Commonwealth Silver Intercepts Significant Gold and Silver Intervals at the Commonwealth Project in Southern Arizona
09 September 2011 - 5:32AM
Marketwired Canada
Commonwealth Silver and Gold Mining Inc. ("Commonwealth Silver" or the
"Company") is pleased to announce the assay results of a recently completed 16
hole, 2,000 meter diamond drilling program at its Commonwealth silver and gold
project in Cochise County, Arizona, approximately 120 km (75 miles) southeast of
Tucson. Drilling commenced on April 1, 2011 and was completed on June 15, 2011.
Results from the drill program illustrate both the width of the mineralized zone
and the fact that significant high-grade zones exist within the deposit.
Highlights from the drill program include:
-- CSG-002 returned 103.83 meters of 2.03 g/t AuEq starting at 14.00 meters
(0.47 g/t Au and 85.78 g/t Ag). Within this intercept were higher grade
zones including 13.00 meters of 5.29 g/t AuEq starting at 69.00 meters
(1.28 g/t Au and 197.15 g/t Ag).
-- CSG-005 returned 70.00 meters of 3.01 g/t AuEq starting from 2.00 meters
(0.52 g/t Au and 136.61 g/t Ag). This intercept includes 7.40 meters of
7.34 g/t AuEq starting at 9.00 meters (1.52 g/t Au and 320.27 g/t Ag).
-- CSG-016 returned 26.16 meters of 3.30 g/t AuEq from 79.00 meters (0.82
g/t Au and 136.50 g/t Ag). This intercept includes 6.00 meters of 10.81
g/t AuEq starting at 84.00 meters (3.05 g/t Au and 426.67 g/t Ag).
All drill results from the recently completed 16 hole, 2,000 meter diamond
drilling program are tabulated below. Intercepts were calculated using a 0.5 g/t
gold equivalent ("AuEq") cut-off and gold equivalent was calculated using a 55:1
silver to gold price ratio. Gold equivalent grades reflect gross metal content
and have not been adjusted for metallurgical recoveries. All intercepts are
reported as apparent widths, and true widths will be shorter.
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Drill Intercept Table
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Total At 55:1
Hole Intercept AuEq
Depth From To Interval Au grade Ag grade grade
Hole ID (m) (m) (m) (m) (g/t) (g/t) (g/t)
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CSG-001 60.96 31.00 41.70 10.70 1.58 54.49 2.57
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CSG-002 157.58 14.17 118.00 103.83 0.47 85.78 2.03
CSG-002 including 45.00 52.00 7.00 0.80 216.86 4.74
CSG-002 and
including 69.00 82.00 13.00 1.71 197.15 5.29
CSG-002 and
including 90.00 94.00 4.00 1.28 204.00 4.99
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CSG-002 and 142.00 150.30 8.30 1.67 22.95 2.09
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CSG-003 176.17 116.00 146.00 30.00 0.57 71.52 1.87
CSG-003 including 128.44 134.73 6.29 0.77 96.82 2.53
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CSG-004 133.09 42.00 66.00 24.00 0.09 70.68 1.37
CSG-004 and 75.00 129.00 54.00 0.23 67.19 1.45
CSG-004 including 77.00 92.00 15.00 0.34 108.93 2.32
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CSG-005 124.60 2.00 72.00 70.00 0.52 136.61 3.01
CSG-005 including 9.00 16.40 7.40 1.52 320.27 7.34
CSG-005 and
including 35.00 58.00 23.00 0.58 150.53 3.32
CSG-005 and 87.30 111.00 23.70 0.40 42.64 1.17
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CSG-006 151.06 136.00 142.00 6.00 0.74 22.17 1.14
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CSG-007 169.55 82.00 90.00 8.00 0.22 69.00 1.48
CSG-007 and 134.00 148.00 14.00 0.73 51.13 1.66
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CSG-008 74.79 31.00 35.00 4.00 1.68 8.00 1.82
CSG-008 and 45.00 49.00 4.00 1.41 14.50 1.67
CSG-008 and 55.00 59.00 4.00 0.65 15.25 0.93
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CSG-009 74.99 4.00 23.00 19.00 0.89 50.37 1.80
CSG-009 and 29.00 35.00 6.00 0.71 28.83 1.23
CSG-009 and 48.00 59.00 11.00 0.42 29.68 0.96
CSG-009 and 62.00 74.99 12.99 0.49 31.34 1.06
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CSG-010 158.66 144.00 158.66 14.66 0.59 89.84 2.23
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CSG-011 135.18 86.00 115.00 29.00 1.27 50.11 2.18
CSG-011 including 104.00 115.00 11.00 2.30 101.55 4.15
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CSG-012 112.47 22.00 74.00 52.00 0.20 82.36 1.70
CSG-012 including 45.00 49.56 4.56 0.61 122.06 2.83
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CSG-013 128.47 No significant intercept
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CSG-014 99.67 67.00 99.67 32.67 0.08 60.47 1.18
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CSG-015 140.21 83.52 140.21 56.69 0.11 54.80 1.11
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CSG-016 105.16 79.00 105.16 26.16 0.82 136.50 3.30
CSG-016 including 84.00 90.00 6.00 3.05 426.67 10.81
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Michael Farrant, President and Chief Executive Officer stated, "We are extremely
pleased with the results of our drilling program. With fifteen of the sixteen
holes hitting mineralization above our cut-off threshold, we expect these
results to confirm the historic drillhole data that will support a mineral
resource estimate. They have also identified extensions of the known veins and
support our belief that the Commonwealth Project hosts a potentially economic
open pit mineable mineral resource. Completion of this drilling and assaying
program, in support of an NI 43-101 compliant mineral resource estimate, moves
us very close to establishing a minimum valuation of the Company's shares which
will support a going public price. We have continued to advance the Project
within our originally planned timelines which is a tremendous credit to the
entire Commonwealth team."
