Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver
Bull") is pleased to provide the results that will be reported in
the updated NI 43-101 Technical Report ("the Technical Report")
currently being completed by JDS Energy & Mining Inc. ("JDS")
on the silver and zinc mineralization of the "Shallow Silver" and
"Zinc" Zones at the Sierra Mojada Project in Coahuila, Mexico.
Highlights at various cutoff grades for the silver include;
-- An Indicated silver resource of 71.9 million tonnes at an average grade
of 72.5g/t silver totaling 167.5 million troy ounces of silver at a
25g/t silver cutoff grade.
-- An Indicated silver resource of 40.75 million tonnes at an average grade
of 102.2g/t silver totaling 134.0 million troy ounces of silver at a
45g/t silver cutoff grade.
-- An Indicated silver resource of 20 million tonnes at an average grade of
147.8g/t silver totaling 94.0 million troy ounces of silver at a 80g/t
silver cutoff grade.
-- An Indicated zinc resource of 2.19 billion pounds of zinc at an average
grade of 1.38%.
-- An Inferred lead resource of 538 million pounds at an average grade of
0.34%.
-- An Inferred copper resource of 126 million pounds at an average grade of
0.08%.
A summary of the mineral resource estimate for silver and zinc
at various silver cutoff grades is as follows:
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Silver & Zinc Resource Inside the Lerchs-Grossman Optimized Pit
----------------------------------------------------------------------------
Silver
Cut off Silver Zinc Pounds
Grade Grade Silver Grade Zinc
Category (g/t) Tonnes (g/t) (M-Oz) (%) (lbs)
----------------------------------------------------------------------------
INDICATED greater 94,500,000 59.9 182.0 1.31 2,730,000,000
than 15
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greater 71,870,000 72.5 167.5 1.38 2,190,000,000
than 25
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greater 53,300,000 87.4 150.0 1.41 1,690,000,000
than 35
------------------------------------------------------------------
greater 40,750,000 102.2 134.0 1.47 1,320,000,000
than 45
------------------------------------------------------------------
greater 31,900,000 116.6 120.0 1.53 1,076,000,000
than 55
------------------------------------------------------------------
greater 26,000,000 129.9 108.0 1.58 903,000,000
than 65
------------------------------------------------------------------
greater 20,000,000 147.8 94.0 1.62 707,000,000
than 80
------------------------------------------------------------------
greater 14,000,000 171.9 77.0 1.65 510,000,000
than 100
----------------------------------------------------------------------------
Note: Recoveries of 100% were assumed for the pit optimization.
In addition to silver and zinc in the "indicated" category, an
"inferred" resource of lead and copper was also estimated based on
the various silver cutoff grades. The lead and copper resource is
as follows:
----------------------------------------------------------------------------
Lead & Copper Resource Inside the Lerchs-Grossman Optimized Pit
----------------------------------------------------------------------------
Silver
Cut off Lead Pounds Copper Pounds
Grade Grade Lead Grade Copper
Category (g/t) Tonnes (%) (lbs) (%) (lbs)
----------------------------------------------------------------------------
INFERRED greater 94,500,000 0.3 625,000,000 0.07 145,860,000
than 15
------------------------------------------------------------------
greater 71,870,000 0.34 538,566,000 0.08 126,721,000
than 25
------------------------------------------------------------------
greater 53,300,000 0.39 458,312,000 0.09 105,764,000
than 35
------------------------------------------------------------------
greater 40,750,000 0.42 377,215,000 0.11 98,794,000
than 45
------------------------------------------------------------------
greater 31,900,000 0.45 316,610,000 0.12 84,429,000
than 55
------------------------------------------------------------------
greater 26,000,000 0.48 274,243,000 0.13 74,274,000
than 65
------------------------------------------------------------------
greater 20,000,000 0.51 222,513,000 0.14 61,082,000
than 80
------------------------------------------------------------------
greater 14,000,000 0.55 169,987,000 0.16 49,450,000
than 100
----------------------------------------------------------------------------
In order to establish a reasonable prospect of economic
extraction in an open pit context, the reported silver resource
falls within a Lerchs-Grossman Optimized pit shell that uses a
silver price of US$29.20/oz, a zinc price of US$0.95 per pound,
US$3.70 per pound copper, and US$1.00 per pound lead. Pit walls are
set at 50 degrees overall, and mining costs were assumed to be
US$1.50/tonne, G&A US$1.00/tonne and silver and zinc processing
costs at US$12.00/tonne. Metal prices are based on the trailing 3
year averages for silver, zinc, copper, and lead.
