Global Minerals (CVE:CTG) has unveiled initial drill results from an underground drill program at its Strieborná silver project in Slovakia, calling them positive, with an updated resource estimate planned for the third quarter.
The drilling program is designed to define and expand resources in the upper portion of the mineral deposit, in areas where early mine development can be expected.
Highlights from the results released Sunday include 297 grams per tonne (g/t) silver over 7.1 metres, and 156 g/t silver over 7.5 metres.
The company said drilling was done around 180 metres below surface, with the top of the deposit around 35 to 50 metres below this level.
The campaign is meant to confirm the upper limits of the deposit, as well as the grade and continuity of the silver resource in this area, with future development plans for this region to be based on the new information.
The updated resource estimate due out later this year will be included into engineering and economic studies, being carried out by AGP Mining Consultants.
Global Minerals says Strieborná is a high-grade silver-copper vein type deposit, located in an historic mining district near the town of Roznava in eastern Slovakia.
It has ":excellent" expansion potential, according to the company, "over and above the already well-defined resource". Infrastructure at site includes a working shaft and hoisting system, underground access through a series of drifts, crosscuts and tunnels and associated surface facilities.
Vancouver-based Global is using all of its efforts to advance the property into commercial production.
Currently, the project contains 14.3 million ounces of silver and 48.1 million pounds of copper in the measured and indicated categories plus an additional 13.5 million silver ounces and 29.8 million pounds of copper in the inferred category.
There are also are significant quantities of antimony, with 29.2 million pounds measured and indicated plus 19.8 million pounds inferred, which could provide an important by-product credit.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.