Coeur Mining finds new silver, gold mineralization in Mexico

New silver and gold mineralization has been found at the Palmarejo Complex in Mexico, Coeur Mining Inc., the company running the site said recently.

The finding also includes the Independencia, Nacion, Guadalupe and Los Bancos zones.

“These high-grade discoveries are the result of a focused program to map and drill known mineralized structures along a structural corridor between the Guadalupe mine and the Independencia deposit,” Coeur Vice President of Exploration Hans Rasmussen said. “As we have found with Independencia, silver-gold mineralization at Nacion and Los Bancos is concentrated within a 200-300 meter vertical elevation. We are optimistic that our new geologic models and discoveries along with the assimilation of the new geologic team from our acquisition of Paramount Gold and Silver Corp. in April will contribute to the discovery of further high-grade veins both within the corridor and along extensions of known deposits like Independencia and Guadalupe.”

The findings at the site are of high quality, which is similar to the average of gold and silver reserve grades. The mineralization was discovered approximately 330 yards south of Independencia development, which has been there for a while.

“The high-grade results from deeper portions of Guadalupe are located below existing development and represent an excellent near-term opportunity to further enhance the grade and cost profile of the operation,” Coeur Senior Vice President and CEO  Frank Hanagarne said. “The new Nacion discovery as well as Los Bancos have the potential to become additional sources of nearby, high-grade ore in 2017 and beyond assuming continued drilling success, resource modeling and applied mine engineering.”