Silver Bull Confirms the Success of the Long Hole Twinning Drill Program on the Sierra Mojada Project, Coahuila, Mexico
March 14 2013 - 7:00AM
Marketwired
Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver
Bull") is pleased to announce that the underground drill program
conducted between July 2012 and December 2012 which twinned a
series of historical "long hole" drill holes at the eastern end of
the "Shallow Silver Zone" and "Zinc Zone" has successfully shown
the historical long hole data set is a fair representation of the
grade and width of the silver and zinc mineralization in this area.
The high correlation between the historical long hole data set and
Silver Bull's recently completed core twinning holes means that
over 39,000 meters of historical drilling focused in mainly high
grade silver and zinc mineralization will now have a more
significant influence in any resource calculation at Sierra
Mojada.
Discovery of long hole vs surface hole bias in Silver Bull's
July 2012 NI43-101 Resource Report: In Silver Bull's most recent
NI43-101 resource report on the Sierra Mojada project completed in
July 2012 by SRK Consulting (Canada) Inc. ("SRK"), SRK noted that
there appeared to be a large apparent bias between surface drill
holes and the long hole dataset. As a result, SRK severely
restricted the influence of over 2,700 long holes totaling
approximately 39,000 meters of drilling in the resource
estimation.
In its recommendations in the July 2012 NI43-101 report, SRK
recommended that Silver Bull initiate an underground diamond drill
program in areas that had been sampled exclusively by long holes
and channel samples in order to validate the higher grade portions
of the ore body with drill core.
Results for the long hole twinning program: Between July and
December 2012, Silver Bull completed over 6,500 meters of
underground diamond core drilling, twinning a number of long holes
over a 1.5 kilometer east-west strike at the eastern end of the
Shallow Silver and Zinc Zones. At the completion of the twinning
drill program, Silver Bull engaged SRK to re-evaluate the data to
confirm the validity of the historical long hole data set. To do
this, SRK ran a series of tests employing various metrics to
compare the twin holes with the long holes and surface holes, using
5m by 5m by 5m blocks which represent the block size used in the
last resource estimate.
SRK concluded that the grades and widths seen in the historical
long hole data set were confirmed by the diamond drilling, and that
the twinning program validated this data set. As a result of the
twinning program Silver Bull is now able to confidently use the
long hole data set with a less restrictive range of influence than
has previously been used in any resource estimate for the
project.
In its analysis of the data, SRK went on to explain that in
comparing the surface drill holes to the long holes in the previous
report, the large bias was created due to the fact that these two
data sets represented two very different grade domains within the
deposit. The long holes are situated in a very high grade domain,
while the surface drill holes lie in a lower grade domain. The
twinning program demonstrates that there is a marginal bias in the
long holes at very high grades ranges but that they agreed well
with all core drilling for grades below 125 g/t silver.
Updated NI43-101 Resource Report and JDS Engineering: Silver
Bull is now focused on issuing a new NI43-101 resource update and
expects this will be out before the end of March 2013. This new
report will include over 10,000 meters of additional surface
drilling, 6,500 meters of underground drilling, and the increased
influence for over 39,000 meters from the long hole data set. For
the report, Silver Bull has also updated the geological model for
the Sierra Mojada project, continued bulk density data sampling on
the various ore types, and collected an additional 400 channel
samples for metallurgical test work.
JDS Energy & Mining Inc. has been commissioned to complete
the next NI43-101 report as a lead-in to a Preliminary Economic
Assessment, which is planned for Q3 2013.
About Silver Bull: Silver Bull is a well funded US registered
mineral exploration company listed on both the NYSE MKT and TSX
stock exchanges and based out of Vancouver, Canada. The flagship
"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 2 mineral licenses in Gabon,
Central 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.
On behalf of the Board of Directors
Tim Barry, MAusIMM, Chief Executive Officer, President and
Director
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 timing of the next resource update, the timing of the
PEA, the ability to demonstrate a high correlation and increase the
confidence of the long hole data set, and the ability to
incorporate the long hole data set in the 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 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, 2012, 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.
Contacts: Silver Bull Resources, Inc. Matt Hallaran Investor
Relations +1 604 336 8096info@silverbullresources.com
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