VANCOUVER, May 1, 2017 /CNW/ – Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") provides an update on its exploration activities at its Marigold mine in Nevada, U.S. and Seabee Gold Operation in Saskatchewan, Canada, including selected drillhole results from the first quarter of 2017 and, previously unreleased results, from the fourth quarter of 2016.

Highlights:

• Highlighted drill results at the Marigold mine include:
  • At the Mackay pit, drillhole MRA6434 intersected 1.09 g/t gold over 106.7 meters;
  • At Valmy, drillhole MRA6368 intersected 0.57 g/t gold over 45.7 meters; and
  • At Battle Cry, drillhole MRA6384 intersected 0.51 g/t gold over 91.4 meters.
• Highlighted drill results at the Seabee Gold Operation include:
  • At Santoy 8A, drillhole SUG-17-902 intersected 21.89 g/t gold over 3.0 meters of true width;
  • At Santoy Gap, drillhole SUG-17-015 intersected uncut grade of 1,004.74 g/t gold over 1.6 meters true width, including an intersected interval of 3,887.8 g/t gold over 0.4 meters true width; and
  • At Santoy, on a new target Gap HW, drillhole JOY-16-749 intersected 8.20 g/t gold over 9.9 meters of true width.

Paul Benson, President and CEO said, "Our exploration programs at Marigold and Seabee continue to deliver positive results that demonstrate resource growth potential. We were pleased with the significant increase in Mineral Reserves at both operations at the end of 2016 and are confident that our exploration activities this year, supported by strong in-house expertise and expenditures of $5 million at each mine, will once again have a positive impact on our year-end Mineral Reserves. Brownfields exploration is a key aspect of our strategy to extend the life of our operations and create long term shareholder value."

Marigold mine, U.S.

Exploration activities during the first quarter of 2017 focused on the conversion of Mineral Resources to Mineral Reserves in areas proximal to the 2016 Mineral Reserves. During the quarter we completed 10,255 meters of reverse circulation drilling in 44 drillholes on four targets in close proximity to the existing pits. The most notable results include drillhole MRA6434 located in the center of the Mackay pit, which intersected 1.09 g/t gold over 106.7 meters from 43 meters below surface, as shown in Figures 1 and 2. Further drilling will be conducted in these four target areas during the remainder of the year.

In the fourth quarter of 2016, we continued drilling on targets at Valmy and Battle Cry with the objective of increasing Mineral Resources. Results received in the first quarter of 2017 from this drill program have increased the mineralized volume laterally and at depth compared to our Mineral Resource model at both Valmy and Battle Cry.

At Valmy, the mineralized structural trend continues approximately 400 meters beyond the south-east corner of the historic mining. The best results include drillhole MRA6368, which intersected 0.57 g/t gold over 45.7 meters from 194 meters below surface, followed by drillhole MR6379, located 160 meters away, that intersected 0.5 g/t gold over 85.3 meters, as shown in Figure 3. Such results demonstrate the potential to increase and convert Mineral Resources at Valmy.

The Battle Cry area is located 400 meters south of the Basalt pit and represents a new area that contributed to 2016 Indicated Mineral Resources. The most notable result was from drillhole MRA6384, which intersected 0.51 g/t gold over 91.4 meters from 69 meters below surface. This drillhole is outside of our 2016 Mineral Resource model and demonstrates the potential to increase Mineral Resources for conversion to Mineral Reserves in this area.

The positive drill results received to date from this Marigold drill program warrant further drilling, which is currently underway. Table 1 lists selected drill results from the first quarter of 2017 and the fourth quarter of 2016, while Table 2 provides the collar coordinates and drillhole lengths.

Seabee Gold Operation, Canada

In the first quarter of 2017, we completed 16,267 meters of underground drilling and 11,394 meters of surface drilling in 42 and 24 drillholes, respectively, with the goals to discover, increase and convert Mineral Resources.

Our underground drill program for the first quarter of 2017 focused on three targets, including Santoy Gap, Santoy 8A vein and the new Santoy Gap Hanging Wall ("Gap HW"), with positive results at all three areas.

