Western Silver reports more Penasquito drill results

Vancouver-based Western Silver (Amex: WTZ) reported results from eight core holes and 15 shallow reverse circulation holes at the Penasco zone of its wholly owned Penasquito precious and base metal project in Mexico's Zacatecas state. The company has drilled 31 reverse circulation and 25 core holes to date, and plans additional drilling before year-end to determine the deposit's size, shape and grade, it said. "Our intention over the next six months is to establish an inferred resource, then firm up a measured and indicated resource, on the Penasco prospect," company president and CEO Tom Patton said. Drill results indicate mineralization is close to surface, making the property "particularly attractive" for open-pit development, the company said. "The size and style of the mineralized system and its occurrence above and within a quartz porphyry intrusive are features usually found only in porphyry copper deposits," said Tom Turner, the company's Mexican exploration manager. Core drilling returned assays including 0.44g/t gold, 7g/t silver, 0.04% lead and 0.41% zinc over 66m on the El Sotol prospect as well as 0.36g/t gold, 71g/t silver, 0.41% lead and 0.79% zinc over 11.3m at the La Palma prospect. And core drilling at Penasco returned 0.35g/t gold, 35g/t silver, 0.34% lead and 0.88% zinc over 24m. Reverse circulation results at Penasco included 0.7g/t gold, 60g/t silver, 0.52% lead and 0.30% zinc over 36m, encompassing 0.94g/t gold, 125g/t silver, 0.98% lead and 0.37% zinc at 12m. The Penasquito project covers more than 38,400ha. The best values from reverse circulation drilling revealed in July were 0.58g/t gold and 112g/t silver over 30m and 1.21g/t gold and 124g/t silver over 32m, the company said in a statement at the time.