Silver Bull Intersects 9.81% Zinc Over 46.4 Meters and 100g/T Silver Over 43 Meters on the "Shallow Silver Zone" at the Sierra Mojada Project, Coahuila, Mexico.
Vancouver, British Columbia -- Silver Bull Resources, Inc. (TSX: SVB, AMEX: SVBL) ("Silver Bull") is pleased to announce drill results from the 2011 drill campaign on the "Shallow Silver Zone".
- Results from 75 diamond core drill holes into the "Shallow Silver Zone", equating to 11,700 meters of the 36,800 meter drill campaign completed in 2011.
- 80% of the drill holes intersected zones of silver oxide mineralization >30g/t Ag, including; 100g/t Ag over 43 meters, 170g/t over 11 meters and 213.4g/t Ag over 36.25 meters.
- Significant zinc intercepts including; 9.81% Zn over 46.4 meters, 17.47% Zn over 13.15 meters, and 9.03% Zn over 17.5 meters.
Silver Bull's 2011 drill program of 183 drill holes totals 36,800 meters and focused on both the "Shallow Silver Zone" and the newly discovered "Centenario" zone. The program was designed to infill zones of mineralization defined by previous drilling as well as continue expanding the resource in the north, east, and westerly directions through step out drilling. The results have confirmed the continuity and tenor of the extensive silver and zinc mineralization seen at Sierra Mojada, and mineralization remains open in all directions. Silver Bull's drill program is ongoing with 3 rigs currently onsite. Please see www.silverbullresources.com for more information.
A table of selected intervals from the reported 75 holes is shown below.
|Hole ID||From (m)||To (m)||Interval||Ag g/t||Zn %||Pb%||Cu%|
* Drillholes that were previously reported by Silver Bull
** Intervals shown are mineralized lengths of core and are not necessarily true widths.
About the Mineralization: A thick "upper" dolomite unit is the favorable host rock for the silver oxide mineralization seen in the Shallow Silver Zone, especially when immediately adjacent to fault zones. The discovery of the new "Centenario Zone" at the end of 2011, which is hosted within a strategraphically "lower" dolomite unit and averages +100 meter intercepts at >60g/t Ag underlies the upper dolomite which hosts the Shallow Silver Zone and was not tested by many of the early holes drilled in 2011. During the first quarter of 2012 a number of these holes will be deepened to see if the mineralization seen in the Centenario zone continues to the south within the lower dolomite. Sections 631500E and 631600E shown below demonstrate this concept.
About the Shallow Silver Zone: Currently contains a NI43-101 compliant resource at a 15g/t cutoff grade of 47.3Moz of silver in the "indicated" category and 13.8Moz of silver in the "inferred" category. The mineralized body averages between 30m -- 90m thick, is up to 200m wide and has an average grade of just over 50g/t silver. Mineralization remains open in the east, west, south and northerly directions. Approximately 60% of the current 3.2 kilometer mineralized body is at or near surface before dipping at around 10 degrees to the east.
NI43-101 Resource Update: The third in a series of NI43-101 resource updates is anticipated to be prepared by SRK Consulting (Canada) Inc. "SRK" in Q2 of 2012. All available data up to February 28, 2012 will be given to SRK for inclusion in the report. Given the drilling results to date it is anticipated that SRK's next report will show a substantial increase in the silver resource at Sierra Mojada, as well as including a resource for the significant zinc mineralization seen on the project.
Sample Analysis and QA/QC: All samples have been analyzed at ALS Chemex in North Vancouver, BC, Canada. Samples are first tested with the "ME-ICP41m" procedure which analyzes for 35 elements using a near total aqua regia digestion. Samples with silver values above 100ppm are re-analyzed using the Ag-GRA21 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 AA46 procedure which is a near total aqua regia digestion with an atomic absorption finish.
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 all sample shipments to ensure integrity of the assay process. The QA/QC of the assay results has been contracted to IOGlobal, an international and independent QA/QC and database management firm.
About Silver Bull: Silver Bull is a well funded, US registered mineral exploration company listed on both the NYSE Amex and TSX stock exchanges and based out of Vancouver, Canada. The flag ship "Sierra Mojada" project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico and is highly prospective for silver and zinc. Silver Bull also owns three mineral exploration licences in Gabon, Africa, two of which are currently under joint venture with AngloGold Ashanti. These licences are prospective for gold, manganese, and iron ore.
The technical information of this news release has been reviewed and approved by Jason Cunliffe, MAusIMM, a qualified person onsite for the purposes of National Instrument 43-101.
INVESTOR RELATIONS CONTACT INFO:
Cautionary Note to U.S. Investors concerning estimates of Indicated and Inferred Resources: This press release uses the terms "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 indicated 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 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 Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and applicable Canadian securities laws. Forward-looking statements include statements regarding indicated and inferred resource estimates, the anticipated scope and targets of future drilling in the Shallow Silver Zone and Centenario Zone and the timing and expected resource increase of Silver Bull's next resource update. 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, 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, 2011 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.