Westridge Resources (CVE:WST) said Tuesday that the cumulative strike length of all mineralized vein structures on its Charay project in Mexico is now about 4,000 metres, compared to 250 metres when the project was acquired.
The company said that through ongoing interpretation of the results
of drilling, geological mapping, trenching and sampling, it was able to
increase the strike length of the project as it continues to identify
new epithermal veins.
Westridge noted that two main geological units have been identified
at Charay, an upper volcaniclastic unit and a lower andesite flow unit.
The high-grade veins exposed at the surface and cut by drilling occur
within the deeper, andesite flow sequence, said the company.
Westridge added that where the veins enter the overlying
volcaniclastic rocks, they become wide zones of silicification, clay
alteration and lower-grade gold-silver mineralization.
"The geological relationships suggest that the overlying
volcaniclastic rocks acted as a cap to the mineralization at Charay,"
said Westridge’s chief geologist John Dreier.
"The contact between the two units dips at a shallow angle to the
north and northwest. This suggests that the best gold and silver values
in the extensions of the El Padre vein system to the northeast and
southwest lie at moderate depth in the underlying andesite flows."
Dreier said that the company’s geology indicates that the favorable
andesite flow unit will be present at shallow depths to the north and
northwest, “with strong exploration potential for the discovery of new,
wide vein zones both there and elsewhere on the property."
In late April, the company said 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 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.
The junior miner said drilling had 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
Westridge CEO Peter Schulhof said the company has explored less than one percent of its land package at Charay.
“We consistently continue to identify new veins, and the drilling has
clearly indicated the potential for the veins toexpand into wider vein
zones. We look forward to our next drill program and exploring the full
property package at Charay."
Indeed, the company said that aside from surface samples northeast of
Tiro Barraza, anomalous gold values have also been 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.
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
The 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.