Silver Bull Resources, Inc. Announces Results of Channel Sampling Program at the Sierra Mojada Project, Coahuila, Mexico
Silver Bull Identifies 94.5 Meters Of Sulphide Mineralization Grading 9.7% Zinc, 124 g/t Silver, 1.6% Lead And 0.46% Copper, Including 31.5 Meters Grading 22.36% Zinc, 134.5g/t Silver, 2.05% Lead, And 0.21% Copper In A Continuous Channel Sample At The Sierra Mojada Project, Coahuila, Mexico
Vancouver, British Columbia -- Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) ("Silver Bull") is pleased to provide the results of an underground continuous channel sampling program targeting the newly identified zone of sulphide mineralization at its Sierra Mojada Project in Coahuila, Northern Mexico.
Highlights from the program include:
- A Continuous east-west series of channel samples returning 94.5 meters of 9.7% zinc, 124g/t Silver, 1.6% lead, and 0.46% copper of sulphide mineralization which includes smaller intervals of:
- 31.5 meters @ 22.36% zinc, 134.5g/t silver, 2.05% lead, 0.21% copper.
- 9 meters @ 10.2% zinc, 21g/t silver, 0.06% lead, 0.07% copper.
- 10.5 meters @ 432g/t silver, 1.15% zinc, 0.05% lead, 1.22% copper.
- Highlights from select individual channel samples from the continuous channel sample program in the new sulphide zone include:
- Sample 25817 @ 4.45% zinc, 267g/t silver, 11.08% lead, 1.91% copper.
- Sample 25818 @ 4.90% zinc, 163g/t silver, 6.58% lead, 9.87% copper.
- Sample 25824 @ 23.21% zinc, 126g/t silver, 3.76% lead, 0.24% copper.
- Sample 25825 @ 36.02% zinc, 178g/t silver, 3.60% lead, 0.45% copper.
- Sample 25826 @ 21.36% zinc, 406g/t silver, 3.31% lead, 0.30% copper.
- Sample 25827 @ 13.06% zinc, 118g/t silver, 1.69% lead, 0.1% copper.
- Sample 25828 @ 12.55% zinc, 135g/t silver, 1.40% lead, 0.09% copper.
- Sample 25829 @ 27.51% zinc, 139g/t silver, 0.72% lead, 0.14% copper.
- Sample 25837 @ 20.29% zinc, 212g/t silver, 6.65% lead, 0.47% copper.
- Sample 25838 @ 29.83% zinc, 504g/t silver, 5.66% lead, 0.6% copper.
- Sample 25839 @ 27.96% zinc, 129g/t silver, 2.75% lead, 0.42% copper.
- Sample 25844 @ 14.62% zinc, 195g/t silver, 1.48% lead, 0.08% copper.
- Sample 25863 @ 863g/t silver, 0.41% zinc, 0.14% lead, 1.32% copper.
- Sample 25866 @ 362g/t silver, 0.19% zinc, 0.03% lead, 1.18% copper.
- Sample 25869 @ 863g/t silver, 5.26% zinc, 0.06% lead, 2.78% copper.
A continuous underground channel sampling program was conducted by Silver Bull during the month of August to test the grade and continuity of an east-west trending high angle structure which hosts sulphide mineralization (see figure 2, 3 and 4). In addition a north-south cross cut, perpendicular to this structure was also tested. This north-south cross cut lies between the tested east-west trending sulphide bearing structure and another similar east-west trending structure which lies 70 meters to the north and also hosts sulphide mineralization grading up to 1,300g/t Ag and 9% copper, but was not tested in this program. These channel samples are taken from approximately 160 meters below surface.
In this continuous underground channel sampling program 117 channel samples were taken from the walls of historical workings as a continuous horizontal chip sample in 1.5 meter intervals. The best results run along the strike of a 2 to 3 meter-wide east-west trending structure. The north-south cross cut yielded no significant results, but did identify a 10 meter-wide halo of 30 to 60 g/t silver mineralization immediately adjacent to both east-west trending structures
A drill program utilizing a company owned Termite drill rig is currently underway to test the grade, thickness, and continuity of the sulphide mineralization identified by this channel sampling program. The Termite is capable of drilling up to 100 meters of HQ diamond core and five drill stations are presently planned (see figure 2) with more expected to be added as the drill program progresses.
