Hi Ho Silver Resources Announces Initial Resource Estimate for Silver Crown Gold/Silver Deposit in British Columbia - Video Summary on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2013) - Hi Ho Silver Resources (CNSX: HHS) has announced an initial resource estimate for its Silver Crown gold/silver deposit, which is located at the Fairview Gold Property, which is approximately 6 kilometres west of Oliver, British Columbia.
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The estimate comprises an Inferred Mineral Resource of 334,000 tonnes averaging 2.9 grams per tonne gold, and 19.9 grams per tonne silver. Using a gold block cut-off grade of 1 gram per tonne, would imply an inferred resource of 32,000 ounces gold, and 192,000 ounces of silver.
A total of 48 diamond drill holes and one reverse circulation hole, totalling 4,425 metres were completed between 1988 and 1994. Historic drilling and underground workings have intersected mineralization over a 400 metre strike length and to a depth of 100 metres vertically, however relatively few drill holes have targeted mineralization below 100 metres. The deposit is open at depth and to the northwest and southeast along strike.
Given that nearly 100% of the deposit, as currently modeled, lies within a 100 metre depth from surface, further exploration and economic studies to determine if all or a portion of the Silver Crown Deposit may be amenable to open pit extraction are also warranted.
This property is conveniently located approximately 130 kilometres north of a Kinross custom mill, and 250 kilometres west of the Trail Smelter.
Hi Ho has options to acquire a 100% interest in the English Bay Gold Project in the La Ronge gold belt in Saskatchewan, home to many past and currently operating mines. The company recently completed 2 diamond drill holes totaling 478 metres, designed to confirm and expand the down dip extent of previous encountered diamond drill intercepts of high-grade gold mineralization. Spring-melt conditions have prohibited equipment access to proposed drill sites, delaying the planned diamond drilling of a second High Priority geophysical target. A number of historical significant high-grade gold intersections were discovered during the previous diamond drill programs by previous operators.
Hi Ho also has an option to acquire a 100% interest in the Cherryville mineral property, located in the Vernon Mining District of British Columbia
The shares are trading at $0.025, and with 81 million shares outstanding, the company is capitalized at $2 million.
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Barry Morgan, CFO