Proactiveinvestors recommends
Additional Information
Market: TSX
Sector: General Mining - Gold
EPIC: XG
Latest Price: C$2.95  (0,00%)
52-week High: C$14.57
52-week Low: C$2.27
Market Cap: C$285.91M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Extorre Gold Mines
www.extorre.com

Extorre Gold Mines is an emerging gold & silver producer in Argentina, which is listed under the symbol XG on the Toronto Stock Exchange (TSX) and the NYSE-AMEX Exchange. The cash position on November 1, 2011, is $35 million. Cerro Moro is Extorre's flagship gold-silver property located in mining friendly Santa Cruz Province.

 

Full Extorre Gold Mines profile here
Is XG a Buy, Sell or Hold?Get your FREE analysis of XG
Pdf

Extorre drills bonanza gold and silver values on new Lucia vein discovery at Cerro Moro in Argentina

7th Dec 2010, 8:48 am

Extorre Gold Mines (TSX:XG, FSX: E1R, OTC: EXGMF) said Monday that it has completed the first six diamond drill holes on its new, silver-rich Lucia vein at Cerro Moro in Santa Cruz, Argentina, with results returning "bonanza" gold and silver values.

The Lucia vein is the second silver-dominant vein discovery in the northern sector of the Cerro Moro field following Gabriela. Lucia is located approximately 10 km northeast of the high grade Escondida zone.

Highlights from two of the six holes include MD998, which intersected 5.15 metres at 5.8g/t gold and 1,083 g/t silver, including 0.45 metres at 51.8g/t gold and 10,987g/t silver. MD1003 intersected 0.4 metres at 5.1g/t gold and 1,247g/t silver.

“Historically, 40% of the project value lies with silver, yet with increasing silver prices and the identification of additional silver dominant veins, Cerro Moro has the potential to transition to a silver dominant deposit," said the company's co-chairman Bryce Roxburgh.

"The intersection of bonanza silver and gold values within the intercept quoted above for the first hole, MD998, of 0.45m at 51.8 g/t gold and 10,987 g/t silver clearly supports drill testing the entire length of the Lucia target to test for Escondida-style bonanza shoots.”

The target at Lucia is more than 2.5 km long, according to geophysical data. The vein occupies an interpreted boundary fault that separates a block of volcanic rocks from a sedimentary sequence, and it appears to the company to be a similar structure to the Escondida vein, which hosts 60% of the total currently reported Cerro Moro resource.

The company said it is currently drilling to test northwestern and southeastern extensions to the Lucia structural zone, as infill drilling to upgrade the existing resource at the Gabriela and Loma Escondida zones is now complete, and three of the four diamond drill rigs on site will now look to define new gold and silver resources at the project.

Priority targets will include the Lucia, Gabriela extensions, Esperanza, Carla and Martina zones. Extorre added it is still on track to release a new resource estimate in the second quarter of next year.

Canada-based Extorre was up 4.3% on Monday, trading at $6.78 as of 11:46am EST.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.