Drilling at Santoy Gap aims to increase or upgrade Inferred Mineral Resources, with the most notable result being drillhole SUG-17-015, which intersected an uncut grade of 1004.74 g/t gold over 1.6 meters true width, including 3,887.8 g/t gold over 0.4 meters true width. This drillhole is located in an area outside current Mineral Resources but is within 25 meters of existing mineralization. Six drillholes in this area have an average grade of 11.8 g/t gold over a true width of 2.3 meters. 

At Santoy 8, drilling was focused on upgrading existing Mineral Resources at the Santoy 8A vein, with the most notable result from drillhole SUG-17-902, which intersected 21.89 g/t gold over 3.0 meters on the lower zone of Inferred Mineral Resources. Also on the Santoy 8A vein, we received results from drillhole JOY-16-751, which assayed 9.11 g/t gold over 9.5 meters. This drillhole is located between two areas of Inferred Mineral Resources and has the potential to re-establish continuity between these two zones.

At Gap HW, surface drilling designed to confirm the new target returned an assay of 8.20 g/t gold over 9.9 meters in hole JOY-16-749.  Gap HW is mineralization that is associated with a dyke-like mass of granodiorite located almost 200 meters in the hangingwall of the Gap shear zone.  If Mineral Resources are confirmed here, they would offer increased operational flexibility. 

Further drilling at all three targets is underway to determine the continuity of the identified mineralization. The drill results from our first quarter underground program are shown on the longitudinal section in Figure 4. Table 3 lists highlighted drill results at the Seabee Gold Operation for the fourth quarter of 2016 and first quarter of 2017. 

Surface exploration drilling in the first quarter focused on three areas including Porky Main, Carr and Herb, with positive results identified at the former two areas. At Porky Main, three drillholes have been completed to explore the down dip region up to 350 meters below the existing Mineral Resources.  Results are still pending, but drillhole PKY-17-049 intersected quartz veining and arsenopyrite with visible gold. Drilling at the Carr target has defined a linear mineralized structure with alteration and mineralization similar to Santoy Gap. Thus far, nine holes have been completed with analytical results received for drillhole CAR-17-001, which intersected 3.09 g/t gold over 1.15 meters. Due to these encouraging results, additional exploration drilling has been planned for the first half of 2017 at both areas to define additional Inferred Mineral Resources.

At the Fisher project, where we hold an option, planning is underway for exploration activities in the second half of 2017. We have compiled available data and prioritized field targets, which will be used to select drill targets. Materials and equipment for the exploration camp, field activities and drilling at the Fisher project were delivered via ice roads during the first quarter of 2017.

Next Steps

At the Marigold mine, 2017 exploration objectives are to replace depleted Mineral Reserves through conversion of existing Mineral Resources and to discover new Mineral Resources.  Conversion targets exist at the East Basalt, Battle Cry, Crossfire, and Hollow Point areas and within the Mackay pit.

At the Seabee Gold Operation, our underground 2017 exploration plan is for the completion of up to 60,000 meters of drilling to upgrade existing Mineral Resources and to discover additional Inferred Mineral Resources at Santoy Gap, Santoy 8 and the Seabee mine. At the Seabee mine, we have allocated approximately 30% of underground drilling for testing of targets to maximize Mineral Resource potential at the mine as we develop our longer term strategy for this historically productive area. Our surface drill programs at the Seabee Gold Operation are expected to complete approximately 28,500 meters on up to nine district targets.

About Silver Standard

Silver Standard is a Canadian-based precious metals producer with three wholly-owned and operated mines, including the Marigold gold mine in Nevada, U.S., the Seabee Gold Operation in Saskatchewan, Canada and the Pirquitas silver mine in Jujuy Province, Argentina. We also have two feasibility stage projects and a portfolio of exploration properties in North and South America. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.

For further information contact: 
W. John DeCooman, Jr. 
Vice President, Business Development and Strategy 
Silver Standard Resources Inc. 
Vancouver, BC 
N.A. toll-free: +1 (888) 338-0046 
All others: +1 (604) 689-3846 
E-Mail: [email protected]

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Cautionary Note Regarding Forward-Looking Statements:

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements") concerning the anticipated developments in our operations in future periods, and other events or conditions that may occur or exist in the future. All statements, other than statements of historical fact, are forward-looking statements.

