Vancouver, British Columbia — Silver Bull Resources, Inc. (TSX: SVB, NYSE MKT: SVBL) (“Silver Bull”) is pleased to announce more drill results from the 2012 surface drill campaign on its Sierra Mojada Project located in the state of Coahuila, Northern Mexico.
Highlights include:
Silver Bull’s 2012 surface drill program consists of 83 drill holes totaling 18,000 meters and has focused on the “Shallow Silver” and “Centenario” zones. The program was designed to infill zones of mineralization defined by previous drilling as well as continue expanding the resource through step out drilling. The results have confirmed the continuity and tenor of the extensive silver and zinc mineralization seen at Sierra Mojada, and mineralization remains open in all directions. Silver Bull’s drill program is ongoing with 2 underground rigs targeting a high grade zone of silver mineralization mostly defined through “long hole” drilling and “channel” sampling. Please see www.silverbullresources.com for more information.
A table of selected intervals from the reported 45 holes is shown below.
| Section | Hole ID | From (m) | To (m) | Interval (m) | Ag (g/t) | Zn (%) | Includes |
|---|---|---|---|---|---|---|---|
| 628850 | B12077 | 204 | 220 | 16 | 40.56 | 0.16 | includes 3m @ 99.78g/t Ag |
| 629300 | B12069 | 196.35 | 217.8 | 21.45 | 63.78 | 0.03 | includes 6.9m @ 132.57g/t Ag |
| 631200 | B12035 | 133.75 | 168 | 34.25 | 26.61 | 0.07 | includes 3.0m @ 84.4g/t Ag & 1.25m @ 2.47% Pb |
| 631200 | B12037 | 123 | 138 | 15 | 41.43 | 0.08 | includes 5.95m @ 81.78g/t Ag |
| 631250 | B12058 | 40 | 53 | 13 | 86.35 | 1.57 | includes 6.05m @ 162.0g/t Ag, 6.3m @ 2.86% Zn and 5.88% Pb |
| 74.95 | 181.3 | 106.35 | 37.39 | 3.19 | includes 13.4m @ 85.61g/t Ag & 16.0m @ 10.34% Zn | ||
| 631250 | B12060 | 46 | 83.15 | 37.15 | 31.56 | 0.59 | includes 4.6m @ 69.17g/t Ag & 8.3m @ 1.29% Zn |
| 631300 | B12021 | 180 | 213 | 33 | 32.64 | 0.05 | includes 3.3m @ 84.77g/t Ag |
| 631300 | B12031 | 136 | 148 | 12 | 42.81 | 0.22 | |
| 631300 | B12055 | 130.1 | 143.9 | 13.8 | 48.63 | 0.09 | includes 5.8m @ 80.96g/t Ag |
| 631400 | B12020 | 132.75 | 144 | 11.25 | 50.23 | 0.04 | includes 2.4m @ 102.72g/t Ag |
| 631400 | B12024 | 128.75 | 138.8 | 10.05 | 157.62 | 0.07 | includes 4.55m @ 308.61g/t Ag |
| 631550 | B12068 | 206.85 | 220 | 13.15 | 26.68 | 0.02 | |
| 631600 | B12026 | 168 | 211.9 | 43.9 | 42.75 | 0.04 | includes 4.0m @ 155.03g/t Ag |
| 631650 | B12044 | 0 | 17 | 17 | 25.19 | 0.23 | includes 9.0m @ 42.31g/t Ag |
| 631700 | B12032 | 162 | 182.1 | 20.1 | 54.34 | 1.62 | includes 8.4m @ 3.63% Zn and 4.55m @ 2.24% Pb |
Tim Barry, President, CEO and director of Silver Bull states, “We are extremely pleased with the continued positive results coming from the Shallow Silver Zone. This particular batch of drilling focused mainly on the margins of the Centenario Zone as well as testing the western and southern edges of the Shallow Silver Zone. Hole B12058 is particularly significant as it was drilled right on the southern edge of the known mineralization and yielded over 100 meters of silver and zinc mineralization at good grades, providing clear evidence that mineralization remains open to the south. As previously announced, and in response to the challenging market conditions we have postponed our surface drill program to focus on better defining a very high grade silver zone defined by a tremendous amount of historical work that has been either severely restricted or excluded in our last NI43-101 resource report recently filed. Due to the amount of historical data in this zone indicating high grade ore is present and the fact we are using our own drill rigs to complete the drilling, we see this as a very low risk, cost effective program which we expect will add significant silver ounces to the deposit, and likely increase the overall grade within the Shallow Silver Zone. In addition to this program we continue to push forward our metallurgical program led by George Rawsthorne targeting both the silver and zinc mineralization”.
