VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 22, 2017) - Silver Bull Resources, Inc. (OTCQB:SVBL) (TSX:SVB) ("Silver Bull") announces the results of its recent exploration drill program targeting deep structures on the Sierra Mojada Project in Coahuila, Northern Mexico.
In September 2016 the Company completed a 590 line kilometer airborne magnetic geophysics survey over the main deposit at Sierra Mojada targeting structures at depth. In addition, over 20,000 meters of drill core was re-logged over areas of high interest and a new structural model developed for the main deposit. This work identified a number of deep structures coincident with known high grade historical silver and zinc mines in the area and were the main targets for the drill program.
Five exploration holes targeting these deep structures underneath the main zone of mineralization were drilled for a total of 3,270 meters drilled and the results are shown in the table below.
||460m of intense silica alteration. no significant assay results - bottom of the hole finished in 8g/t Ag and 0.3% zinc at 793 m
||360m of intense silica alteration. 50m @ 0.15% Copper and 27.1g/t silver from 220 meters including 38.4g/t silver over 7 meters.
||180m of intense silica alteration. 115m @ 0.25% Zn from 165 meters including 29 meters @ 0.1% lead.
||81m @ 0.64% Zn from 74 meters including 17m @ 65g/t Ag & 41m @ 1.4% lead.
||no significant results
* Intervals shown are mineralized lengths of core and are not necessarily true widths
Although no significant high grade mineralization was intercepted in these holes, zones up to 460 meters of silica alteration resulting in total replacement of the original country rock with silica in places were intercepted, and is typical of the sort of alteration expected proximal to an intrusion, the genesis of the mineralization already defined at Sierra Mojada. Highly anomalous zinc grading between 0.1% and 0.7% is often associated with this silification as well as lesser, silver, copper and lead. These zones were also highly anomalous in manganese, grading up to 1%, which is also typical of carbonate replacement systems, which when combined with the low grade zinc, silver, lead and copper is thought to represent a lower grade halo around the main deposit and provides a powerful vectoring tool for future drilling. A map showing the location of the drill holes, in relation to the main deposit is shown below.
To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/1089484_map.jpg
Tim Barry President & CEO of Silver Bull states, "This was pure exploration drilling and we gained extremely valuable insight into the geology of the Sierra Mojada deposit, and now have a number of vectors on where to drill next to target the sulphide feeder zones. These were the deepest holes drilled at Sierra Mojada to date on the project and we have gained a significant understanding on the mineralizing system. When one considers the size of the current resource already defined at Sierra Mojada, coupled with thicknesses of over 400 meters of intensely altered (silicified) country rock, as well as the yet undrilled wide spread mineral occurrences and historical workings over a 25 kilometer strike on the project, it suggests we are on the edge of an extremely large system that requires more systematic exploration and which may represent the true prize at Sierra Mojada."
In addition to silver mineralization reported at Sierra Mojada, Silver Bull has also previously defined a discreet and separate high grade zone within the project of "measured and indicated" zinc oxide mineralization of 10.03 million tonnes grading 11% Zinc (at a 6% cutoff grade) and which represents one of the largest undeveloped zinc resources in Mexico. During 2017 Silver Bull plans to refine the metallurgy on this zinc zone, the last piece of information ultimately needed to commence a preliminary economic assessment on the zinc zone.
Sample Analysis and QA/QC: All samples have been analyzed at Bureau Veritas in Vancouver, BC, Canada. Samples are 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, CPAusIMM, Chief Executive Officer, President and Director
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 plans to refine the metallurgy on the zinc zone and potential for an extremely large mineralizing system. 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.