Program Update
Diamond drilling is complete for the infill and data confirmation drilling for
the NI 43-101 compliant Mineral Resource Estimate and Technical Report currently
being completed by SRK Consulting (U.S.), Inc. Sixteen (16) holes were drilled
totaling approximately 2,000 meters. The program included four (4) holes
twinning previously drilled holes to confirm historic assay results (CSG-004,
CSG-005, CSG-008 and CSG-009), eight (8) infill holes designed to allow upgrade
of the mineral resource classification category (CSG-001 to CSG-003, CSG-006,
CSG-007 and CSG-010 to CSG-012) and four (4) step-out exploration holes (CSG-013
to CSG-016).
Three dimensional solids modeling of the veins has been completed by
Commonwealth geology personnel based on historical maps produced while the mine
was in active production in the 1920's. A three-dimensional lithology model has
been constructed to assign rock density and metallurgical recoveries for use in
the mineral resource estimation work. The completed NI 43-101 compliant Mineral
Resource Estimate is expected by mid-September 2011 with the associated
Technical Report to follow within 45 days thereafter.
Project Summary
The Commonwealth Project is an advanced exploration development project located
in the historic Pearce mining district in southeastern Arizona. Historically,
the deposits mined at the Commonwealth Mine were high grade silver gold ores
hosted in quartz veins and stockwork zones adjacent to the veins. Production
began in 1895, with commercial scale mining of the high grade ores ending in the
late 1920's. Small scale mining by property lessors continued through 1942.
During this period of time, the Commonwealth Mine produced approximately 12
million ounces of silver and 138,000 ounces of gold, making it Arizona's second
largest historic primary silver producer. The project was extensively explored
and drilled by a number of companies from the 1970's into the mid-1990's who
were seeking lower grade mineral resources amenable to open pit mining and heap
leach extraction. Work reached the pre-feasibility study level in 1996 before
being halted due to low gold and silver prices. No work was done on the project
from 1997 to 2011 when Commonwealth Silver optioned the property and resumed
exploration.
The mineral deposits on the Commonwealth Project are typical silver dominant,
low sulfidation epithermal veins and stockworks. The veins are best developed in
a series of Cretaceous to Tertiary volcanic rocks of andesite to rhyolite
composition correlative with the Mexican Lower Volcanic Series. Cretaceous
marine sediments of the Bisbee Group also host mineralization and are chemically
favorable hosts.
The two most important veins are the Main Vein and the North Vein. Between these
two veins lies a wedge of volcanic rocks with well-developed quartz stockwork
veining which is mineralized with silver and gold. The vein system has been
mapped over 1 km of strike length and continues to the east under alluvial
cover. Drilling has tested at least 800 meters of this strike length to a
maximum depth of just over 200 meters. There is significant potential to find
extensions to the known vein system both east, west and down dip. All the known
veins in the district have a combined strike length of over 4.5 km.
An historic, non-NI 43-101 compliant mineral resource estimate was completed in
1996 by Behre Dolbear Group Inc., under the direction of Harvest Gold
Corporation (see news release February 11, 2011).
Assaying and QA/QC
After project geologists logged and marked the core, technicians cut the
individual lengths with a diamond saw, then bag the samples, tag the bags and
secure them with security clips. The samples were then collected by Skyline
Assayers & Laboratories and transported to the assay laboratory in Tucson,
Arizona. Samples were analyzed for gold by fire assay with Atomic Absorption
("AA") finish. Silver analysis was included in a 30 element Inductivity Coupled
Plasma ("ICP") analysis (using a four-acid digest) conducted on all samples.
Gold and silver overlimit assays were analyzed by fire assay with a gravimetric
finish. All drilling by Commonwealth Silver has included a rigorous QA/QC
program monitoring sample quality. Commonwealth Silver inserts assay standards,
blanks and duplicate samples into the sample stream and performs statistical
review of the results.
Qualified Person
This news release has been reviewed and approved by Jeffrey Volk, CPG, FAusIMM.,
Principal Resource Geologist for SRK Consulting (U.S.) Inc., who is responsible
for ensuring that the scientific and technical information in this release is
accurate. Mr. Volk is an independent qualified person as defined under NI 43-101
Guidelines.
Launch of New Website
The Company is also extremely pleased to announce the launch of its new website
at www.commonwealthsilver.ca. We would encourage those interested in learning
more about the Company or in following our progress to sign up for E-mail Alerts
to receive future news.
About Commonwealth Silver and Gold Mining Inc.
Commonwealth Silver is a private Canadian mineral exploration and development
company focused on acquiring gold and silver properties in the historic Pearce
mining district in Cochise County, Arizona and advancing them towards
production. The Company comprises an experienced management group with a strong
background in all aspects of acquisition, exploration, development and financing
of precious metals mining projects.
For further information on Commonwealth Silver please visit
www.commonwealthsilver.ca.
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
This news release contains certain "forward-looking information" under Canadian
securities laws. All statements that address future plans, activities, events or
developments that the Company believes, expects or anticipates will or may occur
are forward-looking information. This can include, but is not limited to
comments regarding the timing and expectations for finalizing property
agreements, timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery
processes etc. Forward-looking information addresses future events and
conditions and therefore involves inherent risks and uncertainties. There can be
no assurance that outcomes anticipated in the forward-looking information will
occur and actual results may differ materially from those currently anticipated
in such statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company undertakes no obligation to update
publicly or otherwise any forward-looking information, except as may be required
by law.
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