Silver Bull Resources (TSE:SVB)(AMEX:SVBL) Monday unveiled results for another 10 drill holes targeting the Centenario Zone at its Sierra Mojada project in Mexico.
The company's flagship Sierra Mojada project is located 150
kilometres north of the city of Torreon in Coahuila, Mexico and is
highly prospective for silver and zinc.
Among the highlights, two drill holes encountered 100-plus metre
intercepts of silver oxide mineralization intersecting high grade zones
of 417.64 grams per tonne (g/t) silver over 10 metres, 283.89 g/t silver
over 13.05 metres and 176.77 g/t silver over 21.5 metres.
Silver Bull president and CEO, Tim Barry, said: "We are extremely
pleased with the continued positive results coming from the Centenario
Zone and the emergence of a high grade zone of mineralization.
"Considering the extent of the Centenario Zone defined so far, we are
very confident this will add a significant amount of silver to our next
resource report expected in the second quarter of this year.
"Following our $10.5 million financing at the end of 2011 we are
focused in 2012 on continuing to drill out the widespread silver and
zinc mineralization seen at Sierra Mojada and also to developing a
metallurgical flow sheet via an extensive metallurgical program lead by
The drilling results continue to confirm the continuity and tenor of
the silver mineralization in the Centenario Zone. Silver Bull’s drill
program is ongoing, with three rigs currently onsite.
The explorer said that the third in a series of NI 43-101 resource updates is anticipated in the second quarter of 2012.
Given the drilling results to date, it is anticipated that the next
report will show a substantial increase in the silver resource at Sierra
Mojada, as well as including a resource for the significant zinc
mineralization seen on the project.
Overall, Silver Bull has acquired or has options to acquire mineral
concessions totaling 15,833 hectares in the Sierra Mojada Mining
District. The company has been working on the Sierra Mojada property
since 1997 and has completed over 80,000 metres of drilling.
The mineralization at Sierra Mojada is comprised of three main zones:
the Shallow Silver Zone, the Red Zinc Zone and the White Zinc Zone.
Centenario is a new zone of silver mineralization that lies to the
north and immediately adjacent to the Shallow Silver Zone at Sierra
Mojada, which has a present NI 43-101 compliant resource of 47.3 million
ounces of silver in the indicated category and 13.8 million ounces of
silver in the inferred catagory.
Silver Bull said that the extent of the known silver mineralization
in the Centenario Zone is now 450 metres in an east-west direction and
300 metres in a north-south direction, and remains open in all
A high grade core of silver mineralization averaging greater than 100
g/t silver sits within a large lower grade halo of less than 100 g/t of
silver mineralization that is hosted along the east-west trending
The widest part of the mineralization in the Centenario Zone occurs
at the intersection of the Centenario fault and a major north-south
trending fault, which cross cuts the entire deposit.
Like the Shallow Silver Zone, Silver Bull said that a thick dolomite
unit appears to be the favorable host rock for the mineralization,
especially when immediately adjacent to fault zones.
Although the mineralization starts below 100 metres, it is important
to note that much of the Centenario Zone falls within the surface
projection of a conceptual Whittle open pit outline provided by SRK
Consulting at the time of the resource update of the Shallow Silver
Zone in late 2011, the company said.
This means that by mining out the near surface Shallow Silver Zone, a significant portion of the overburden will be removed.
The Shallow Silver Zone's mineralized body averages between 30 to 90
metres in thickness, is up to 200 metres wide and has an average grade
of just over 50 g/t silver. Mineralization remains open in the east,
west, south and northerly directions.
Approximately 60 percent of the current 3.2 kilometre mineralized
body is at or near surface before dipping at around 10 degrees to the
Vancouver-headquartered Silver Bull also owns three mineral
exploration licences in Gabon, Africa, two of which are currently under
joint venture with AngloGold Ashanti (NYSE:AU).