Wednesday, 10 October 2012

Silver Bull Resources hits 2,250 g/t silver over 1 metre at Sierra Mojada project

Vancouver-based Silver Bull Resources (TSE:SVB)(NYSE MKT:SVBL)(AMEX:SVBL) unveiled Tuesday results from the sixth batch of drill holes that formed part of the underground drill program at its Sierra Mojada project in northern Mexico. 
The campaign was designed to twin a series of what the company calls "long holes" in a high grade silver zone found at the eastern end of the Shallow Silver Zone at the property. 
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. 
Notable results from the latest batch of 14 holes included 30.75 metres of 158.98 grams per tonne (g/t) silver, including 1 metre at 2,250 g/t silver and 1.2 metres at 703.5 g/t silver. 
Other silver intercepts found ranged from grades of 81.34 g/t to 674 g/t silver, with widths ranging from 1.4 to 38.7 metres. 
High grade zinc intercepts returned 24 metres at 9.83% zinc, 2.6 metres at 12.08% zinc, 2.55 metres at 9.41% zinc and 1.4 metres at 14.85% zinc. 
Silver Bull said the mineralization remains open to the north, south, east and west. 
"This current batch is mostly targeting holes that are situated within the lower grade halo in between the high grade structures which typically average intercepts greater than of 120g/t silver," said Silver Bull president and CEO, Tim Barry.
"We have now twinned close to 150 long holes and have received just under half of the results from the lab. 
"We are very pleased with the correlation of these holes with the historical data set in the silver zone, and now plan to move one of the drills into the high grade zinc zone to firm up the historical data within the week."
The company's 3,000 metre drill program in the high grade silver zone is ongoing, with two underground rigs. The area is hosted along a series of  "stacked" east-west trending structures with a combined traceable strike of roughly 3 kilometres at the eastern end of the Shallow Silver Zone. 
The silver and zinc miner said last month that it will expand the underground drill program with an additional 2,000 metres to twin a series of long holes in the high grade zinc zone, which sits just below the silver mineralization. 
This twinning program is expected to start this week on the zinc body, which has a current strike length of 1.5 kilometres and an average grade of over 8% zinc. 
In addition to confirming grades of the silver and zinc mineralization with the twinning program, the company said that much of the historical long hole data set ended in "significant mineralization", so the drilling campaign will also look to extend this by drilling longer holes. 
"Due to the limited range of the Termite drills, and despite extending some holes by as much as 25 metres, some holes still end in mineralization," Silver Bull said in its statement on Tuesday. 
The recent drilling, combined with historical channel sampling and underground mapping, shows at least three distinct east-west trending structures that host high grade zones of silver, the company noted.                
Silver Bull further said that a halo of silver mineralization grading up to 80 g/t exists in between the high grade zones and provides the tonnage for a potential "bulk minable" deposit in an open pit setting. 
At a 20g/t cutoff grade, the Shallow Silver 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 silver. 
Silver Bull's main Sierra Mojada project is located 150 kilometres north of the city of Torreon in Coahuila, Mexico, while the company also has 2 mineral licenses in Gabon, Central Africa, which are prospective for gold, manganese, and iron ore. 

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