Silver Bull Resources (TSE:SVB) (NYSE MKT:SVBL) reported Tuesday drill results from the first six holes of the underground program announced earlier this year at the eastern end of the Shallow silver zone on its Sierra Mojada project in Coahuila, Northern Mexico.
The program is designed to twin a series of
holes in a high grade zone defined by a historical "long hole" data set
at the eastern end of the Shallow area.
The aim of the campaign
is to increase confidence in the historical long hole data set, which
represents 38,000 metres of drilling that was either "severely
restricted" or discarded in the company's latest NI 43 101 resource
report on the Shallow Silver zone in July.
Highlights of the
program include 23 metres of 309 grams per tonne (g/t) silver, including
4 metres at 1,648 g/t silver, and 21 metres of 242 g/t silver,
including 3.5 metres of 916 g/t silver.
Results also yielded 19.9 metres of 192 g/t silver, including 4.05 metres of 524 g/t silver, and 5 metres of 152 g/t silver.
grade zinc intercepts included 19.2 metres of 10.42% zinc, 12.75 metres
at 7.52% zinc, 13 metres at 3.83% zinc, and 14.90 metres at 2.02% zinc.
"We are extremely pleased with the first batch of results to
come in from the long hole twinning program," said president and CEO Tim
"We are seeing a good correlation with the historical
long hole data set and are proving that the high grade silver zone we
see in the long hole data is real, and exists over wide intercepts of
"Proving out this high grade zone with the twinning
program will be a significant step forward for this project as we are
confident it will add significant ounces to the growing Shallow Silver
Zone, and likely increase the overall grade of the deposit."
Bull's planned 3,000 metre drill program is ongoing with 2 underground
"Termite" rigs twinning a series of long holes, with up to 50 meter long
diamond core drill holes.
The miner said the main target area
is a high grade silver zone hosted along an east-west trending
structure, with a "present traceable strike of approximately 1
In addition to confirming the grade and tenor of the
silver mineralization with the twinning program, the company said that
much of the historical long hole data set ended in "significant"
mineralization, so the program will also look to extend the
mineralization by drilling longer holes.
Due to the limited
range of the Termite drills, and despite extending some holes by as much
as 25 metres, a number of holes from this batch still ended in
mineralization, Silver Bull added.
The Shallow silver zone is an
oxide silver deposit, hosted along an east-west trending fracture-karst
system. At a 20 g/t cutoff grade, the zone has a measured resource of
3.023 million tonnes at an average grade of 65 g/t for 6.343 million
contained troy ounces of silver, an indicated resource of 38.560 million
tonnes at an average grade of 50 g/t for 61.694 million contained troy
ounces of silver, and an inferred resource of 6.491 million tonnes at an
average grade of 45 g/t for 9.478 million contained troy ounces of
The mineralized body averages between 30 and 90 metres thick, up to 200 metres wide and remains open in all directions.
Mojada also contains a "zinc oxide exploration target" which sits
directly below and adjacent to the Shallow silver zone at its eastern
The miner said the "Red" and "White" zinc zones have been
identified through historical data containing 3,733 channels and 1,045
long holes over a 1.5 kilometre strike length, but has too few core
drill holes to delineate a NI 43-101 compliant mineral resource.
area is located 600 metres from a functioning railway and has been
periodically mined for zinc grading more than 20% over the last 100
years, Silver Bull noted.
The flagship Sierra Mojada project is
located 150 kilometres north of the city of Torreon in Coahuila, Mexico.
Silver Bull also has 2 mineral licences in Gabon, Central Africa, which
are prospective for gold, manganese, and iron ore.