FULL DISCLOSURE: Silver47 Exploration is a sponsor of theDeepDive.ca.
Silver47 Exploration (TSXV: AGA) has seen success from a sampling program conducted at their high grade Kennedy gold-silver project in Nevada. The under-explored project has reportedly demonstrated strong prospectivity for high grade mineralization of both gold and silver.
“Our exploration at the Kennedy Project is revealing high-grade gold and silver targets across a 22 km network of largely untested veins. Having acquired this project by claim staking last year, it is also royalty free. These initial results validate our acquisition strategy and position the district as a unique discovery opportunity in Nevada,” commented Galen McNamara, CEO of Silver47.
Highlights from the sampling program include:
- 21.9 g/t gold, 2,336 g/t silver, 8.56% copper in the Borlasca Vein
- 6.2 g/t gold, 3,037 g/t silver in the Fourth of July Vein
- 40.4 g/t gold, 232 g/t silver in the Gold Note Vein
- 39.4 g/t gold, 370 g/t silver in the Crocket Vein
- 12.7 g/t gold, 305 g/t silver in the Accident Vein
- 44.5 g/t gold in the Hidden Treasure Vein
Sampling was conducted across an area measuring 3 kilometres by 2 kilometres, which had widespread gold and silver mineralization. Approximately 22 kilometres of near-surface veins were identified that have been mostly untouched by modern exploration, with at least 11 separate veins identified by Silver47.
Sampling targeted numerous targets on site, including a series of veins that were exposed at surface. Included in sampling was the Gold Note target, which saw historic production. The vein was traced for over 350 metres, with sampling of the waste dumps from historic mining returning grades of up to 40.4 g/t gold and 232 g/t silver, and 11.1 g/t gold and 1,020 g/t silver.
900 metres to the west of Gold Note is the Borlasca target, which consists of a series of northwest to west striking structures. Samples collected here from the three main veins returned up to 21.9 g/t gold with 2,336 g/t silver and 8.56% copper. Also noteworthy is the Coyote target, which is 600 metres to the north of Gold Note, with dump material here having samples as high as 15.9 g/t with 323 g/t silver and 2.9 g/t gold with 759 g/t silver.
A total of 109 samples were collected from the Kennedy property by Silver47 earlier this year, which were combined with historic rock samples collected on the property to create a rock geochemical database of over 150 samples.
Moving forward, a larger exploration plan has been assembled for the Kennedy project, which is to include geological mapping, rock chip sampling, ground geophysics, and soil-geochemical surveys which is to take place this fall. That effort will on a combined basis be utilized to identify high-priority drill targets across the property. In addition, 4,000 acre of unpatented mining claims have been staked following the success of the program.
WATCH: What Happens If Silver Finally Breaks $50? | Gary Thompson – Silver47
Silver47 also commented this morning that 12 holes have now been completed at the Dry Creek and West Tundra Flats under a drill program being conducted at their Red Mountain project in Alaska. Zones of massive, semi-massive, and disseminated sulfides are said to have been intersected in both step-out and infill holes, with assays pending.
Silver47 last traded at $0.83 on the TSX Venture.
FULL DISCLOSURE: Silver47 is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Silver47. The author has been compensated to cover Silver47 on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