Generally, forward-looking statements can be identified by the use of words or phrases such as "expects," "anticipates," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," or variations thereof, or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The forward-looking statements in this news release relate to, among other things: our ability to discover and increase Mineral Resources and convert Mineral Resources to Mineral Reserves at the Marigold mine and the Seabee Gold Operation; our ability to extend the life of and increase operational flexibility at the Marigold mine and Seabee Gold Operation; future production of gold, silver and other metals; estimated production rates for gold, silver and other metals produced by us; ongoing or future development plans and capital replacement, improvement or remediation programs; and our plans and expectations for our properties and operations.

These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, the following: uncertainty of production, development plans and cost estimates for the Marigold mine and the Seabee Gold Operation; our ability to replace Mineral Reserves; commodity price fluctuations; political or economic instability and unexpected regulatory changes; currency fluctuations; the possibility of future losses; general economic conditions; counterparty and market risks related to the sale of our concentrate and metals; uncertainty in the accuracy of Mineral Reserves and Mineral Resources estimates and in our ability to extract mineralization profitably; differences in U.S.and Canadian practices for reporting Mineral Reserves and Mineral Resources; lack of suitable infrastructure or damage to existing infrastructure; future development risks, including start-up delays and cost overruns; our ability to obtain adequate financing for further exploration and development programs and opportunities; uncertainty in acquiring additional commercially mineable mineral rights; delays in obtaining or failure to obtain governmental permits, or non-compliance with our permits; our ability to attract and retain qualified personnel and management; potential labour unrest; the impact of governmental regulations, including health, safety and environmental regulations, including increased costs and restrictions on operations due to compliance with such regulations; reclamation and closure requirements for our mineral properties; social and economic changes following closure of a mine may lead to adverse impacts and unrest; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond our control; indigenous peoples' title claims and rights to consultation and accommodation may affect our existing operations as well as development projects and future acquisitions; assessments by taxation authorities in multiple jurisdictions; claims and legal proceedings, including adverse rulings in litigation against us and/or our directors or officers; compliance with anti-corruption laws and internal controls, and increased regulatory compliance costs; complying with emerging climate change regulations and the impact of climate change; fully realizing our interest in deferred consideration received in connection with recent divestitures; uncertainties related to title to our mineral properties and the ability to obtain surface rights; the sufficiency of our insurance coverage; civil disobedience in the countries where our mineral properties are located; operational safety and security risks; actions required to be taken by us under human rights law; competition in the mining industry for mineral properties; our ability to complete and successfully integrate an announced acquisition; an event of default under our convertible notes may significantly reduce our liquidity and adversely affect our business; failure to meet covenants under our senior secured revolving credit facility; conflicts of interest that could arise from certain of our directors' and officers' involvement with other natural resource companies; information systems security threats; and those various risks and uncertainties identified under the heading "Risk Factors" in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and included in our most recent Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission ("SEC").

This list is not exhaustive of the factors that may affect any of our forward-looking statements. Our forward-looking statements are based on what our management currently considers to be reasonable assumptions, beliefs, expectations and opinions based on the information currently available to it. Assumptions have been made regarding, among other things, our ability to carry on our exploration and development activities, our ability to meet our obligations under our property agreements, the timing and results of drilling programs, the discovery of Mineral Resources and Mineral Reserves on our mineral properties, the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction and operation of our projects, the price of the minerals we produce, the costs of operating and exploration expenditures, our ability to operate in a safe, efficient and effective manner, our ability to obtain financing as and when required and on reasonable terms and our ability to continue operating the Marigold mine and the Seabee Gold Operation. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. We cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Our forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and we do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the SEC set out in SEC Industry Guide 7. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Under SEC standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically produced or extracted at the time the reserve determination is made. In addition, the SEC's disclosure standards normally do not permit the inclusion of information concerning "Measured Mineral Resources," "Indicated Mineral Resources" or "Inferred Mineral Resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by U.S. standards in documents filed with the SEC. U.S. investors should understand that "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Moreover, the requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by us in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

SOURCE Silver Standard Resources Inc.

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Original Article: http://ir.silverstandard.com/releasedetail.cfm?ReleaseID=1023837