• Drilling intersects 3 meters grading 404 g/t AgEq within a longer 10 meter intersection grading 204.65 g/t AgEq

Defiance Silver Corp. (“Defiance”) is pleased to announce results from the final holes of its Phase 1 drilling program including a 3 meter intersection grading 404 g/t AgEq within a longer 10 meter intersection grading 204.65 g/t AgEq. Defiance commenced its 5000m drill program to test the extension of the San Acacio Deposit at depth. Including the final holes, Phase 1 has extended mineralization up to 230 meters below the current resource.

“We are very pleased with our continued exploration success at San Acacio. The Phase 1 results significantly expanded the mineralized envelope of the San Acacio silver deposit. Mapping and mineralogical studies indicate that the mineralized system hosting the San Acacio deposit is tilted to the southeast. This suggests that drilling along strike could result in the discovery of new mineralized zones containing the full vertical extent of the mineralizing system. Our next step is to prepare for the commencement of an aggressive Phase II drill program targeting new high grade shoots within the 900 meter extension of the Veta Grande vein system to the southeast of the San Acacio deposit.” stated Roy Bonnell, President and CEO of Defiance Silver Corp.

Along the entire Veta Grande vein, which pinches and swells along strike, approximately 200 million ounces of silver was historically produced from high grade shoots in the swells. Defiance’s portion of the Veta Grande vein has produced an estimated 100M ounces from high-grade shoots such as those that host the San Acacio deposit. Over 4.4 km of Defiance’s 5.6 km holdings along the Veta Grande vein have not seen historical production nor been systematically explored. Mapping, sampling and drilling has indicated that pinching and swelling continues along strike, presenting significant potential for the discovery of multiple, new, intact silver shoots.

Drill holes SAD17-13 and SAD17-14 targeted the Esperanza Zone, extending the mineralization to depth below drill hole SAD17-12 which intersected high grade silver over a core length of 27.03 meters of hydrothermal breccia and veins assaying 202.99 g/t AgEq (see News Release dated June 8, 2017). Drill hole SAD17-13 extended the wide zone of mineralization returned in drill hole SAD17-12 with a 10 meter intersection grading 204.65 g/t AgEq. Drill hole SAD17-14 intersected three narrower zones of mineralization before intersecting a fault that displaced the main vein. Drill hole SAD17-15 drilled 100 meters to the southeast on the vein intersected high grade mineralization grading 296.30 g/t AgEq over 3.18 meters. Drill hole SAD17-17, drilled 100 meters farther to the southeast, extended the wide vein intersection of 11.95 meters returned by drill hole SAD15-10 although mineralization was primarily base metals suggesting that it may be in the low grade zone between the silver and the silver-base-metal zones.

With the completion of its Phase 1 drill program, Defiance presents highlights from its recent drilling as part of a complete table of all Phase 1 results (including those previously reported).

Table 1: Phase 1 Drill Results

*Reported for comparison only, with no assumptions regarding metal recovery or smelter payments. Prices used are Au: $1210.50/ounce, Ag: $16.33/ounce, Cu; $2.80/pound, Pb; $0.83/pound and Zn $0.95/pound. US dollars. **Grade not calculated because of no data for open mine workings. ***True Widths are approximately 70% to 80% of each intersection.

Corporate Update

Defiance is also pleased to announce that it has successfully renegotiated the option payment for the next twelve months at San Acacio. The property vendors have agreed to split the 2017 milestone payment into four equal payments with the last one due in June 2018.

Defiance has retained Momentum Public Relations Inc. (“Momentum”) to provide investor relations and corporate development services.Momentum is a public and investor relations consulting agency and will assist Defiance in increasing public awareness by managing its corporate communications and marketing activities and facilitating dialogue with its shareholders, finance professionals, analysts and media contacts. The agreement with Momentum is for a term of six months at $5,500 per month and 300,000 stock options at $0.30 exercisable for a period of two years.The agreement is subject to the acceptance of the TSX Venture Exchange.

Mr. Bruce Winfield, P.Geo. consultant to Defiance Silver Corp, is a Qualified Person within the meaning of National Instrument 43-101, and has approved the technical information concerning the Defiance’s material mineral properties contained in this press release. 

On behalf of Defiance Silver Corp. 

“Roy Bonnell”

President and CEO

For more information, please contact: Sunny Pannu – Corporate Development (604) 669 7315 or via email at [email protected] 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Original Article: https://www.defiancesilver.com/news/defiance-s-phase-1-drilling-significantly-expands-high-grade-mineralized-envelope-at-san-acacio