Vancouver, B.C. - Starcore International Mines Ltd. (the “Company”) is pleased to announce results from development along the SAM vein at its San Martin Mine in Queretaro, Mexico.
The SAM vein, first discovered in late 2009 on levels 4 and 5 in the area 29 of the mine, has to date provided approximately 180 metres of strike length at grades between 3.43 g/t of gold and 20 g/t of silver, to 4.62 g/t of gold and 92.7 g/t of silver . Since September of 2010, the 6-090 stope has produced 13,850 tonnes with an average grade of 2.55 g/t gold and 36 g/t silver. The 6-096 stope has produced 15,400 metric tons from December 2010 to the end of March 2011, with average grades of 4.62 g/t gold and 92.7 g/t silver at an average width of 2.95 meters.
In both of these first 2 locations the structure coincided with shale and carbonaceous limestone lenses. In 2010 work continued on the SAM vein on level 6 where the structure was located slightly east of the vertical shale contact but with similar values. Since that time work has progressed to explore and develop the SAM structure along strike to the north on level 6. There are 4 distinct portions of the structure:
- The segment furthest south dips 45 degrees east striking 350 degrees and has been developed into the 6-090 stope. Channel samples from the drift below the 65 meter long stope averaged 3.45 g/t gold with 20 g/t silver over 2.2 meters thickness;
- The second segment of vein runs nearly east west (290 degrees) with dips ranging from 20 to 45 degrees. This segment, known as 6-095, consists of another 70 meters of drift with average grades of 3.43 g/t gold and 64 g/t silver over a thickness of 1.64 meters in channel samples. No stoping has occurred in this segment in order to maintain access to the northern portions of the vein;
- The third segment returned to the 350 degree strike for an additional 45 meters but has a shallower dip of about 15 degrees again to the east. This segment, named the 6-096, averaged 2.33 g/t gold and 68 g/t silver over a 1.5 meter thickness in channel samples;
- The Company is now extending the fourth segment, the 6-098N drift, which has located the vein on the other side of a fault which offset the vein 5 meters vertically. Channel samples in the 6-098 drift have averaged 1.71 g/t gold and 39 g/t silver with 1.2 meters of thickness over the first 24 meters of strike length sampled to date.
Drilling is continuing to the north and up dip where an additional 150 meters of strike length has yet to be tested prior to intersecting the area 30 limit fault (see the accompanying plan on www.starcore.com). The SAM structure provides great optimism for the future due to the fact that the structure is fairly flat and at a different strike than most of the structures mined previously at San Martin. In addition the SAM structure hosts ore within carbonaceous limestone units which previous operators deemed to be unfavorable for developing ore. The orientation and location of the SAM vein indicates that additional ore may be located in both flat structures as well as structures in the previously unexplored carbonaceous units.
“In addition to being very helpful in maintaining the production levels we have seen in recent months, we are looking forward to seeing what this structure will do if it continues into areas 30 and 31.” said Robert Eadie, Executive Chairman and CEO of the Company. “We are aggressively drilling this area and further news will be reported when it becomes available.”
David Gunning, P.Eng., a director of the Company and Chief Operating Officer, is the Company’s qualified person on the project as required under NI 43-101and has prepared the technical information contained in this press release.
ON BEHALF OF STARCORE INTERNATIONAL
Signed “Robert Eadie”
Robert Eadie, Executive Chairman & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-602-4935
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
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