Westridge Resources (CVE:WST) said Wednesday that drilling at its Charay project in Mexico extended high grades in the El Padre Vein to depths of around 150 metres down dip.
The junior miner said drilling has also intersected high
grade veins not previously known, with drill hole 12-28. This hole
intersected the El Padre vein and three hanging wall veins, the highest
of which returned 1.0 metres at 20.6 grams per tonne (g/t) gold,
followed by a second vein of 1.2 metres at 9.56 g/t gold and greater
than 100 g/t silver.
"These veins were not known prior to this
round of drilling and clearly indicate high grade potential in numerous
veins sub parallel to the El Padre Vein," said chief geologist, Dr. John
The extension of high grades to depths of around 150
metres down dip within the El Padre Vein was seen in hole 12-31, which
returned an assay of 2.4 metres at 10.15 g/t gold. This included 1.4
metres at 15.25 g/t gold and 127 g/t silver, showing high grades
intersected well below previous shallower drilling, the company said.
grade intervals all represent grade-thickness, values well above cutoff
grades in many Mexican underground gold-silver mines. Our drilling has
shown high grades in the El Padre Vein to approximately 150 meters down
dip, three times the depth previously known," continued Dreier.
company's surface sampling has indicated a cumulative strike length of
mineralized veins to about 3,000 metres, more than ten times the strike
length known when Westridge began exploring the property.
each step of our exploration, this district simply continues to get
larger and respond with high grade results," said board member Robert
"We continue to intersect high grades in newly
discovered veins. Our surface sampling has identified values in veins of
up to 12.5 gpt Au, including 8.3 gpt Au in a vein approximately 600
meters along strike and northeast of the Tiro Barraza shaft.
are particularly pleased with the widths of some of the vein
structures, namely the 3.25m intersection of the El Padre Vein in drill
hole 12-32, including 1.0m at 7.68 gpt Au.
"This is very
encouraging, particularly when coupled with a previously reported
intersection in our due diligence drilling of 9.8m at 18.78 gpt Au."
further said the company is eager to initiate a large, more aggressive
drill program to properly test the large number of targets in the
growing gold system. So far, Westridge has explored far less than one
percent of the 105 square kilometre property package, it said.
the company said that aside from surface samples northeast of Tiro
Barraza, anomalous gold values were also seen in a vein structure
roughly 400 metres southeast of the main El Padre vein, but due to poor
outcrop and exposure, the true width represented by these samples was
not well understood.
Subject to a financing, the company's
upcoming drill program will include, mapping and trenching to continue
to define the veins on the surface, and geochemical sampling to
prioritize the potential drill targets and to identify additional
mineralized structures on the property.
The company said in a
statement that management believes there is "excellent potential" for
the discovery of new epithermal gold-silver veins elsewhere on the
property, as proven by the finding of additional quartz veins that have
not yet been mapped or sampled.
Westridge has an option to
acquire up to a 100 percent interest in the Charay gold-silver project,
located in Sinaloa State, Mexico. The relatively new company has
maintained investor support since it emerged in 2010, largely due to the
management and the successes at its flagship project.
and CEO Peter Schulhof has over 10 years in small cap junior mining
companies, coupled with over 30 years of experience in the start up,
management and financing of public and private companies.
company says that significant cost advantages are associated with the
Charay project due to mineralization at surface, ease of access and
"excellent infrastructure" that currently exists on or very nearby the
The property is comprised of five concessions totaling
11,000 hectares close to railroads, trans-continental power lines and
large water sources. It is just 15 minutes away from two major four-lane
highways, and power and water are already on site and it is easily
accessible by road.
With only 15 million shares outstanding,
Westridge has a market capitalization of C$9 million - leaving oodles of
upside potential in the share price if the company continues to hit