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With 23,000m of the current 39,000m programme to be completed through June 2021 the company said it expected to be able to add at least 50 million ounces of silver to its resources.
The company said drilling at the 360 Complex from the 4300 level was an important contributor to the mineral resource estimate increase published in June, with subsequent drilling continuing to encounter high grades and new veins. Drilling highlights included 3.4m grading 548 grams per tonne silver and 18.9% lead.
The first hole targeting the Triple Point area crossed all three known veins about 250 feet below current infrastructure and 250 feet above the expected convergence point. Highlights included 2.2m grading 582g/t silver and 30.7% lead. Triple Point represents the convergence of the 175, 185 and Silver veins.
"Galena Complex exploration results to date have been tremendous. As of June 30, the company added 60% of the conceptual target silver ounces with about 33% of drilling completed. We are excited to have multiple targets that are each generating significant intercepts that have the potential to add profitable ounces," said Americas Gold and Silver president and CEO, Darren Blasutti.
Cosala
While things are looking bright for the company in Idaho, the opposite is true at its Cosala operation in Sinaloa, Mexico. It resolved issues relating to an illegal blockade, but irregularities relating to a worker vote on whether to have union representation in September resulted in the company maintaining the operation on care and maintenance.
"The company does not believe there are conditions currently present to invest the required capital to re-start the Cosala operations," Americas Gold and Silver said.
"The company continues to work with all legitimate stakeholders and remains hopeful that a resolution, consistent with the rule of law and featuring an election free from threats and intimidation, can be achieved so that operations can re-commence in the near term."
Shares in Americas Gold and Silver are trading at C$3.70, valuing the company at $434 million.
