Thursday, 21 February 2013

Silver Bull Resources hits over 30 metres of high grade zinc at Sierra Mojada, revised resource expected soon

Silver Bull Resources (TSE:SVB)(NYSE MKT:SVBL) unveiled Wednesday a fourth batch of drill results from its underground drill program in its high grade zinc zone at the Sierra Mojada project in northern Mexico, saying mineralization remains open to expansion in four directions.
The results form part of an underground program that twinned what the company calls a historical "long hole" data set along a high grade silver zone and the 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 in December, 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 last July. 
The company said the program actually 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, which will be included in a revised resource update on the Shallow Silver and Zinc zones - expected this quarter. 
Today's zinc results are the fourth of five batches from the high grade zinc zone, with the company having just released the tenth batch of high grade silver holes last month. 
Notable zinc results Wednesday from the fourth batch of 23 drill holes include 8.5 metres at 17.22% zinc in hole T12172, and 14.25 metres at 16.31% zinc in hole T12166. 
Hole T12173 also hit 30.30 metres at 12.23% zinc, including 11.55 metres at 21.81% zinc, and hole T12184 returned 30 metres at 16.13% zinc.
The company said mineralization remains open in the north, south, east, and westerly directions.
From the results today, widths of intercepts ranged from 0.5 metres to 30.3 metres, with grades between 5.37% and 49.3% zinc. 
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. The PEA will incorporate ongoing work on metallurgical optimization, hydrology, and geotechnical studies and detailed mine plan studies. 
As of July last year, the Shallow Silver Zone hosted a silver resource of 72.1 million ounces in the measured and indicated category, and 10.4 million ounces in the inferred category.

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