Silver Bull Resources, Inc. (TSX:SVB) (OTCQB:SVBL) (“Silver Bull”)
is pleased to provide the results of the first two drill holes from
its underground drill program targeting high grade structures in
the newly discovered Sulphide Zone on the Sierra Mojada Project in
Coahuila, Northern Mexico.
Highlights from the first two drill holes
include:
- Hole T17002 – 25.5 meters @ 294g/t silver and 0.96%
copper including 11.5 meters @ 486g/t silver and 1.13% copper from
14 meters to 25.5 meters, and which contains a smaller interval of
4 meters @ 966g/t silver and 2.0% copper from 15 meters to 19
meters.
- Hole T17002 hit underground workings and was terminated
in high grade mineralization.
- Hole T17001 – 7 meters @ 121g/t silver and 0.52% copper
including 2 meters @ 376g/t silver and 3.0% copper from 0 meters to
2 meters.
The Sulphide Zone: An
underground geological mapping and continuous underground channel
sampling program conducted by Silver Bull during the month of
August identified a series of east-west trending high angle
structure hosting sulphide mineralization (announced in a news
release on 11 September 2017). Results from the continuous channel
sampling program yielded 31.5 meters grading at 22.36% zinc,
134.5g/t silver, 2.05% lead, 0.21% copper and 10.5 meters @ 432g/t
silver, 1.15% zinc, 0.05% lead, 1.22% copper. This sulphide zone is
the target of the current drill program.
The Drill Program: Silver Bull
is utilizing a company owned Termite drill rig to test the grade,
thickness, and continuity of the sulphide mineralization identified
by the channel sampling program. The Termite is capable of drilling
up to 100 meters of NQ diamond core and five drill stations are
presently planned with more expected to be added as continued
mapping in previously unvisited underground workings and drilling
progresses.
The Results: The results from
the first two holes confirm the grade and east-west continuity of
the first of three structures to be drilled. It is important to
note that drill hole T17002 was terminated in high grade
mineralization when it hit a previously unmapped stope. Unlike the
other structures sampled in the area, we saw no appreciable lead or
zinc in these first two drill holes and is interpreted to represent
either a zoning of the metals in the system or a different pulse of
sulphide mineralization all together. The drilling also confirmed
the presence of a low grade halo of silver and copper
mineralization up to 10 meters wide and grading up to 90g/t silver
and 0.2% copper. Two other similar east-west trending structures
have been identified in the same area 70 meters to the south and
which will be the target of our continued drill program.
A summary of the first two drill holes are shown
below.
HOLE ID |
HOLE LENGTH (M) |
FROM (M) |
TO (M) |
INTERVAL (M) |
AG (G/T) |
CU (%) |
T17001 |
63.2 |
0 |
7 |
7m |
121 |
0.52 |
including |
0 |
2 |
2m |
376 |
3.0 |
T17002 |
25.5 |
0 |
25.5 |
25.5m |
294.1 |
0.96 |
including |
14 |
25.5 |
11.5m |
485.9 |
1.13 |
and |
15 |
19 |
4m |
965.75 |
2.0 |
Tim Barry, President, CEO and director of Silver
Bull states, “We are very pleased with the first two holes of our
program which confirm what we are seeing underground with our
mapping. With these first drill holes we have extended the first of
the three high grade structures we plan to drill, another 25 meters
to the east and it almost certainly continues as the hole was ended
in high grade mineralization due to hitting an unmapped void. This
structure remains open along strike and down dip. It is also
important to note that we appear to be below the oxide zone and
expect to continue hitting sulphide mineralization in this
area.”
Summary maps and sections are shown below.
Figure
1: http://www.globenewswire.com/NewsRoom/AttachmentNg/7619355a-3167-40de-bbfd-a47290dbf156
Figure
2: http://www.globenewswire.com/NewsRoom/AttachmentNg/d222469b-57dd-4e7c-8b0d-5ad4cddc4584
Figure
3: http://www.globenewswire.com/NewsRoom/AttachmentNg/55bf022f-df58-4074-a083-c678c6be3425
About the Sierra Mojada
deposit: Sierra Mojada is an open pittable oxide deposit,
as disclosed in the NI43-101 "Technical Report on the Resources of
the Sierra Mojada Project Coahuila, Mexico" dated June 8, 2015,
with a NI43-101 compliant measured and indicated "global" resource
of 58.7 million tonnes grading 3.6% zinc and 50g/t silver at a
$13.50 NSR cutoff giving 4.670 billion pounds of zinc and 90.8
million ounces of silver. Included within the "global" resource is
a measured and indicated "high grade zinc zone" within the
Lerchs-Grossman (LG) Optimized Pit of 10.03 million tonnes with an
average grade of 11% zinc at a 6% cutoff, giving 2.426 billion
pounds of zinc, and a measured and indicated "high grade silver
zone" of 19 million tonnes with an average grade of 102.5g/t silver
at a 50g/t cutoff giving 62.6 million ounces of silver.
Mineralization remains open in the east, west, and northerly
directions. Approximately 60% of the current 3.2 kilometer
mineralized body is at or near surface before dipping at around 6
degrees to the east.
Sample Analysis and QA/QC: All samples were
analyzed at Bureau Veritas in Vancouver, BC, Canada. Samples were
first tested with the "MA300" procedure which analyzes for 36
elements using a 4 acid digestion. Samples with silver values above
100ppm are re-analyzed using the FA350 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 AR402
procedure which is a near total aqua regia digestion. 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 sample shipments to
ensure integrity of the assay process.
About Silver Bull: Silver Bull is a mineral
exploration company whose shares are listed on the Toronto Stock
Exchange and trade on the OTCQB in the United States, and is based
out of Vancouver, Canada. The "Sierra Mojada" project is located
150 kilometers north of the city of Torreon in Coahuila, Mexico,
and is highly prospective for silver and zinc. The technical
information of this news release has been reviewed and approved by
Tim Barry, a Chartered Professional Geologist (CPAusIMM), and a
qualified person for the purposes of National Instrument
43-101.
On behalf of the Board of Directors "Tim Barry" Tim
Barry, CPAusIMM Chief Executive Officer, President and
Director
INVESTOR RELATIONS: +1 604 687 5800
info@silverbullresources.com
Cautionary Note to U.S. Investors concerning estimates
of Measured, 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 measured, indicated and
inferred 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 measured and 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 the planned
drill program, ability to add additional drill stations and
expectations to continue hitting sulphide mineralization. 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, 2016, 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.
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