Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2008drilling progress report▲ GoodMajor
Filed Nov 14, 2008, this 8-K covers two items. An October 20 release reports Veta Sur drill results at La Josefina, including 0.8 m of 3,540 g/t silver and 1.4 m of 5.5% copper; it also states the company has a partnership with provincial miner Fomicruz S.E. to earn a 91% interest on a positive feasibility study. On November 3, 2008 the company acquired the El Milagro mining concession (about 100 hectares) in Chihuahua, Mexico, within its El Capitan project; the former owners keep net profits royalties of 1% and 1.5%. This gives the earlier-mentioned Chihuahua project its first stated terms.
An August 26, 2008 press release reports further La Josefina results, led by 2.05 m of 26.42 g/t gold equivalent (with 2.01% copper) in hole SVN-D08-057. The company says 25,000 meters have been drilled since November 2007 and assays are pending from nearly half the holes drilled.
An August 19, 2008 press release gives more La Josefina drill results from the Veta Norte and Veta Amanda veins, including 5.85 m of 6.28 g/t gold equivalent in hole SVN-D08-117 and 0.48 m of 31.63 g/t gold equivalent in SVN-D08-082. The company's General Manager says it will begin calculating a resource for La Josefina this fall, a stated plan consistent with the end-2008 target.
A July 16, 2008 press release reports a newly identified high-grade zone in the "Sinter" target at La Josefina. The first hole cut 1.75 m of 14.1 g/t gold and 4.7 g/t silver at 40.25 m depth; a third hole, 100 m south, cut 0.4 m of 9.05 g/t gold and 0.45 m of 2.53 g/t gold. The second hole did not reach target depth. These are early drill results, not a resource estimate, and add to the earlier La Josefina updates.
A July 2, 2008 update on La Josefina reports what the company calls its best results to date at the Veta Amanda target, including 2.85 m at 16.63 g/t gold equivalent in one hole. The company says it remains on schedule for an NI 43-101-compliant resource by the end of 2008; that is a stated goal, not a completed estimate.
A June 19, 2008 drilling update on the La Josefina gold-silver project in Santa Cruz, Argentina: 102 core holes (over 15,000 meters) completed since late 2007, with the best new intercept 0.65 m at 41.20 g/t gold equivalent. Management says drilling continues through winter with two rigs and aims to define a resource before year end; this is a company target, not a result.