Tim Barry, President, CEO and director of Silver Bull states, "The sulphide mineralization identified by the continuous channel sampling program appears to be hosted in a sub vertical, two to three meter wide east-west trending structure. The high grade continuous nature of the mineralization is very encouraging and remains open along strike and down dip. In addition to this structure, our mapping has identified another similar east-west trending structure also around two to three meters wide, which lies approximately 70 meters to the north and was not tested with continuous channel samples, but has yielded grab select samples grading up 1300 g/t silver and 9% copper. Both structures will be tested by our drill program which is currently underway. We have yet to identify the feeder zones or intrusive source of the mineralization we see at Sierra Mojada and suggests there is significant exploration upside left on the project. As we vector in on the intrusive source I would expect mineralization become more ubiquitous and massive."
A summary of the results are shown in the maps below.
Figure 1. Location of the new sulphide zone of mineralization in relation to the previously
defined oxide 43-101 resource previously defined at Sierra Mojada. This new zone will be
the initial target of the planned drill program.
Figure 2. Location map of the channel samples in relation to the surveyed underground
workings and mapped zones of mineralization. Also shown are the planned sites for the drill
program currently underway.
Figure 3. Summary results for zinc from the continuous channel sampling program.
Figure 4. Summary results for Silver from the continuous channel sampling program.
About the Sierra Mojada deposit: Sierra Mojada is an open pittable oxide deposit, as disclosed in the NI43-101 "Technical Report on the Resources of the Sierra Mojada Project Coahuila, Mexico" dated June 8, 2015, with a NI43-101 compliant measured and indicated "global" resource of 58.7 million tonnes grading 3.6% zinc and 50g/t silver at a $13.50 NSR cutoff giving 4.670 billion pounds of zinc and 90.8 million ounces of silver. Included within the "global" resource is a measured and indicated "high grade zinc zone" within the Lerchs-Grossman (LG) Optimized Pit of 10.03 million tonnes with an average grade of 11% zinc at a 6% cutoff, giving 2.426 billion pounds of zinc, and a measured and indicated "high grade silver zone" of 19 million tonnes with an average grade of 102.5g/t silver at a 50g/t cutoff giving 62.6 million ounces of silver. Mineralization remains open in the east, west, and northerly directions. Approximately 60% of the current 3.2 kilometer mineralized body is at or near surface before dipping at around 6 degrees to the east.
Sample Analysis and QA/QC: All samples will be analyzed at Bureau Veritas in Vancouver, BC, Canada. Samples will be first tested with the "MA300" procedure which analyzes for 36 elements using a 4 acid digestion. Samples with silver values above 100ppm are re-analyzed using the FA350 procedure which is a fire assay with a gravimetric finish. Samples with zinc, lead, and copper values above 10,000ppm (1%) are re-analyzed using the AR402 procedure which is a near total aqua regia digestion.
A rigorous procedure is in place regarding sample collection, chain of custody and data entry. Certified standards and blanks, as well as duplicate samples are routinely inserted into sample shipments to ensure integrity of the assay process.
About Silver Bull: Silver Bull is a mineral exploration company whose shares are listed on the Toronto Stock Exchange and trade on the OTCQB in the United States, and is based out of Vancouver, Canada. The "Sierra Mojada" project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico, and is highly prospective for silver and zinc.
The technical information of this news release has been reviewed and approved by Tim Barry, a Chartered Professional Geologist (CPAusIMM), and a qualified person for the purposes of National Instrument 43-101.
On behalf of the Board of Directors
Tim Barry, CPAusIMM
Chief Executive Officer, President and Director
+1 604 687 5800
Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources: This press release uses the terms "measured resources", "indicated resources", and "inferred resources" which are defined in, and required to be disclosed by, NI 43-101. We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the "SEC"). The estimation of measured, indicated and inferred resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that measured and indicated mineral resources will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies.
Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable to similar information made public by U.S. companies that are not subject NI 43-101.
Cautionary note regarding forward looking statements: This news release contains forward-looking statements regarding future events and Silver Bull's future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding the planned drill program, ability to add additional drill stations, significant exploration upside left in the project and ability to vector in on intrusive source. These statements are based on current expectations, estimates, forecasts, and projections about Silver Bull's exploration projects, the industry in which Silver Bull operates and the beliefs and assumptions of Silver Bull's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2016, as amended, and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.