Western Silver Corporation
TSX : WTC
AMEX : WTZ

Western Silver Corporation

May 12, 2005 08:30 ET

Western Silver Drill Results Expand Potential of Penasco Deposit at Penasquito Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 12, 2005) - Western Silver Corporation (TSX:WTC)(AMEX:WTZ) today announced assay results from sixteen holes totaling 10,005 meters completed during first quarter 2005 at the Penasco deposit in the Outcrop breccia, located within its wholly-owned Penasquito silver, gold, zinc and lead property in central Mexico.

Ten holes drilled along the north contact confirmed the overall continuity of high-grade contact-related gold-silver-lead-zinc mineralization and identified similar narrow high-grade zones of structurally controlled mineralization as well as deep Chile Colorado-style mineralization in the adjacent Caracol sediments.

Six infill holes within the Penasco resource intersected significant thicknesses of shallow oxide and sulfide mineralization that will be incorporated into an updated resource estimate and form part of the full feasibility study.

Assay results for holes WC-212 through WC-227 are reported in this release. A map with hole locations may be found on Western Silver's website at http://www.westernsilvercorp.com.

NORTH CONTACT HIGH-GRADE ZONE

Ten step-out holes were drilled along north-south fences to test the north contact of the Penasco breccia where bonanza-grade gold and silver mineralization was previously intersected in holes WC-166 and WC-208.

Mineralization is characterized by massive to semi-massive sulfide veins, veinlets and disseminations that occur on or close to the breccia contact and appear to form a relatively continuous mineralized structure or series of en echelon structures over a minimum area of about 150-200 meters north-south by 150 meters vertically. The zone is open on both the east and west ends.

Grades appear to be quite variable within this zone and range from bonanza-grade gold and silver (WC-166 and WC-208) to high-grade gold-silver-lead-zinc such as WC-212 (2.00 meters averaging 8.29 g/t gold, 229 g/t silver, 1.98% lead and 3.55% zinc; WC-213 (0.55 meters averaging 2.17 g/t gold, 771 g/t silver, 22.3% lead and 24.50% zinc); and WC-221 (0.4 meters averaging 2.5 g/t gold, 537 g/t silver, 14.35% lead and 13.65% zinc). Grades may be influenced by both local variations in the attitude of the breccia contact and structural intersections along the curvilinear breccia contact.

Drilling through the breccia contact into the Caracol sediments identified previously unknown zones of narrow, high-grade massive sulfide mineralization thought to be a coarse stockwork of both ring and radial veins that generally parallel the breccia contact. The most notable examples of this type of mineralization include WC-217 (0.9 meters averaging 7.96 g/t gold, 1,030 g/t silver, 26.3% lead and 7.62% zinc); WC-220 (1.7 meters averaging 24.3 g/t gold, 894 g/t silver, 8.3% lead and 8.29% zinc); and WC-221 (0.3 meters averaging 16.35 g/t gold, 1,085 g/t silver, 21.70% lead and 25.6% zinc). Insufficient data are available to establish continuity and orientation of these intercepts.

Drilling into the sediments north of the Outcrop breccia also identified deep thick intervals of Chile Colorado-style stockwork mineralization whose upward extent will be determined by further drilling. Examples include:

- WC-215, 50.77 meters beginning at 615.47 meters averaging 1.16 g/t gold, 60 g/t silver, 0.75% lead and 1.48% zinc;

- WC-220, 46 meters beginning at 436 meters averaging 1.23 g/t gold, 69 g/t silver, 0.83% lead and 0.97% zinc;

- WC-221, 96 meters beginning at 496 meters averaging 0.79 g/t gold, 44 g/t silver, 0.79% lead and 1.89% zinc.

PENASCO INFILL DRILLING

Six core holes were collared in the southern and central portions of the Penasco deposit to better define shallow zones of oxide and sulfide mineralization (WC-218, WC-219, WC-222, WC-224, WC-226 and WC-227). Four of the six holes intersected significant oxide mineralization, including 48 meters in WC-226 beginning at 40 meters averaging 0.26 g/t gold and 83 g/t silver. All of the holes contain thick intervals of sulfide mineralization, most notably WC-224 with 484 meters from 76-560 meters averaging 1.85 g/t gold, 52 g/t silver, 0.29% lead and 1.44% zinc.

Six core rigs are currently working on the property: four are proceeding with Penasco infill and north contact definition drilling; one is testing the El Sotol target and one is doing condemnation drilling in the mill and tailings area.

