This approval is the final formal permit Artha has been seeking so that exploration can continue on the highly prospective properties which surround the Pirquitas mine, one of the largest primary silver mines in the world. Silver Standard reports that the Pirquitas mine at full production will produce eight to ten million ounces of silver and ten to twelve million pounds of zinc annually, and currently contains proven and probable mineral reserves of 84 million ounces of silver, plus measured and indicated resources of 147.5 million ounces of silver as of December 2011.
Artha has already defined two priority-one targets by coincident multi-metal geochemistry and induced polarization (IP) chargeability, namely the Pirquitas NW and Noeila Breccia prospects (Map 1) which are located approximately 2km from the Pirquitas mine. Follow-up surface mapping and sampling (Map 2) is planned to begin as soon as our team is mobilized to generate further areas for drilling. The field activities are planned to take 4-6 weeks once they begin and the results from this work will be combined with the existing targets so that a more comprehensive drilling program can be designed and multiple targets tested.
Recent drilling results released by Silver Standard earlier in the year demonstrate the highly prospective geology surrounding the Pirquitas deposit, particularly at the Cortaderas Prospect north of the current open pit (Map 1). Artha is the first explorer to complete any modern systematic exploration to date on the ground covered by our properties. Previous work by Artha has defined excellent targets but has only covered a relatively small proportion of the properties. The Pirquitas exploration is the priority for Artha for the next few months and all our efforts will be focused here.
Charles Straw, B.Sc., is the qualified person under NI 43-101 responsible for the technical information in this news release.
Artha was founded by a team of mining industry professionals with a proven track record in project generation, exploration, mining and finance. The team's primary goal is to build Artha into a world class mining company, focused on the discovery, development and mining of economic minerals deposits globally.
On Behalf of the Board of Directors,
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Map 1: Pirquitas Drill Targets
Map 2: Pirquitas Project exploration targets, as at September 2012.