Martha (Argentina) Exploration
The Martha mine is located in the Santa Cruz Province of Argentina within the south central portion of the Desado Massif – a geologic region dominated by Mesozoid-aged volcanic, intrusive and sedimentary rock with many silver and gold occurrences and mines. Since purchasing Martha and other properties, for $2.5 million in 2002, we have produced over 21.4 million silver ounces and over 28,000 gold ounces with a consistent program of exploration and development. Over 61,200 feet (18,700 meters) of drilling was completed in 2009 around and in the mine. In Argentina, the Company controls over 119,000 hectares (459 square miles) of land and has options on two large properties near to Martha – Joaquin and Satelite.
Third Phase of Drilling at Joaquin
In addition, the Company’s exploration in the Santa Cruz Province near Coeur’s Martha Mine has returned encouraging results from the first 3 phases of core drilling on the Joaquin property, where new zones of gold and silver mineralization have been discovered on three targets, La Morena, La Negra and La Morocha. Joaquin is located about 80 kilometers northwest of the Company’s Martha mine and Coeur has an option to earn up to 71% managing interest in a joint venture with property owners Mirasol Resources Ltd. Some of the most promising results have come from drilling at the La Negra target. Late in the year, core drilling there returned very high (+7,000 gram/tonne) silver values from 2 sites at the north end of the zone. These results, and other areas, will be the focus for drilling in early 2010.
At the La Morena target, drilling encountered near-vertical zones of silicified breccias and veins. Drill intercepts reach up to 16.5 meters estimated true width with gold grades up to 7.67 grams per tonne in higher-grade portions of the breccias. Drilling tested to 120 meters depth and just 200 meters of strike of the target system which extends over 2.5 kilometers on surface.
At La Morocha, drilling tested the structure along an exposed strike length of 450 meters and 110 meters down dip. Wide intercepts – up to 42 meters estimated true width – were discovered, with values up to 1,404grams per tonne silver and 0.47 grams per tonne of gold. La Morocha is at least 970 meters long presently.
Coeur’s has budgeted $3.3 million for exploration in Argentina.
