Jul 17 2012
Silver Bull Resources, Inc. (TSX: SVB, NYSE MKT: SVBL) is pleased to announce more drill results from the 2012 surface drill campaign on its Sierra Mojada Project located in the state of Coahuila, Northern Mexico.
Highlights include:
- B12058 106.35 meter intercept of silver mineralization over 37g/t Ag and 3.19% Zn on the southern edge of the defined mineralization.
- High grade silver intercepts including; 4.55 meters @ 308g/t Ag, 6.05 meters @ 162g/t Ag, 6.9 meters @ 132g/t Ag, and 4 meters @ 155g/t Ag.
- High grade zinc and lead intercepts including; 16 meters @ 10.34% Zn, 8.4 meters @ 3.63% Zn and 2.24% Pb, and 6.3 meters @ 2.86% Zn and 5.88% Pb.
- Mineralization remains open in the north, south, east and westerly directions.
Silver Bull's 2012 surface drill program consists of 83 drill holes totaling 18,000 meters and has focused on the "Shallow Silver" and "Centenario" zones. The program was designed to infill zones of mineralization defined by previous drilling as well as continue expanding the resource 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 2 underground rigs targeting a high grade zone of silver mineralization mostly defined through "long hole" drilling and "channel" sampling. Please see www.silverbullresources.com for more information.
A table of selected intervals from the reported 45 holes is shown below.
Tim Barry, President, CEO and director of Silver Bull states, "We are extremely pleased with the continued positive results coming from the Shallow Silver Zone. This particular batch of drilling focused mainly on the margins of the Centenario Zone as well as testing the western and southern edges of the Shallow Silver Zone. Hole B12058 is particularly significant as it was drilled right on the southern edge of the known mineralization and yielded over 100 meters of silver and zinc mineralization at good grades, providing clear evidence that mineralization remains open to the south. As previously announced, and in response to the challenging market conditions we have postponed our surface drill program to focus on better defining a very high grade silver zone defined by a tremendous amount of historical work that has been either severely restricted or excluded in our last NI43-101 resource report recently filed. Due to the amount of historical data in this zone indicating high grade ore is present and the fact we are using our own drill rigs to complete the drilling, we see this as a very low risk, cost effective program which we expect will add significant silver ounces to the deposit, and likely increase the overall grade within the Shallow Silver Zone. In addition to this program we continue to push forward our metallurgical program led by George Rawsthorne targeting both the silver and zinc mineralization."
Figure 1. The locations of the Shallow Silver Zone, Centenario Zone, and underground drill program targeting the high grade area previously defined by long holes. Also marked are the collar locations of Silver Bull's surface drill program since April 2011, results of which have been announced in past news releases.
About the Shallow Silver Zone: The "Shallow Silver Zone" is an oxide silver deposit (+/- zinc & lead), hosted along an east-west trending fracture-karst system set in a cretaceous limestone-dolomite sequence. 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. The mineralized body averages between 30m – 90m thick, up to 200m wide and remains open in all directions. Approximately 60% of the current 3.8 kilometer strike length is at or near surface before dipping at around 6 degrees to the east.
Zinc Exploration Target: In addition to the silver resource, Sierra Mojada also contains a significant "zinc oxide exploration target" which sits directly below and adjacent to the Shallow Silver Zone at its eastern end. The "Red" and "White" zinc zones have been identified through historical data containing 3,733 channels and 1,045 long holes over a 1.5 km strike length, but has too few drill holes to presently delineate a NI43-101 compliant mineral resource. The zinc mineralization is composed of hemimorphite and lesser smithsonite and forms a tabular body hosted mostly within the upper dolomite along the east-west trending Sierra Mojada fault. It is located 600 meters from a functioning railway and has been periodically mined for zinc grading >20% over the last 100 years.
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.
About Silver Bull: Silver Bull is a US registered mineral exploration company listed on both the NYSE MKT 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 has mineral interests in Gabon, West Africa which are prospective for gold, manganese, and iron ore.
The technical information of this news release has been reviewed and approved by Tim Barry, MAusIMM, a qualified person for the purposes of National Instrument 43-101.