Westridge Resources (CVE:WST) said that it has found several new epithermal veins south of the main El Padre Vein at its Charay project in Sinaloa State, Mexico, through geological mapping and trenching.
This field work is being conducted at the same time as a diamond drill program at the project.
"Our mapping and trenching program has now demonstrated that the
total, cumulative strike length of all vein features identified and
inferred on the property is now reaching a total of 3,000 meters, more
than ten times the strike length previously identified for the El Padre
Vein," said president and CEO, Peter Schulhof.
"Worth noting is that we have explored far less than 1% of our 105
square kilometer Charay Project and we expect surface work to continue
to identify more vein targets on the property."
As reported previously, the company said that surface exploration had
extended the known strike length of the El Padre Vein system from 250
metres to over 1,000 metres and that the ongoing surface mapping and
trenching program has now identified three new epithermal veins located
350 metres and up to 650 metres south of the El Padre vein.
Assay results are pending, Westridge said.
The Canadian mineral exploration company has an option to acquire up to a 100 percent interest in the Charay project.
Charay is a low sulphidation, high grade gold and silver property,
which is comprised of five concessions totaling 11,000 hectares. The
property is near infrastructure including major highways, railroads,
trans-continental power lines and large water sources.
A drilling program on the project that is designed to expand the zone
of gold and silver mineralization defined by previous drilling on the
El Padre vein, both to depth and along strike, began in the first
quarter of this year.
Separately, Westridge said today that it has terminated its option to
the Mount Sicker project on Vancouver Island in order to focus its
resources on Charay. No future share or cash issuances are required with
respect to Mount Sicker, the company said.
Last month, the company closed a non-brokered private placement
financing of 255,577 units at a price of 65 cents each, for gross
proceeds of $166,125.
Each unit will consist of one common share and one-half of one common
share purchase warrant. Each warrant will give the holder the right to
purchase one additional common share at a price of 85 cents, until
February 24, 2013.
The funds raised will be used for general working capital, and to
fund the company's planned exploration and development activities at