Silver Shield Corporate Update
February 06 2012 - 4:18AM
PR Newswire (Canada)
BURLINGTON, ON, Feb. 9, 2012 /CNW/ - Tim D. Towers Reports : Silver
Shield has made strides in its quest to become a producer and we
offer an update on our activities in recent months. Mexican Update
LA CUMBRE GOLD/SILVER MINE The La Cumbre property consists of 3
concessions totalling 7,000 ha. and located in Guerrero State. It
covers an area of ~4.5 km. wide x 15.5 km. in strike length. The
former producing La Cumbre Gold/Silver Mine has been one of the
main focuses of the Company in recent months. The mine
has had an historical NON 43-101 resource compiled by the Mexican
Government of 16,856 tonnes @3.57 g/t Au, 505.5 g/t Ag and
0.2 % Cu over 1.51m width to the 50 m level. The mine shaft is
accessible to 50 metres with some levels partially developed. A 17
hole diamond drill program by Silver Shield returned bonanza values
of silver, gold and copper not only confirming the historical
resource model but also locating multiple new veins and extending
the resource model to depth. The company has also constructed
modern work quarters at the site. For 2012 the company has planned
an initial 300 metre development mining plan from the 50 metre adit
level and has arranged for a local Mexican contract miner to be
engaged. It is planned to remove ~3,000 tonnes of material for
processing and metallurgical studies. However before the mining can
be started a mining permit and explosive permit must be obtained.
The company is in the process of garnering these documents. It is
expected the necessary permits will be obtained and work will
commence in three to four months. A contract custom mill has
previously agreed to mill all material from the mine at a
reasonable price. Other work planned for this year include diamond
drilling and follow-up prospecting, mapping and sampling of the
numerous soil anomalies (Au, Ag, Cu, Pb, Zn) on the concessions.
TEMIXCO CONCESSION Silver Shield Resources has acquired by
denouncing the Temixco concession in the state of Guerrero, Mexico.
The concession totals 1,058 ha in size. The concession hosts from
350,000 to 500,000 tonnes of Tailings along with 3 old mines. The
ore for the tailings came from a massive sulfide deposit located ~5
km to the east and was last worked in 1943. SSR has only performed
preliminary work at this stage to evaluate the potential of the
tailings. Four samples taken by the company as part of its due
diligence to substantiate previously reported assays returned the
following average grades:
_____________________________________________________________________
|AVERAGE| RANGE | VALUE AT TODAYS PRICES | | GRADE | OF | | |
|ASSAYS | |
|_______|_______|_____________________________________________________|
|Au- |0.399- |Au @ $1,730/oz = $50.46/gm $ 50.81 | |1.007 |1.508 |
| |g/t |g/t | |
|_______|_______|_____________________________________________________|
|Ag- |76.2- |Ag @ $33.50/oz = $0.98/gm $142.39 | |145.3 |224 g/t| |
|g/t | | |
|_______|_______|_____________________________________________________|
|Cu- |0.029- |Cu @ $3.85/lb. $ 6.27| |0.074% |0.189% | |
|_______|_______|_____________________________________________________|
|Pb- |3.25- |Pb @ $0.97/lb $ 85.36 | |5.32% |8.89% | | |(using | |
| |4%avg.)| | |
|_______|_______|_____________________________________________________|
|Zn- |0.363- |Zn @ $0.95/lb $ 10.24 | |0.49% |0.672% | |
|_______|_______|_____________________________________________________|
|Total | | | |Value/ | |$295.07 | |Tonne | | |
|_______|_______|_____________________________________________________|
The old mines, hosted within Tertiary age rhyodacite and rhyodacite
tuff, are located ~3 km. to the northwest of the tailings area.
Mineralization is located in veins and consists of gold, silver and
copper. No work has been performed by the company at this time on
the old mines. It is not known how many tonnes or the grade of ore
that was removed by previous owners. Work planned for this year
includes metallurgical studies, environmental study, and a mill
designed, procured and erected with production by year end of 200
tonnes/day. Canadian Update Welsh Silver Mine Elk Lake Ontario The
company has been working with Mr. Brian Hester to assimilate all
data in the area of the Welsh Silver Mine both current and
historical. The reason for this exercise is the preparation of the
first complete and comprehensive report on the Welsh Mine and the
surrounding area adjacent to it. The company has been unwavering in
its belief of the economic feasibility of this area. The report
currently being completed we believe will show the structures,
mineralized zones and past historical work and mining to aid in
Silver Shield's 2012 development plan for the Welsh Silver Mine .
With $33 USD silver we believe the mine can be again the "Silver
Gem" of Northeastern Ontario in 2012. Lost Dog Gold Property
Timmins Ontario The Lost Dog Property, in close proximity to the
Lakeshore Gold Timmins West Gold Mine, has undergone significant
geophysics by the company. We are extremely pleased with the
results. It appears from the IP and Mag work done that a limb of
the Porcupine Destour Fault could be traversing the centre of the
property. Follow up work on these readings and detailed surface
sampling will be performed this summer and fall to plan for
locating drill sites on the property. Other Timmins Properties The
company has extended the agreement on the Ogden Property in
Ogden Township in close proximity to Explor's (EXS-TSXV) recently
announced high grade gold findings. The extension till
December 31, 2012 allows the company to perform additional surface
work this year to determine the feasibility of a small drill
program later in the fall. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined on the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Company Management, which
takes full responsibility for content, prepared this news
release. In order to proceed fully with the Company's
exploration and acquisition plans, additional funding may be
necessary and, depending on market conditions, this funding may not
be forthcoming on a schedule or on terms that facilitate the
Company's plans. Silver Shield Resources Corp.
CONTACT: Tim Towers, President and Chief Executive
Officerwww.silvershieldresources.com email:
silvershield@cogeco.netPhone: 289-337-6162 Fax: 289-337-6678
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