TORONTO,
March 19, 2014 /CNW/ - Caracara
Silver Inc. (CSV:TSXV) (the "Company" or "Caracara") is pleased
to announce that a first phase drill program for its Pilunani
zinc-lead project in southern Peru
is scheduled to begin in late May or early June, pending receipt of
all regulatory and operating permits. These permits include a
social license agreement with the community of Picotani which has
been completed.
The first 1,000 metres of drilling will test a
near surface zone of zinc-lead mineralization which was the site of
a shallow 10-hole drill program completed by Solex Resources
("Solex") in 2006 and artisanal production in the 1980's.
HISTORIC DRILL RESULTS
Drilling completed in 2006 by Solex, near the
area of artisanal mining, was successful in intersecting high grade
zinc and lead mineralization associated with a manto-type deposit
hosted in brecciated limestones. Additional drilling completed
outside of the artisanal workings, intersected widespread low grade
zinc and lead mineralization hosted in siltstones.
Results from the Solex 2006 drill program are
listed below:
|
|
|
|
|
|
|
|
|
|
|
|
|
HOLE |
|
FROM |
|
TO |
|
L (m) |
|
Ag g/t |
|
Pb % |
|
Zn % (1) |
PIL-1 |
|
0 |
|
20.2 |
|
20.2 |
|
6.05 |
|
5.60 |
|
6.40 |
PIL-3 |
|
0 |
|
7.35 |
|
7.35 |
|
1.23 |
|
1.39 |
|
5.15 |
PIL-4 |
|
0 |
|
7.1 |
|
7.1 |
|
1.05 |
|
2.05 |
|
4.63 |
PIL-5 |
|
0 |
|
19 |
|
19 |
|
0.15 |
|
0.15 |
|
0.91 |
PIL-6 |
|
0 |
|
15.6 |
|
15.6 |
|
3.4 |
|
1.71 |
|
5.14 |
PIL-7 |
|
0 |
|
17.2 |
|
17.2 |
|
3.07 |
|
1.24 |
|
6.84 |
PIL-8 |
|
0 |
|
27.1 |
|
27.1 |
|
0.52 |
|
0.55 |
|
0.56 |
PIL-9 |
|
17.75 |
|
44.5 |
|
26.75 |
|
0.65 |
|
0.86 |
|
3.63 |
PIL-10 |
|
0 |
|
50.3 |
|
50.3 |
|
0.94 |
|
1.25 |
|
1.30 |
(1)Intervals represent the down hole core
intersection and, until more data is available on the geometry of
the mineralized zone, are not considered true widths. Caracara has
not verified any of the drill results and categorizes this data as
historic. As a result these drill results cannot be relied
upon.
The zone of mineralization outlined by the
historic drilling was previously defined by detailed surface
sampling, soil geochemistry and trenching. The soil geochemical
sampling was successful in outlining four discreet surface
zinc-lead anomalies, of which only one was drill tested.
EXPLORATION POTENTIAL
Modelling of the historic drill results by
Caracara suggests that the mineralization is directly associated
with fault breccia developed along a north dipping thrust fault.
The mineralized zone is open long strike towards the north and
west. A cross section highlighting the geometry of the surface
mineralization at Pilunani, is included below.
Mineralization consists of sulphide-oxide
cemented limestone breccias, narrow stringers of galena-sphalerite
and patches of zinc oxide hydroxides within a matrix of
limonite-goethite-jarosite-hematite.
As the limestone breccias appear to thicken
towards the west, the Company believes there is good exploration
potential for extending the mineralized zone both laterally and at
depth.
Importantly, a majority of the mineralized
intersections listed above, begin from surface which suggests that
if an economic deposit is outlined, it could be amenable to open
pit mining.
Three other broad zinc-lead surface geochemical
anomalies provide additional exploration potential and will be
followed up with more surface sampling and mapping in the upcoming
field program.
"With many analysts becoming more bullish on the
prospects for zinc over the next two years, we feel our timing is
right to allocate funding towards such an advanced stage zinc
project as Pilunani," Nick Tintor,
President and CEO, commented.
A complete list of historic drill results with
corresponding cross sections and plan maps from the Pilunani
project is included in a NI 43-101 technical report available on
Caracara's website at www.caracarasilver.com and on
www.sedar.com
Parcuyo
The Parcuyo project is an early stage
silver-zinc-lead prospect which is located approximately 50
kilometres northwest of the Pilunani project. The target at Parcuyo
has been defined by surface mapping and sampling over a 200-metre
by 100-metre area.
Mineralization is hosted by diatreme clastic
breccias and includes high grading grab samples such as 28% zinc
and 18.8% lead and 16% zinc and 12.6% lead. Parcuyo has never been
drill tested.
Qualified Person
Mr. Alain Vachon,
P.Geo, Caracara Silver's Vice President Exploration and the
Company's Qualified Person as defined by National Instrument
43-101, has reviewed and approved the contents of this press
release.
About the Company
Caracara Silver Inc. is focused on acquiring,
exploring and developing zinc, lead and silver resources to meet
the world's growing demand. The Company holds 43 concessions
totalling 29,099 hectares in Southern
Peru.
Caracara has 50,821,167 shares issued and
outstanding and trades on the TSX Venture Exchange under symbol:
CSV.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT
RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS
RELEASE.
This news release may contain forward-looking
statements that are based on Caracara Silver Inc.'s expectations,
estimates and projections regarding its business and the economic
environment in which it operates. These statements are not
guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore,
actual outcomes and results may differ materially from those
expressed in these forward-looking statements and readers should
not place undue reliance on such statements. Statements speak only
as of the date on which they are made, and Caracara Silver Inc.
undertakes no obligation to update them publicly to reflect new
information or the occurrence of future events or circumstances,
unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release and has in no way passed
upon the merits of the qualifying transaction and has neither
approved nor disapproved of the contents of this press
release.
SOURCE Caracara Silver
Image with caption: "Pilunani Project - Mina Sosa Compilation
(CNW Group/Caracara Silver)". Image available at:
http://photos.newswire.ca/images/download/20140319_C5997_PHOTO_EN_38130.jpg
Image with caption: "Cross-Section B-B' - Looking East (CNW
Group/Caracara Silver)". Image available at:
http://photos.newswire.ca/images/download/20140319_C5997_PHOTO_EN_38129.jpg