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Wednesday, 16 January 2013
Silver Bull Resources releases more high grade silver results at Sierra Mojada ahead of updated resource estimate
Silver Bull Resources (TSE:SVB)(NYSE MKT:SVBL) released Tuesday more high grade drill results from another batch of holes as part of its underground drill program on the Sierra Mojada project in northern Mexico, ahead of a planned resource update this quarter.
The results today are the 10th batch of drill holes from the underground program designed to twin a series of what the company calls "long holes" in a high grade silver zone at the eastern end of the Shallow Silver Zone on the project.
Notable high grade silver results from the batch of 15 holes include 18 metres at 178.19 grams per tonne (g/t) silver, including 7.6 metres at 291.26 g/t silver, and 5.10 metres at 118.61 g/t silver, including 1 metre at 477 g/t silver.
Hole T12095 also hit 3.3 metres at 125.3 g/t silver, 6.97% zinc, 0.24% copper and 2.53% lead, and hole T12111 returned 4.05 metres at 264.50 g/t silver, including 1 metre at 33.4% zinc and 729 g/t silver.
Mineralization still remains open in the north, south, east and west, the company said.
The results formed part of the 5,000 metre underground drill program at Sierra Mojada, which twinned a historical long hole data set along a high grade silver zone and an underlying and adjacent high grade zinc zone, both located at the eastern end of the current resource.
The aim of the total 5,000 metre campaign, which concluded last month, was 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.
The company said the program amounted to 6,500 metres of drilling, which resulted in the twinning of around 17% of the historic 38,000 metre data set. Silver Bull is awaiting final results, after which it will start a revised resource update on the Shallow Silver and Zinc zones - expected in the first quarter.
Based on the updated resource report figures, the company is aiming to complete the maiden PEA on the Sierra Mojada project in the third quarter of this year.
Last month, the silver and zinc explorer announced the first batch of results from the high grade zinc zone, returning grades of more than 16% zinc. Notable zinc results from the first batch of 15 holes included 40.40 metres at 13.93% zinc in hole T12116, including 11.5 metres at 21.93% zinc.