Mitre Mining reports bonanza grades from new silver-gold vein at Cerro Bayo

Mitre Mining (ASX: MMC) has discovered outcropping silver-gold vein extensions with impressive grades of up to 32,849 grams per tonne silver and 298.6g/t gold at the Cristal target within its newly-acquired Cerro Bayo project in Chile.

A series of “exceptional” rock chip and channel sample results have shown the vein — which is completely outside the project’s current resource area — extends over 700 metres and is interpreted to represent a high-grade feeder structure and enveloping, wide-sheeted target.

It is nearby to Mitre’s processing facility in the Laguna Verde district and not far from historically-mined areas.

It is believed to demonstrate the region’s underexplored, highly-prospective nature and its potential to have a major impact on the Cerro Bayo’s global resource.

Best assays

Mitre has reported best silver equivalent (AgEq) rock chip assays of 39,481g/t (32,849g/t silver and 79.9g/t gold), 31,342g/t (6,557g/t silver and 298.6g/t gold), 21,130g/t (12,988g/t silver and 98.1g/t gold) and 17,614g/t (3,903g/t silver and 165.2g/t gold).

Channel sample assays included 0.5m at 19,856g/t AgEq (1,442g/t silver and 221.9g/t gold), 0.6m at 11,965g/t AgEq (1,967g/t silver and 120.5g/t gold), 0.3m at 11,261g/t AgEq (9,205g/t silver and 24.8g/t gold) and 0.3m at 6,810g/t AgEq (3,413g/t silver and 40.9g/t gold).

The results are in addition to high-grade historic drill intercepts at Cristal that include 8m at 1,592g/t silver and 26.5g/t gold, 3m at 1,440.5g/t silver and 12.05g/t gold and 3.4m at 873.7g/t silver and 7.81g/t gold.

Earlier this month, Mitre announced a review of the Cerro Bayo resource, doubling it to 50.2 million ounces grading 311g/t AgEq.

High prospectivity

Interim executive director Ray Shorrocks said the new results would have an impact on Cerro Bayo’s growth.

“These results demonstrate the high prospectivity that we have identified at Cerro Bayo,” he said.

“The grades are spectacular and speak volumes about the wider scope for discoveries and rapid resource growth at this project.”

He added that the style and consistency of the vein swarm identified at Cristal had potential to demonstrate bulk tonnage, sheeted vein-style mineralisation from multiple intersecting veins with central bonanza-grade veins, similar to historic drill data from within the footwall zone of the Northern Cristal mine area.