Dr. Thomas Patton is the qualified person responsible for the preparation of this release in accordance with NI-43-101.

Western Silver Corporation is a publicly-traded mineral exploration company focused on discovering and developing silver properties in the Americas. The Company's primary project, the 100%-owned Penasquito property in central Mexico, is emerging as a silver-gold-lead-zinc district with significant exploration upside. The Chile Colorado deposit at Penasquito has been independently confirmed as one of the largest undeveloped silver deposits in the world and is economic at conservative metal prices. An independent resource calculation has also been released for the nearby Penasco deposit. Western Silver also has an interest in the world class San Nicolas zinc-copper project in Mexico with Teck Cominco and owns the Carmacks Copper Project in the Yukon.

On behalf of the board,

F. Dale Corman, Chairman and C.E.O.



---------------------------------------------------------------------
Inter-
From-To val Au Ag Pb Zn
Hole Zone (m) (m) (ft) (g/t) (g/t) % %
---------------------------------------------------------------------
WC-212 North 354-445.01 91.01 298.51 0.53 39 0.70 0.88
Bx
---------------------------------------------------------------------
includes 365-367 2.00 6.56 6.61 448 5.94 9.90
---------------------------------------------------------------------
418-424 6.00 19.68 3.24 171 3.33 5.55
---------------------------------------------------------------------
includes 420-422 2.00 6.56 8.29 229 1.98 3.55
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-213 North 436-576.07 140.07 459.43 0.26 20 0.35 0.56
Bx
---------------------------------------------------------------------
includes 448.7-449.25 0.55 1.80 2.17 771 22.30 24.50
---------------------------------------------------------------------
454.8-455.15 0.35 1.15 3.42 681 19.65 17.60
---------------------------------------------------------------------

---------------------------------------------------------------------
WC214 North 54-90 36.00 118.08 0.80 158 1.12 0.53
Bx (i)
---------------------------------------------------------------------
includes 79.5-82.7 3.20 10.50 4.90 1572 10.64 0.30
---------------------------------------------------------------------
464-574 110.00 360.80 2.91 63 0.91 1.71
---------------------------------------------------------------------
includes 504-566 62.00 203.36 4.44 82 1.23 2.40
---------------------------------------------------------------------
includes 532-540 8.00 26.24 11.74 101 1.29 3.05
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-215 North 572-615.47 43.47 142.58 0.52 29 0.31 0.56
Bx
---------------------------------------------------------------------
615.47-666.24 50.77 166.53 1.16 60 0.75 1.48
---------------------------------------------------------------------
624-654 30.00 98.40 1.41 75 0.98 1.74
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-216 North 372-382 10.00 32.80 2.09 149 2.54 4.64
Bx
---------------------------------------------------------------------
includes 378-380 2.00 6.56 8.92 546 9.26 19.85
---------------------------------------------------------------------
492-494 2.00 6.56 6.09 126 3.64 5.55
---------------------------------------------------------------------
674-720 46.00 150.88 0.84 27 0.47 0.92
---------------------------------------------------------------------
includes 676.9-678.86 1.96 6.43 4.43 248 5.66 11.85
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-217 North 306-308 2.00 6.56 1.09 187 4.85 8.04
Bx
---------------------------------------------------------------------
448-456 8.00 26.24 1.17 135 3.18 1.04
---------------------------------------------------------------------
includes 451.1-452 0.90 2.95 7.96 1030 26.30 7.62
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-218 Infill 24.3-68 43.70 143.34 0.17 41.2 0.38 0.21
(i)
---------------------------------------------------------------------
68-352 284.00 931.52 0.38 25.9 0.36 0.86
---------------------------------------------------------------------
386-768.1 382.10 1253.29 0.52 17.6 0.15 0.37
---------------------------------------------------------------------

