which has been traced for over 500 meters on surface. At least two veins and related breccias in their hangingwall and footwall have been identified with this initial core drilling. All holes returned very encouraging silver and gold mineralzation with values up to 541 grams per tonne of silver Ag and 2.87 of gold.
At La Morocha, drilling of six core holes tested the structure along an exposed strike length of 450 meters and 110 meters down dip. Wide intercepts – up to 42 meters estimated true width – were discovered, with values up to 1404grams per tonne silver and 0.47 grams per tonne of gold. La Morocha is at least 970 meters long presently.
Recently, the company completed an agreement for an option to earn up to 75% managing interest in a joint venture on the Nico property owned by Mirasol Resources Ltd. Nico is a large property located about 45 kilometers north of the Martha mine, covering over 20,000 hectares of prospective ground with potential for silver mineralization in veins and bulk tonnage silver mineralization in breccias and mantos. Detailed exploration is planned to start during the 1st Q 2009. .
Coeur’s has budgeted $2.7 million in Argentina for at the Martha mine, Joaquin and Nico.
