Starcore International Mines Ltd TSX:SAM announced results from its San Martin Mine in Queretaro State, Mexico. Highlights include 20.62 g/t gold and 274 g/t silver over 11.6 metres, 5.4 g/t gold and 125 g/t silver over 9.6 metres, 4.57 g/t gold and 52 g/t silver over 7.2 metres and 2.3 g/t gold and 60 g/t silver over 3.3 metres.
Executive Chairman/CEO Robert Eadie tells ResourceClips.com, “We bought the San Martin Mine four and a half years ago from Goldcorp. As Goldcorp merged with Glamis Gold and Wheaton River, they decided the asset was too small.
“Nevertheless, ongoing exploration has been replacing the minerals as we extract them,” he adds. “The mine’s done that every year for the last 14 years. We’re in the middle of preparing a new 43-101, but the 43-101 that’s already in place gives us about eight years in front of us in all categories. Last May we got a government permit to extend the tailings dam by 16 years.”
The 43-101 that’s already in place gives us about eight years in front of us in all categories—Robert Eadie
Starcore’s July 2010 report shows proven and probable reserves of 447,921 tonnes grading 2.7 g/t gold and 31 g/t silver and inferred resources of 1.3 million tonnes grading 2.37 g/t gold and 27 g/t silver.
The project encompasses 12,992 hectares. “Very little of that’s been explored so far, only about 15%,” Eadie points out.
“We’re on the national power grid, and we’re only two kilometres off a new four-lane highway. You could drive a brand new Rolls-Royce right up to the property and not worry about a thing.
“We’ve found Mexico an excellent country to work in,” he says. “The government is receptive to mining and development. There’s a very good local workforce—a hard-working group of people.”
Eadie concludes, “Ongoing exploration just adds to what we’re doing with our mining, creating new faces to draw from.”
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by Greg Klein