---------------------------------------------------------------------
WC219 Infill 5.2-46 40.80 133.82 0.11 45 0.62 0.05
(i)
---------------------------------------------------------------------
46-481.28 435.28 1427.72 0.66 37 0.31 0.67
---------------------------------------------------------------------
includes 274.6-278 3.40 11.15 15.31 461 0.54 2.46
---------------------------------------------------------------------
includes 360-384 24.00 78.72 2.02 66 1.21 1.61
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-220 North 356-372 16.00 52.48 1.67 79 0.94 1.61
Bx
---------------------------------------------------------------------
includes 362.1-364.26 2.16 7.08 9.07 432 3.20 9.65
---------------------------------------------------------------------
436-482 46.00 150.88 1.23 69 0.83 0.97
---------------------------------------------------------------------
465.7-467.4 1.70 5.58 24.30 894 8.30 8.29
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-221 North 400-411.4 11.40 37.39 1.02 115 2.22 1.66
Bx
---------------------------------------------------------------------
includes 411-411.4 0.40 1.31 2.50 537 14.35 13.65
---------------------------------------------------------------------
475.8-476.1 0.30 0.98 16.35 1085 21.70 25.60
---------------------------------------------------------------------
496-592 96.00 314.88 0.79 44 0.79 1.89
---------------------------------------------------------------------
includes 547.25-548.27 1.02 3.35 4.22 825 24.60 24.60
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-222 Infill 28-90 62.00 203.36 0.28 53 1.18 0.29
(i)
---------------------------------------------------------------------
90-362 272.00 892.16 0.32 32 0.43 0.56
---------------------------------------------------------------------
400-784.86 384.86 1262.34 1.43 37 0.19 1.22
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-223 North 46-84 38.00 124.64 0.37 14 0.82 0.31
Bx (i)
---------------------------------------------------------------------
358-360 2.00 6.56 10.95 332 0.37 1.05
---------------------------------------------------------------------
530-542 12.00 39.36 0.42 23 0.33 1.20
---------------------------------------------------------------------
includes 532.04-532.4 0.36 1.18 1.48 164 4.26 greater
than
30
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-224 Infill 76-560 484.00 1587.52 1.85 52 0.29 1.44
---------------------------------------------------------------------
includes 76-130 54.00 177.12 0.21 20 0.23 0.38
---------------------------------------------------------------------
130-186 56.00 183.68 0.29 41 0.63 1.22
---------------------------------------------------------------------
186-378 192.00 629.76 1.79 65 0.33 2.54
---------------------------------------------------------------------
402-452 50.00 164.00 5.45 113 0.41 1.06
---------------------------------------------------------------------
452-506 54.00 177.12 1.14 23 0.07 0.64
---------------------------------------------------------------------
506-534 28.00 91.84 5.08 45 0.02 0.74
---------------------------------------------------------------------
534-560 26.00 85.28 1.58 33 0.07 0.34
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-225 North 419.75-421.2 1.45 4.76 2.56 165 2.81 3.92
Bx
---------------------------------------------------------------------
453.87-454.15 0.28 0.92 3.38 666 7.49 1.63
---------------------------------------------------------------------
490-492 2.00 6.56 0.38 78 1.11 2.08
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-226 Infill 40-88 48.00 157.44 0.26 83 1.16 0.78
(i)
---------------------------------------------------------------------
88-430 342.00 1121.76 0.58 40 0.37 1.17
---------------------------------------------------------------------

---------------------------------------------------------------------
WC-227 Infill 50-530 480.00 1574.40 0.90 43 0.54 0.99
---------------------------------------------------------------------
64-80 16.00 52.48 0.13 65 0.81 0.61
---------------------------------------------------------------------
108-198 90.00 295.20 0.30 20 0.21 0.40
---------------------------------------------------------------------
198-284 86.00 282.08 1.26 48 1.00 1.60
---------------------------------------------------------------------
256-272 16.00 52.48 4.96 85 2.42 3.58
---------------------------------------------------------------------
302-344 42.00 137.76 0.58 28 0.46 1.15
---------------------------------------------------------------------
354-530 176.00 577.28 1.51 69 0.66 1.31
---------------------------------------------------------------------
(i) oxide mineralization


Core and RC samples were prepped and analyzed by ALS Chemex. Samples were initially run using conventional ICP analysis with an aqua regia digestion process. A series of property specific standards and blanks were routinely submitted with each batch of samples. A 30 gram fire assay with gravimetric finish was run on all samples for gold and silver. Samples containing more than 1% lead or zinc were analyzed using AA with aqua regia digestion. Samples with greater than 5 g/t gold were rerun by screen and fire assay at ALS Chemex using new 1000 gram pulps Screen and fire assays for the high grade gold values reported in holes WC-221, WC-223 and WC-224 have not been received as of the date of this news release and may be subject to revision.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.

The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

Contact Information

  • Western Silver Corporation
    Tom Patton
    President and COO
    (604) 641-2768
    or
    Western Silver Corporation
    Gerald Prosalendis
    VP Corporate Development
    (604) 684-9497
    (604) 688-4670 (FAX)
    http://www.westernsilvercorp.com