Silver Bull Resources, Inc. (TSX:SVB) (OTCQB:SVBL) (“Silver Bull”)
is pleased to announce it has acquired a new mineral license in the
Palomas Negros area, a prospect that lies 9 kilometers to the
northwest of the main deposit at Sierra Mojada. The mineral license
acquired is a 68 hectare historical mineral license that had been
cancelled for many years by the Mexican mining authorities, and
consequently had no official owner, but had not been released for
staking until recently. The license covers an area of historical
mine workings which has been followed up by Silver Bull with a
channel sampling program targeting a historical 120 meter long by
25 meter wide showing continuous high grade mineralization at
surface.
Highlights from the recent new license
acquisition and channel sampling program include;
- The recently acquired mineral license covers 13
historical mine shafts in the Palomas Negros area including a 120
meter long x 25 meter wide x 25 meter deep historical open
pit.
- Silver Bull’s existing mineral licenses completely
surround the newly acquired mineral license which forms part of the
4 kilometer target previously identified in the Palomas Negros
area.
- Select results from the channel sampling program
targeting the open pit include:
- Sample 25933 @ 542g/t Silver, 2.32% Zinc, 0.5%
Lead, 0.01% Copper.
- Sample 25934 @ 495g/t Silver, 2.56% Zinc, 0.4%
Lead, 0.01% Copper.
- Sample 25935 @ 462g/t Silver, 2.87% Zinc, 0.48%
Lead.
- Sample 25901 @ 120.3g/t Silver, 37.95% Zinc,
1.14% Lead, 0.14% Copper.
- Sample 25905 @ 46g/t Silver, 36.52% Zinc, 0.22%
Lead, 0.02% Copper.
- Sample 25908 @ 11.7g/t Silver, 26.31% Zinc,
0.1% Lead.
- Sample 25902 @ 95.1g/t Silver, 20.18% Zinc,
0.78% Lead, 0.12% Copper.
- Sample 25906 @ 22.2g/t Silver, 17.36% Zinc,
0.11% Lead, 0.01% Copper.
- Sample 25936 @ 396g/t Silver, 2.37% Zinc, 0.51%
Lead, 0.0015% Copper.
- Sample 25929 @ 361g/t Silver, 13.55% Zinc,
1.91% Lead, 0.06% Copper.
- Sample 25913 @ 347g/t Silver, 1.76% Zinc, 3.16%
Lead, 0.05% Copper.
- Sample 25940 @ 308g/t Silver, 14.58% Zinc,
1.46% Lead.
- Sample 25941 @ 288g/t Silver, 10.77% Zinc,
0.54% Lead, 0.01% Copper.
- Sample 25911 @ 261g/t Silver, 1.73% Zinc, 1.52%
Lead, 0.06% Copper.
- Sample 25904 @ 225g/t Silver, 21.33% Zinc,
2.48% Lead, 0.2% Copper.
- Sample 25942 @ 218g/t Silver, 4.06% Zinc, 0.46%
Lead.
- Sample 25903 @ 213g/t Silver, 13.43% Zinc,
0.42% Lead, 0.09% Copper.
- Sample 25944 @ 211g/t Silver, 10.01% Zinc, 0.9%
Lead, 0.01% Copper.
- Sample 25916 @ 194.4g/t Silver, 11.48% Zinc,
6.04% Lead, 0.04% Copper.
- Sample 25943 @ 167g/t Silver, 4.72% Zinc, 0.36%
Lead.
- Sample 25939 @ 157.5g/t Silver, 3.15% Zinc,
0.41% Lead.
- Sample 25937 @ 150.1g/t Silver, 2.66% Zinc,
0.28% Lead.
- Sample 25909 @ 21.7g/t Silver, 12.3% Zinc,
0.14% Lead, 0.01% Copper.
- Sample 25910 @ 41.2g/t Silver, 10.73% Zinc,
0.53% Lead, 0.03% Copper.
- Sample 25926 @ 91.1g/t Silver, 6.77% Zinc,
2.51% Lead, 0.01% Copper.
- Sample 25914 @ 68.1g/t Silver, 2.41%
Zinc, 9.29% Lead, 0.04% Copper.
- Sample 25915 @ 71.8g/t Silver, 1.2%
Zinc, 14.74% Lead, 0.03% Copper.
- Sample 25912 @ 74.1g/t Silver, 1.01%
Zinc, 4.87% Lead, 0.02% Copper.
The channel samples outlined in this news release are from the
Palomas Negros area at Sierra Mojada which lies 9 kilometers to the
northwest of the main deposit. The channel samples target a
historical open pit 120 meters long x 25 meters deep x 25 meters
high. Continuous chip samples two meters in length were taken along
the walls and floor of the pit. The purpose of the sampling program
was to map the geology in the pit, and better understand the grade
and controls on the mineralization. A total of 45 channel samples
were taken. Fourteen (14) samples recorded values over 10% zinc
with a peak value of 37.95% zinc, thirteen (13) samples recorded
values over 200g/t silver with a peak value of 542g/t silver, and
twelve (12) samples recorded values over 1% lead with a peak value
of 14.74% lead. A summary of the results are shown in the table
below.
