Silver Bull Resources (TSE:SVB)(NYSE MKT:SVBL) announced Tuesday the first batch of drill hole results from its underground campaign in the high grade zinc zone at its Sierra Mojada project in northern Mexico, returning grades of more than 16% zinc.
The drill program is designed to twin a series of what the company calls "long holes" in the zinc zone situated just below the high grade silver zone that is found at the eastern end of the Shallow Silver Zone on the project.
Notable zinc results from the first batch of 15 holes include 40.40 metres at 13.93% zinc in hole T12116, including 11.5 metres at 21.93% zinc, 10.4 metres at 35.74 grams per tonne (g/t) silver and 0.6 metres of 125 g/t silver.
Hole T12099 also hit 21.60 metres of 10.56% zinc, including 5.9 metres of 13.72% zinc, and hole T12098 returned 31.1 metres at 7.52% zinc, including 5 metres at 16.01% zinc.
The silver and zinc miner said mineralization remains open in the north, south, east and west.
The results today form part of a 5,000 metre drill program underway at Sierra Mojada, with two underground rigs twinning a historical long hole data set along a high grade silver zone and an underlying and adjacent high grade zinc zone, both with a defined strike of 1.5 kilometres and located at the eastern end of the Shallow Silver Zone.
Over the past months, Silver Bull has been consistently releasing high grade silver results from its program in the high grade silver zone. The latest batch of silver results included 15.05 metres of at 463.55 grams per tonne (g/t) silver, including 3.1 metres at 1,654.92 g/t silver in hole T12090.
The company's 3,000 metre drill program in the high grade silver zone was expanded in September with an additional 2,000 metres in the high grade zinc zone.
The aim of the total 5,000 metre 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.
The twinning drill program is expected to wrap up at the end the year, after which the company will initiate a revised NI 43-101 resource update on the Shallow Silver and Zinc Zones, scheduled for release in the first quarter of 2013.
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.
Late last month, shares in the silver and zinc explorer rose, exceeding their 50-day average volume after the company reported what it called "exceptional" preliminary metallurgical results on the silver and zinc mineralization at its Sierra Mojada project.
Silver recoveries from the Centenario zone were up to 89 per cent, with an average recovery of 83 per cent silver across a variety of silver grade ranges. Silver recoveries generally showed an increase with higher grades.
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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