Silver Bull Resources {TSX.V: SVB}
Silver Bull Resources Inc. has provided results from an additional 11 drill holes on the Sierra Mojada project in Coahuila, northern Mexico.
NB. – Work is currently suspended at the site due to a blockade by locals.
.
.
.
.
.
.
Silver Bull drills 17.1 m of 120.6 g/t Ag at Sierra
2019-10-04 04:23 ET – News Release
Mr. Tim Barry reports
.
SILVER BULL INTERCEPTS 17.1 METERS OF MINERALISATION GRADING 120G/T SILVER AND 0.43% COPPER, INCLUDING 2.25 METERS GRADING 198G/T SILVER AND 1.66% COPPER, ON THE SIERRA MOJADA PROJECT IN COAHUILA, MEXICO
.
Silver Bull Resources Inc. has provided results from an additional 11 drill holes on the Sierra Mojada project in Coahuila, northern Mexico.
.
Highlights from the holes announced in this news release include:
- Hole B19018: 17.1 metres of oxide mineralisation grading 120 grams per tonne silver and 0.43 per cent copper including 1.35 metres grading 539 g/t silver, 0.27 per cent copper and 2.25 metres grading 198 g/t silver, 1.66 per cent copper and 0.55 metre grading 403 g/t silver and 1.59 per cent copper from 135.2 metres;
- Hole B19013: 5.2 metres of sulphide mineralisation grading 149 g/t silver, 0.87 per cent copper and 4.67 per cent zinc from 137.8 metres;
- Previous results announced from the drill program include:
- Hole B19005: 13.25 metres of massive sulphide mineralisation grading 9.05 per cent zinc, 2.12 per cent lead and 16 g/t silver, including 5.85 metres at 11.93 per cent zinc, 2.83 per cent lead, and 24 g/t silver from 75.75 metres;
- Hole B19004: 0.87 metre of massive sulphide mineralisation grading 8.14 per cent zinc, 1.83 per cent lead and 27 g/t silver from 46.23 metres;
- Hole B19006: 0.85 metre of massive sulphide mineralisation grading 7.25 per cent zinc, 1.20 per cent lead, 195 g/t silver and 0.13 per cent copper from 129.85 m.
.
The drill program
Under a joint venture option agreement with South32 Ltd., Silver Bull is conducting an initial 8,000-metre regional surface drill program, which was subsequently increased to 12,000 metres targeting a series of possible sulphide extensions at depth to the main deposit, as well as a series of never-before-tested targets within the wider area.
.
For drilling, the company is using Major Drilling De Mexico SA de CV to initially target four historic mining areas within the property, three of which had never been drilled prior to this drill program.
.
Results
A summary of the results from the 11 drill holes is shown in the table.
Hole ID Hole length From To Interval Ag Zn Pb Cu
(m) (m) (m) (m) (g/t) (%) (%) (%)
B19008 437.5 124.35 215.35 91 6.24 0.15
B19009 344.5 31.65 32.15 0.5 36.3 0.27 0.12 0.11
33.45 35.1 1.65 36.6 0.41 0.16 0.15
B19010 251.8
B19011 318
B19012 315
B19013 413.8 137.8 143 5.2 149.4 4.67 0.87
B19014 376.3 271.8 272.4 0.6 24.4 5.52 1.45
B19015 743.2
B19016 491.6
B19017 356.6 191 191.6 0.6 110
B19018 407.6 135.2 152.3 17.1 120.6 0.69 0.34 0.43
.
Tim Barry, president, chief executive officer and director of Silver Bull, stated: “The purpose of this last round of drilling was to test a number [of] geological concepts as to the controls on mineralisation as well as several regional targets that had never been drilled. Valuable knowledge was gained from this round of drilling with regards to the regional geology. This will be invaluable to targeting additional holes going forward.
“Unfortunately due to an illegal blockade by a small co-operative of local miners who hold a royalty on two mineral claims over the eastern end of the main deposit at Sierra Mojada, we have paused the drill program for now. We will look to provide regular updates of the situation as we progress in solving this issue.”
.
Sample analysis and quality assurance/quality control
All samples have been analysed at ALS Chemex in North Vancouver, B.C., Canada. Samples are first tested with the ME-MS61m procedure which analyses for 49 elements using a four-acid digestion. Samples with silver values above 100 parts per million and zinc, lead and copper values above 10,000 ppm (1 per cent) are reanalysed using the Ag-OG62 procedure.
.
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.
.
South32 joint venture option.
In June, 2018, Silver Bull signed an agreement with a wholly owned subsidiary of South32 whereby Silver Bull has granted South32 an option to form a 70/30 joint venture with respect to the Sierra Mojada project. To maintain the option in good standing, South32 must contribute minimum exploration financing of $10-million (U.S.) during a four-year option period with minimum aggregate exploration financing of $3-million (U.S.), $6-million (U.S.) and $8-million (U.S.) to be made by the end of years 1, 2 and 3 of the option period, respectively. South32 may exercise its option to subscribe for 70 per cent of the shares of Minera Metalin SA De CV, the wholly owned subsidiary of Silver Bull, which holds the claims in respect of the Sierra Mojada project, by contributing $100-million (U.S.) to Metalin for project financing, less the amount of the initial financing contributed by South32 during the option period.
.
About Silver Bull Resources Inc.
Silver Bull is a well-financed 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 kilometres north of the city of Torreon in Coahuila, Mexico, and is highly prospective for silver and zinc.
.
About the Sierra Mojada deposit
Sierra Mojada is an open-pittable oxide deposit with a National Instrument 43-101-compliant measured and indicated global resource of 70.4 million tonnes grading 3.4 per cent zinc and 38.6 grams per tonne silver at a $13.50 net smelter royalty cut-off giving 5.35 billion pounds of zinc and 87.4 million ounces of silver. Included within the global resource is a measured and indicated high-grade zinc zone of 13.5 million tonnes with an average grade of 11.2 per cent zinc at a 6-per-cent cut-off, 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 cut-off giving 56.3 million ounces of silver. Mineralisation remains open in the east, west and northerly directions. Approximately 60 per cent of the current 3.2-kilometre mineralised body is at or near surface before dipping at around six 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.