Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”)
is pleased to announce it has filed the NI 43-101 Mineral Resource
estimate report on the Beskauga copper-gold project completed by
CSA Global Consultants Canada Ltd (“CSA Global”). The report is
available on SEDAR at www.sedar.com and on the Company’s website at
www.silverbullresources.com. Highlights of the Mineral Resource
- An open
pit-constrained Indicated Mineral Resource of 207 million tonnes
grading 0.35 g/t gold, 0.23% copper and 1.09 g/t silver for 2.33
million ounces of gold, 476.1 thousand tonnes of copper, & 7.25
million ounces of silver.
- An open
pit-constrained Inferred Mineral Resource of 147 million tonnes
grading 0.33 g/t gold, 0.15% copper and 1.02 g/t silver for 1.56
million ounces of gold, 220.5 thousand tonnes of copper, & 4.82
million ounces of silver.
- The constraining pit was
optimised and calculated using a NSR cut-off based on: $1,500/oz
for gold, $2.80/lb for copper, $17.25/oz for silver, and with an
average recovery of 81.7% for copper and 51.8% for both gold and
Beskauga Resource: The Beskauga
resource was estimated from 118 diamond drill holes, totalling
45,605.8 meters drilled between 2007 and 2017 by the private Swiss
company, Copperbelt AG. Holes were drilled from surface using an HQ
or NQ sized core diameter and varied in depth between 150m to 815m.
The estimated Mineral Resource is shown in the table below.
Table 1. Pit-constrained Mineral Resource estimate for the
Beskauga copper-gold project
- An NSR $/t cut-off of $5.70/t was
used, and the NSR formula is: NSR $/t = (38.137+11.612 x Cu%) x Cu%
+ (19.18 + 12.322 x Au g/t) x Au g/t + (0.07 + 0.0517 x Ag g/t) x
- The NSR formula incorporates
variable recovery formulae. Average copper recovery was 81.7%
copper and 51.8% for both gold and silver.
- Metal prices considered were
$2.80/lb copper, $1,500/oz gold and $17.25/oz silver.
- The Resource is stated within a pit
shell that considers a 1.25 factor above the metal prices.
- Mineral Resources are estimated and
reported in accordance with the CIM Definition Standards for
Mineral Resources and Mineral Reserves adopted 10 May 2014.
- The Mineral Resource is not
believed to be materially affected by any known environmental,
permitting, legal, title, taxation, socio-economic, marketing,
political or other relevant factors
- These Mineral Resources are not
Mineral Reserves as they do not have demonstrated economic
- The quantity and grade of reported
Inferred Resources in this MRE are uncertain in nature and there
has been insufficient exploration to define these Inferred
Resources as Indicated or Measured; however, it is reasonably
expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued
In order to address the potential for eventual
economic extraction in an open pit context, the reported mineral
resources fall within an optimized Lerch-Grossman pit shell that
uses a gold price of US$1,500/oz, a copper price of US$2.80, and a
silver price of US$17.25 with an average recovery of copper at
81.7% and gold and silver of 51.8%.
Pit walls are set at 42 degrees in the
overburden and 45 degrees in the hard rock. Mining costs were
assumed to be US$1.00 in overburden and US$1.50/tonne in the hard
rock and processing costs were assumed to be US$5.70/tonne. To
determine the $/t value of the rock the following calculation was
NSR $/t = (38.137+11.612 x Cu%) x Cu% + (19.18 +
12.322 x Au g/t) x Au g/t + (0.07 + 0.0517 x Ag g/t) x Ag p/t
Mineral resources were estimated by Ordinary
Kriging using Micromine modeling software in multiple passes using
20 meter X 20 meter X 20 meter blocks as the SMU size. Blocks have
been classified as Indicated or Inferred Mineral Resources.
The Mineral Resource was estimated by Serik
Urbisinov, a Principal Resource Geologist for CSA Global, who is an
independent Qualified Persons as defined by National Instrument
43-101. The full Technical Report is now available on the SEDAR
Figure 1. Surface projection of the
Beskauga deposit showing the gold and the copper cut-offs. Also
shown is the outline of the Lerch-Grossman conceptual
Infrastructure: The Beskauga
deposit has excellent infrastructure. All operations are based out
of the nearby mining town of Ekibastuz, which services the largest
coal mine in Kazakhstan and provides a highly trained workforce for
Silver Bull to draw upon. Paved road access, 1100 KVA power lines
and heavy rail all lie within a 25 kilometer radius of the project.
The capital city of Nur-Sultan, located approximately 300
kilometers along a double lane highway from the project, has a
major international airport allowing for easy access and
administration of the Beskauga project.
Figure 2. Map showing the location of
infrastructure near the Beskauga deposit. The project is based out
of the nearby mining town of
Tim Barry, President, CEO and director of Silver
Bull states, “This is a great first step in development of the
Beskauga project and wider regional potential. Kazakhstan is fast
emerging as one of the premium mining jurisdictions on the planet.
The prospectivity of the geology, coupled with the recently revised
mining law and strong government support for the mining sector
makes it a standout in the mining world. Furthermore, the
outstanding infrastructure and access to the project adds
significantly to Beskauga’s potential viability”.
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. In addition to the Beskauga
deposit, Silver Bull also owns the Sierra Mojada Project in
Northern Mexico which is currently under a joint Venture with
About the Sierra Mojada
deposit: Sierra Mojada is an open pittable oxide deposit
with a NI 43-101 compliant Measured and Indicated "global" Mineral
Resource of 70.4 million tonnes grading 3.4% zinc and 38.6 g/t
silver at a $13.50 NSR cutoff giving 5.35 billion pounds of zinc
and 87.4 million ounces of silver. Included within the "global"
Mineral Resource is a Measured and Indicated "high grade zinc zone"
of 13.5 million tonnes with an average grade of 11.2% zinc at a 6%
cutoff, giving 3.336 billion pounds of zinc, and a Measured and
Indicated "high grade silver zone" of 15.2 million tonnes with an
average grade of 114.9 g/t silver at a 50 g/t cutoff giving 56.3
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.
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
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 that
Beskauga is a mineralized system that has considerable upside that
has yet to be explored, and geological prospectivity of Kazakhstan.
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, 2020 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.
Silver Bull Resources (TSX:SVB)
Historical Stock Chart
From Jul 2021 to Aug 2021
Silver Bull Resources (TSX:SVB)
Historical Stock Chart
From Aug 2020 to Aug 2021