- Newly released historical drilling results have identified a new zone at Alicanto Minerals’ (AQI) Sala silver project in Sweden
- The company reports the new assays show mineralisation is shallow and includes a massive intersection of 0.4 metres at 6812g/t silver
- High-grades of zinc and lead have also been discovered and AQI plans to incorporate the historical assays into its maiden resource estimate due early next year
- Sala previously produced 200 million ounces of silver at an estimated grade of 1244g/t, with mining wrapping up at the site in the 1960s
- Shares in Alicanto Minerals soared 19.2 per cent to 15.5 cents
Newly released historical drilling results have identified a new zone at Alicanto Minerals’ (AQI) Sala silver project in Sweden.
The company explained it received assays from 12,225 metres of shallow historical drilling which was carried out in the 1970s.
The results show the mineralisation at Sala is shallow and includes a massive intersection of 0.4 metres at 6812 grams per tonne (g/t) silver.
High-grade lead and zinc was also identified, including up to 36.4 per cent zinc and 7.2 per cent lead.
Sala previously produced 200 million ounces (Moz) of silver at an estimated grade of 1244g/t, with mining wrapping up at the site in the 1960s.
Alicanto explained half of the new historic results lie within the stage one resource target area currently being drilled, while the other half were in the stage two target area.
Alicanto Managing Director Peter George said the historical assays were highly valuable and would be incorporated into Sala’s maiden resource estimate.
“The grades and widths of the mineralisation are spectacular and many of the intersections sit within the area we are currently targeting for our maiden JORC-compliant resource,” Mr George said.
“Not only will this data save us 5000 metres of drilling, time and money, but the strength of the results will also help underpin our resource estimate.”
Two drill rigs are currently operating at Sala, with AQI to bring in a third rig shortly.
Additionally, its maiden resource estimate for the project is due early next year.
Alicanto Minerals’ shares soared following today’s announcement, up 19.2 per cent at 15.5 cents each at 1:49 pm AEDT.