Silver and zinc mineral resources were estimated by ordinary
Kriging using 3-D Mintec MineSight(TM) V7 block modeling software
in multiple passes using 20 meter X 10 meter X 5 meter blocks as
the SMU size. The geologic wireframes were updated and a partial
model technique utilized to calculate accurate volumes. Grade
estimates were based on 1 meter composited assay data with search
radius restricted to a 20 meter search radius when a zone dependent
cap limit was reached. Blocks have been classified as indicated
mineral resources.
At a 25 g/t cutoff grade for the silver, the updated resource
represents a 103% increase in the open pittable resource of the
Shallow Silver Zone previously reported by Silver Bull's July 2012
NI 43-101 Technical Report. Additional data added in this report
includes; 10,056 meters of surface diamond drilling, 6,647.5 meters
of underground diamond drilling completed for the "twinning"
program of the historical long hole data set and approximately 400
new channel samples. With the success of the twinning program in
showing an exceptional correlation with the long hole data set, a
significant increase in the range of influence of 40,240 meters of
long hole data has also been included in the resource estimation.
Recent highlight intercepts from the twinning program include;
-- 912g/t Silver over 17.6 Meters including 1,927g/t Silver over 3.66
Meters
-- 463.55g/t Silver over 15.05 Meters including 1654.92g/t over 3.1 Meters
-- 202.7g/t Silver over 42.65 Meters including 878g/t over 3.9 Meters
-- 193.38g/t Silver over 43.65 Meters including 440.66g/t over 15 Meters
-- 158.9g/t Silver over 30.75 Meters including 2,250g/t over 1 Meter
-- 151.6g/t Silver over 57.30 Meters including 600.6g/t over 5.95 Meters
-- 19.52% Zinc over 22.85 Meters including 47.59% over 4.4 Meters
-- 15.65% Zinc over 43.55 Meters including 20.26% over 14.5 Meters
In addition to the silver and the zinc, a resource of lead and
copper has also been estimated using an Inverse Distance Squared
(ID2) modeling method. Because the geological constraints and
metallurgical recovery on the copper and lead are not as well
understood as the silver and zinc, the lead and copper resources
estimates have placed in the "inferred" category.
The mineral resource has been estimated by Garth Kirkham, P.Geo.
of Kirkham Geosystems Ltd. and reviewed by Allan Reeves, P.Geo. of
JDS Energy & Mining Inc. Mr. Reeves is an Independent Qualified
Person as defined by National Instrument 43-101 and will be
responsible for the Technical Report. As a consultant he has spent
about 250 days onsite over a 3 year period providing technical
advice and direction to the Silver Bull team. Mr. Kirkham is an
independent consultant hired by JDS to prepare the resource
estimation at Sierra Mojada. He is a leader in the field of
resource estimation and was recently awarded the Julian Boldy
Memorial award in 2012 by the Canadian Institute of Mining,
Metallurgy, and Petroleum (CIM) for his "exemplary efforts in
resource modeling and estimation".
Tim Barry, President, CEO and director of Silver Bull states,
"We are extremely pleased with this report and feel this is a big
step forward for the company. At over 167 million ounces, Sierra
Mojada is now one of the largest undeveloped silver resources in
Mexico. With our recently completed financing for gross proceeds of
$USD 9.2 million, the company is well financed to push the project
to the next stage with a preliminary economic assessment, which
will be led by JDS. It is also no small point to note that even
though we have defined a much larger resource than previously
reported, mineralization remains open on the deposit, and during
2013 we will have an underground drill program underway using our
low cost termite drill rigs which will target a high grade silver
zone defined by underground channel samples immediately adjacent to
the deposit."
Silver Bull will post the Technical Report from which the above
resource numbers were extracted, onto the SEDAR website
(www.sedar.com) upon receipt of the completed Technical Report
which is expected within the next 45 days.
About the Shallow Silver Zone: The "Shallow Silver Zone" is an
oxide silver deposit (+/- zinc, lead, & copper), hosted along
an east-west trending fracture-karst system set in a cretaceous
limestone-dolomite sequence. The mineralized body averages between
30m - 90m thick, up to 200m wide and remains open in the east and
west 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.
About Silver Bull: Silver Bull is a 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 owns two mineral exploration licences in Gabon, Africa, which
are prospective for gold, manganese, and iron ore.
The technical information of this news release has been reviewed
and approved by Mark Pfau, Member of the Mining and Metallurgical
Society of America (MMSA), 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 to U.S. Investors concerning estimates of
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 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 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 indicated and inferred resource estimates, the timing of
the filing of the Technical Report, the timing of the PEA and our
intention to target a zone defined by channel samples with the
Company's drill rig in 2013. 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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