Business
New discovery at San Jose
New discovery at San Jose.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 0054U Hochschild Mining PLC 07 October 2010 \n \n\n \n7 October 2010 \n \nNew high grade discovery at San Jose property in southern Argentina\n \n· Discovery of 5 kilometres of high grade gold/silver veins comprising 9 new veins and extension of 2 existing veins \n· Expected to materially increase resource life of mine at San Jose operation \n· Highly prospective district with significant geological potential: ongoing intensive drilling campaign\n· Discovery represents continued delivery of strategy focused on growth through exploration \n \nHochschild Mining plc (\"Hochschild\" or \"the Company\") is pleased to announce the discovery of nine new high-grade gold/silver veins as well as significant extensions to two existing veins which together total more than five kilometres in strike length at its San Jose operation. The discoveries represent significant exploration progress at San Jose, where strike length previously totaled approximately 17 kilometres. The new veins are located in the area surrounding the Company's San Jose operation, between the Kospi and Frea veins, and can be accessed from existing mine workings (see Exhibit 1). \n \nThe findings are the result of an intensive drilling programme undertaken by the Company's exploration team in the first nine months of 2010, totaling 47,431 metres in 233 diamond core holes, nearly double the drilling undertaken in 2009. Following the discoveries, the Company is in the process of reviewing resource estimates for San Jose and expects to announce updated figures before the end of the month. \n \nTo date, a significant portion of the property continues to be open at depth and laterally. The discovery of the new system, which does not outcrop, will be used as an exploration guide to open up new opportunities at the property. Exploration drilling is continuing to expand resources in the known veins, including Ayelén and Odin, and exploration is also continuing in other areas of the property, such as the Saavedra and Aguas Vivas targets.\n \nIgnacio Bustamante, CEO of Hochschild Mining said: \n \n\"We are delighted to report the discovery of nine new high grade ...