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Tuesday, 24th April 2007 (2856 views)

Valencia Ventures Incorporated has completed the first phase of its drilling work in northern Chile.

The existing mineral resource at the Cachinel silver and gold project is due for updating this year and 16 holes have been drilled with results expected shortly. These total some 2,493 metres and have a reverse circulation style.

Doug Currie is the company's vice president of exploration and development and he is currently at the site ready to release the results. Any positives will be followed up aggressively and immediately so that the resource is quickly topped up.

Historically the Cachinal de la Sierra is a silver mining district although it is located within the Paleoscene gold belt which runs through the north of Chile and hosts many gold and silver deposits.

Silver mining began in this area back in 1862 and so far about 170,000 tonnes of the silvery stuff have been produced with an average grade of 280 grams of silver per tonne and 0.58 grams of gold per tonne.

 

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