Thursday, 9 August 2012

Silver Bull hits 22% manganese at Ndjole, renews license

Silver Bull Resources (MKT:SVBL)(TSE:SVB) said Wednesday it hit manganese mineralization when it carried out a diamond drill program at Ndjole, Central Africa.
The 2,000 square kilometre Ndjole license was also renewed by the Ministry of Mines for another three years.

A work program, which was completed over two years, included 5,300 metres of diamond drilling, and airborne magnetic surveys, geological mapping and soil sampling which found “significant manganese” soil anomalies over a 50 square kilometre area.

Among the highlights, drill hole NDDD0002 intersected 22% manganese over 34.5 metres from zero metres. This includes 42% over five metres, or 33.7% over nine metres from surface.

The license, until recently, was part of the Ndjole-Mevang joint venture agreement with AngloGold Ashanti (NYSE:AU), where AngloGold spent $5.7 million on exploration to assess the gold potential within the Ndjole area.

That joint venture, however, was deep sixed August 3, and the license has now been returned to Silver Bull.

Drill hole NDDD0001 returned 11% manganese over 17 metres from 33 metres. The aforementioned holes each had recoveries of 70 per cent. The third hole, NDDD0018, intersected 11% manganese over seven metres from 20 metres.

Silver Bull said about 90 per cent of the manganese target identified remains untested with drilling and the soil anomaly open to the south and to the west.  

“While the company continues to focus on pushing its flagship silver-zinc Sierra Mojada project in Mexico, we cannot overlook the fact we also have an extremely prospective project in Gabon, the second largest producer of manganese in the world with proven world class manganese deposits,” Silver Bull's chief executive Tim Barry said in a statement. 

During the work program, the company also identified three large gold anomalies up to 11 km in length, which was followed up with an exploration drill program.

Drill hole NDDD0017 intersected 7.24 grams per tonne gold over nine metres. This includes 13.2 g/t of gold over 4.9 metres.
It also returned 1.98 g/t gold over 4.5 metres. This includes seven g/t gold over one metre in drill hole NDDD0007.

In addition to gold intercepts, the company also hit silver ranging between five to 85 g/t and up to 85 metres in thickness also occur in weathered saprolites. The source of the silver mineralization has yet to be identified.

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