Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver
Bull") is pleased to announce further to its news release dated
March 18, 2013, it has filed its updated NI 43-101 Technical Report
titled "Technical Report on the Resources of the Silver-Zinc Sierra
Mojada Project Coahuila, Mexico" ("the Technical Report") dated
April 30, 2013 on SEDAR at www.sedar.com. The Technical Report was
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 72.9 million tonnes at an average grade
of 69.5g/t silver totaling 162.9 million troy ounces of silver at a
25g/t silver cutoff grade.
-- An Indicated silver resource of 43.5 million tonnes at an average grade
of 93.9g/t silver totaling 131.3 million troy ounces of silver at a
45g/t silver cutoff grade.
-- An Indicated silver resource of 23.8 million tonnes at an average grade
of 123.3g/t silver totaling 94.5 million troy ounces of silver at an
80g/t silver cutoff grade.
-- An Indicated zinc resource of 2.41 billion pounds of zinc at an average
grade of 1.50%.
-- An Inferred lead resource of 547 million pounds at an average grade of
0.34%.
-- An Inferred copper resource of 129 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 Silver Zinc
Cutoff Grade Silver Grade Zinc
Category Grade (g/t) Tonnes (g/t) (Moz) (%) (Bn-lbs)
----------------------------------------------------------------------------
INDICATED greater than
15 95,022,002 57.9 176.9 1.34 2.807
-----------------------------------------------------------------
greater than
25 72,914,248 69.5 162.9 1.50 2.411
-----------------------------------------------------------------
greater than
35 55,386,287 82.2 146.4 1.64 2.003
-----------------------------------------------------------------
greater than
45 43,492,968 93.9 131.3 1.81 1.736
-----------------------------------------------------------------
greater than
55 35,278,796 104.4 118.4 1.99 1.549
-----------------------------------------------------------------
greater than
65 29,569,152 113.1 107.5 2.15 1.403
-----------------------------------------------------------------
greater than
80 23,827,196 123.3 94.5 2.36 1.239
-----------------------------------------------------------------
greater than
100 18,418,873 134.0 79.4 2.63 1.067
----------------------------------------------------------------------------
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 Lead Copper
Cutoff Grade Lead Grade Copper
Category Grade (g/t) Tonnes (%) (Mlbs) (%) (Mlbs)
----------------------------------------------------------------------------
INFERRED greater than
15 95,022,002 0.30 628 0.07 147
------------------------------------------------------------------
greater than
25 72,914,248 0.34 547 0.08 129
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greater than
35 55,386,287 0.39 476 0.09 110
------------------------------------------------------------------
greater than
45 43,492,968 0.43 412 0.10 96
------------------------------------------------------------------
greater than
55 35,278,796 0.46 358 0.11 86
------------------------------------------------------------------
greater than
65 29,569,152 0.49 320 0.11 72
------------------------------------------------------------------
greater than
80 23,827,196 0.53 278 0.12 63
------------------------------------------------------------------
greater than
100 18,418,873 0.58 235 0.12 49
----------------------------------------------------------------------------
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 99% 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 JDS. The authors of
the Technical Report are Allan Reeves, P.Geo., of JDS and Gilles
Arseneau of SRK Consulting (Canada) Inc. Mr. Reeves and Mr.
Arseneau are each Independent Qualified Persons as defined by
National Instrument 43-101. As a consultant Mr. Reeves has spent
about 250 days onsite over a 3 year period providing technical
advice and direction to the Silver Bull team.
Since announcing the new resource on 18 March 2013 a number of
additional "voids" in the form of underground workings have been
better mapped and added to better define the resource model
resulting in a slight decrease in the silver resource of less than
3% at a 25g/t cutoff.
Tim Barry, President, CEO and director of Silver Bull states,
"The filing of this report represents a significant milestone for
Silver Bull. It defines Sierra Mojada as one of the largest
undeveloped silver resources in Mexico, as well as providing a
significant upgrade on the overall geological understanding of
Sierra Mojada. We believe this is the most comprehensive report put
out yet on the deposit and provides an extremely good basis for the
Preliminary Economic Assessment planned for completion in Q3
2013."
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
"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 and the timing
of the preparation and completion of a Preliminary Economic
Analysis. 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
www.silverbullresources.com
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