Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) (“Silver Bull”) is pleased to provide results from an additional 5 drill holes on the Sierra Mojada Project in Coahuila, Northern Mexico.
Highlights from the holes announced in this news release include:
The Drill Program: Under a joint venture option agreement with South32 Ltd (“South32”), Silver Bull is conducting an initial 8,000 meter surface drill program 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 S.A de C.V to initially target four historic mining areas within the property, three of which have never been drilled.
Results: | ||||||||||
A summary of the results from the preliminary drilling in the Palomas Negros are shown in the table and map below. | ||||||||||
Hole ID | Area | Hole Length (m) |
From | To | Interval (m) |
Ag G/T |
Zn (%) |
Pb (%) |
Cu (%) |
Comments |
B19003 | East End | 620.85 | No significant Results | |||||||
B19004 | Palomas Negros | 110.60 | 28.50 | 34.25 | 5.75 | 1.97 | Sulphide | |||
46.23 | 47.10 | 0.87 | 27 | 8.14 | 1.83 | Sulphide | ||||
B19005 | Palomas Negros | 185.70 | 52.10 | 53.70 | 1.60 | 4.26 | Sulphide | |||
75.75 | 89 | 13.25 | 16 | 9.05 | 2.12 | Sulphide – including 5.85m @ 11.93% Zn, 2.83% Pb, 24g/t Ag | ||||
B19006 | Palomas Negros | 518.70 | 129.85 | 130.70 | 0.85 | 195 | 7.25 | 1.20 | 0.13 | Sulphide |
B19007 | Palomas Negros | 242.50 | No significant Results | |||||||
Table 1. Table summarizing the results of the five drill holes in the current drill program. | ||||||||||
To view Figure 2 please visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/33b98e5c-af79-4e06-95f1-aee30df890be
To view Figure 3 please visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/5773be47-b93b-4d1f-b026-5bbbef13455a
Tim Barry, President, CEO and director of Silver Bull states, “Four of the five holes announced in this news release are focused within the Palomas Negros area. This is a historical mining area that lies 9 kilometers to the west of the main deposit at Sierra Mojada. The Palomas Negros area has never been assessed with modern exploration techniques and has long been recognized as an exciting target to be followed up. Work is ongoing to fully understand the controls on the mineralization at Palomas Negros, but to get a high grade intercept over 13.25 meters in a first pass drill pass drill program is very encouraging, especially so close to surface.”
Sample Analysis and QA/QC: All samples have been analyzed at ALS Chemex in North Vancouver, BC, Canada. Samples are first tested with the “ME-MS61m” procedure which analyzes for 49 elements using a 4 acid digestion. Samples with silver values above 100ppm and zinc, lead, and copper values above 10,000ppm (1%) are re-analyzed 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 funding of US$10 million (“Initial Funding”) during a 4 year option period with minimum aggregate exploration funding of US$3 million, US$6 million and US$8 million 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% of the shares of Minera Metalin S.A. De C.V. (“Metalin”), the wholly owned subsidiary of Silver Bull which holds the claims in respect of the Sierra Mojada Project, by contributing US$100 million to Metalin for Project funding, less the amount of the Initial Funding contributed by South32 during the option period.
About Silver Bull: 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 kilometers 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 NI43-101 compliant measured and indicated “global” resource of 70.4 million tonnes grading 3.4% zinc and 38.6g/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” 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 114.9g/t silver at a 50g/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
info@silverbullresources.com