Figure 1. Location and results of the drill holes from this latest batch of drilling. The location of the Shallow Silver Zone as defined in the recent NI43-101 resource update completed by SRK is shown in purple.
Figure 2. The locations of the Shallow Silver Zone, Centenario Zone, and underground drill program targeting the high grade area previously defined by long holes. Also marked are the collar locations of Silver Bull’s surface drill program since April 2011, results of which have been announced in past news releases.
Figure 3. Selected drill hole, long hole and channel sample summary along the strike length of the Shallow Silver Zone and Zinc Zone.
About the Shallow Silver Zone: The “Shallow Silver Zone” is an oxide silver deposit (+/- zinc & lead), hosted along an east-west trending fracture-karst system set in a cretaceous limestone-dolomite sequence. At a 20g/t cutoff grade the Shallow Silver Zone has a measured resource of 3.023 million tonnes at an average grade of 65 g/t for 6.343 million contained troy ounces of silver, an indicated resource of 38.560 million tonnes at an average grade of 50 g/t for 61.694 million contained troy ounces of silver, and an inferred resource of 6.491 million tonnes at an average grade of 45 g/t for 9.478 million contained troy ounces of silver. The mineralized body averages between 30m — 90m thick, up to 200m wide and remains open in all directions. Approximately 60% of the current 3.8 kilometer strike length is at or near surface before dipping at around 6 degrees to the east.
Zinc Exploration Target: In addition to the silver resource, Sierra Mojada also contains a significant “zinc oxide exploration target” which sits directly below and adjacent to the Shallow Silver Zone at its eastern end. The “Red” and “White” zinc zones have been identified through historical data containing 3,733 channels and 1,045 long holes over a 1.5 km strike length, but has too few drill holes to presently delineate a NI43-101 compliant mineral resource. The zinc mineralization is composed of hemimorphite and lesser smithsonite and forms a tabular body hosted mostly within the upper dolomite along the east-west trending Sierra Mojada fault. It is located 600 meters from a functioning railway and has been periodically mined for zinc grading >20% over the last 100 years.
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-ICP41m” procedure which analyzes for 35 elements using a near total aqua regia digestion. Samples with silver values above 100ppm are re-analyzed using the Ag-GRA21 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 AA46 procedure which is a near total aqua regia digestion with an atomic absorption finish.
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.
About Silver Bull: Silver Bull is a US registered mineral exploration company listed on both the NYSE MKT and TSX stock exchanges and based out of Vancouver, Canada. The flag ship “Sierra Mojada” project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico and is highly prospective for silver and zinc. Silver Bull also has mineral interests in Gabon, West Africa which are prospective for gold, manganese, and iron ore.
The technical information of this news release has been reviewed and approved by Tim Barry, MAusIMM, a qualified person for the purposes of National Instrument 43-101.
On behalf of the Board of Directors
“Tim Barry”
Tim Barry, MAusIMM
Chief Executive Officer, President and Director
INVESTOR RELATIONS CONTACT INFO:
Matt Hallaran
+1 604 687 5800
[email protected]
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 and indicated 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 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 Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”) and applicable Canadian securities laws. Forward-looking statements include statements regarding measured, indicated and inferred resource estimates, the anticipated scope and targets of future drilling in the Shallow Silver Zone and Centenario Zone, the ability to increase the confidence of the long hole data set, the ability to increase the resource and overall grade at the Sierra Mojada project, the ability to delineate a zinc resource in the zinc exploration target and the ability to find a suitable metallurgical process to extract both the silver and zinc on a large scale basis. 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, 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, 2011 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.
