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Friday, 1 March 2013
Silver Bull Resources hits over 47% zinc along 4.4 metres at Sierra Mojada project
Silver Bull Resources (TSE:SVB)(NYSE MKT:SVBL) has unveiled the fifth and final batch of drill holes from its underground drill program in its high grade zinc zone at the Sierra Mojada project in northern Mexico, with an updated resource estimate expected shortly.
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 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 last NI 43-101 resource report on the Shallow Silver zone in July of last year.
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 complete 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 fifth and final batch from the high grade zinc zone, with the company having released the tenth batch of high grade silver holes last month.
Notable zinc results released Friday from the fifth batch of 19 drill holes include 5.1 metres at 30.56% zinc in hole T12194, and 22.85 metres of 19.52% zinc, including 4.4 metres of 47.59% zinc in hole T12206.
The company said mineralization remains open in the north, south, east, and westerly directions.
From the results today, widths of intercepts ranged from 1.7 metres to 37.05 metres, and grades ranged from 5.47% zinc to 47.59% zinc.
Based on the updated resource report figures, the company is aiming to complete the maiden preliminary economic assessment (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.