Sample ID |
Interval (m) |
Silver (g/t) |
Zinc (%) |
Lead (%) |
Copper (%) |
25901 |
2 |
120 |
37.95 |
1.14 |
0.14 |
25902 |
2 |
95 |
20.18 |
0.78 |
0.12 |
25903 |
2 |
213 |
13.43 |
0.42 |
0.09 |
25904 |
2 |
225 |
21.33 |
2.48 |
0.22 |
25905 |
2 |
46 |
36.52 |
0.22 |
0.02 |
25906 |
2 |
22 |
17.36 |
0.11 |
0.01 |
25907 |
2 |
16 |
6.73 |
0.06 |
0.00 |
25908 |
2 |
12 |
26.31 |
0.10 |
0.00 |
25909 |
2 |
22 |
12.30 |
0.14 |
0.01 |
25910 |
2 |
41 |
10.73 |
0.53 |
0.04 |
25911 |
2 |
261 |
1.73 |
1.52 |
0.06 |
25912 |
2 |
74 |
1.01 |
4.87 |
0.02 |
25913 |
2 |
347 |
1.76 |
3.16 |
0.05 |
25914 |
2 |
68 |
2.41 |
9.29 |
0.04 |
25915 |
2 |
72 |
1.20 |
14.74 |
0.03 |
25916 |
2 |
194 |
11.48 |
6.04 |
0.04 |
25917 |
2 |
20 |
0.36 |
0.04 |
0.01 |
25918 |
2 |
44 |
0.21 |
0.05 |
0.02 |
25919 |
2 |
51 |
0.21 |
0.05 |
0.04 |
25920 |
2 |
10 |
0.33 |
0.03 |
0.02 |
25921 |
2 |
40 |
0.90 |
0.15 |
0.03 |
25922 |
2 |
29 |
0.46 |
0.09 |
0.02 |
25923 |
2 |
46 |
1.10 |
0.24 |
0.03 |
25924 |
2 |
136 |
4.49 |
1.12 |
0.01 |
25925 |
2 |
57 |
3.26 |
0.50 |
0.01 |
25926 |
2 |
91 |
6.77 |
2.51 |
0.01 |
25927 |
2 |
96 |
1.77 |
0.29 |
0.00 |
25928 |
2 |
120 |
2.37 |
0.20 |
0.03 |
25929 |
2 |
361 |
13.55 |
1.91 |
0.06 |
25930 |
2 |
85 |
4.76 |
0.69 |
0.01 |
25931 |
2 |
41 |
1.50 |
0.15 |
0.00 |
25932 |
2 |
102 |
5.35 |
0.71 |
0.01 |
25933 |
2 |
542 |
2.32 |
0.50 |
0.01 |
25934 |
2 |
495 |
2.56 |
0.40 |
0.01 |
25935 |
2 |
462 |
2.87 |
0.48 |
0.00 |
25936 |
2 |
396 |
2.37 |
0.51 |
0.00 |
25937 |
2 |
150 |
2.66 |
0.28 |
0.00 |
25938 |
2 |
83 |
1.18 |
0.11 |
0.00 |
25939 |
2 |
158 |
3.15 |
0.41 |
0.00 |
25940 |
2 |
308 |
14.58 |
1.46 |
0.00 |
25941 |
2 |
288 |
10.77 |
0.54 |
0.01 |
25942 |
2 |
218 |
4.06 |
0.46 |
0.00 |
25943 |
2 |
167 |
4.72 |
0.36 |
0.00 |
25944 |
2 |
211 |
10.01 |
0.90 |
0.01 |
25945 |
2 |
86 |
5.54 |
0.94 |
0.01 |
The Drill Program: Silver Bull
is utilizing a company owned Termite drill rig to target the
sulphide mineralization. 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 the drill program
progresses.
Tim Barry, President, CEO and director of Silver
Bull states, “It is a huge step forward for the company to acquire
this key mineral license in the Palomas Negros area. The
mineralization we see at Palomas Negros has very strong analogies
to the mineralization we see at Sierra Mojada and is dominated by
high grade silver and zinc with lesser lead and copper. Although
the continuity and size of the mineralization at Palomas Negros is
yet to be determined, the consistent high grade mineralization
identified by the channel sampling program in the open pit is
extremely encouraging. We see the potential at Sierra Mojada for
multiple deposits along the same trend. Our intention is to
continue our step out drilling targeting the high grade sulphide
mineralization on the main deposit at Sierra Mojada, as well as
build up a number of near term drill targets at Palomas Negros for
testing later in the year. We now effectively have two high quality
projects in the same area.
The drilling on the sulphide zone at the main
deposit is currently halted whilst we recondition a number of the
workings. We are using a company owned termite drill rig to target
the extensions to the sulphide zone recently identified from
underground, a method which is proving to be extremely efficient
and cost effective. We expect to re commence drilling shortly.”
About the Sierra Mojada
deposit: Sierra Mojada is an open pittable oxide deposit
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. Including within the “global” resource is
a “high grade zinc zone” 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 “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 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 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, analogies between the mineralization at Palomas
Negros and Sierra Mojada and potential for multiple deposits along
trend. 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, 2017, 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.
Photos accompanying this announcement are available at
http://resource.globenewswire.com/Resource/Download/aa5f1dcb-a82a-4058-92c4-b9384f3b0e57
http://resource.globenewswire.com/Resource/Download/a178d6ec-faaa-4f3e-b8db-293d7a489c67
http://resource.globenewswire.com/Resource/Download/bc35c196-1b75-4978-8b02-a452260b9e51
http://resource.globenewswire.com/Resource/Download/20b8e9ef-9c6a-4402-9815-ba2dcd610d85
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