Cerro de Pasco Resources (CSE:CDPR, OTC:GPPRF) has announced initial assay results from its 40-hole Phase 1 drilling campaign at the Quiulacocha Tailings Project in Peru.
One drillhole intersected 19 meters at 1.91 ounces per ton (59 grams per ton) of silver, 1.8% zinc, 0.77% lead, 0.07% copper and 0.07% grams per ton of gold.
Notably, the silver grade is 52% higher than historic samples.
The results also suggest higher copper-silver mineralization in the southern zone of the tailings.
Additional assay results from the remaining drill holes will be released in two to three weeks.
CDPR CEO Guy Goulet said the company was very encouraged by the initial results, particularly as they relate to silver grades.
“This is the first time the Quiulacocha tailings have been systematically drilled and analyzed," he noted.
“Beyond zinc, lead, silver, copper and gold, the focus on metals such as gallium and indium provide the potential for payable by-product metal credits to be included in the planned concentrates.”
Representative composite samples will undergo metallurgical testing to allow for inputs into a study, the CEO added.
“Based on the results of this campaign, we will prepare Phase 2 drilling, which is expected to commence in the second quarter of 2025 across the remainder of the tailings.”
The Phase 1 drill campaign is nearing completion, on track to finish before the rainy season commences at the end of October. As of mid-October, 32 of the planned 40 drill holes had been completed.
CDPR is advancing its fully owned El Metalurgista mining concession, which contains silver-rich tailings and stockpiles accumulated over more than a century of mining at the Cerro de Pasco open pit in Central Peru.