Silver Bull Resources, Inc. (TSX:SVB)(NYSE MKT:SVBL) ("Silver
Bull") is pleased to announce the drill results for the second of
five batches of drill holes from the underground drill program
twinning a series of "long holes" in the high grade zinc zone
situated below and adjacent to the high grade silver zone, located
at the eastern end of the Shallow Silver Zone on the Sierra Mojada
Project in Coahuila, Northern Mexico.
High grade zinc highlights from the second batch of 22 drill
holes include:
-- Hole T12136: 40.30 meters @ 10.83% Zn (including 23.25m @ 16.67% Zn)
-- Hole T12129: 43.00 meters @ 9.58% Zn (including 4.05m @ 17.03% Zn and
3.1m @ 17.33% Zn)
-- Hole T12130: 26.60 meters @ 13.34% Zn
-- Hole T12137: 15.60 meters @ 15.37% Zn
-- Hole T12138: 11.00 meters @ 11.03% Zn
-- Hole T12140: 13.95 meters @ 10.40% Zn (including 6.2m @ 18.16% Zn)
-- Hole T12139: 7.70 meters @ 11.28% Zn
-- Hole T12135: 35.45 meters @ 5.01% Zn (including 1.9m @ 32.91% Zn and
1.2m @ 32.5% Zn)
-- Hole T12123: 7.90 meters @ 9.26% Zn (including 2.05m @ 30.68% Zn)
-- Hole T12128: 8.75 meters @ 8.68% Zn
(ii) Mineralization remains open in the north, south, east, and
westerly directions
The underground drill program at Sierra Mojada utilized two
underground "Termite" drill rigs to twin a historical long hole
data set with diamond core along a high grade silver zone and an
underlying and adjacent high grade zinc zone, both with a presently
defined strike of 1.5km and located at the eastern end of the
Shallow Silver Zone. The purpose of the program is to increase
confidence in the long hole data set which represents approximately
38,000 meters of drilling that was either severally restricted or
discarded in Silver Bull's last NI43-101 resource report on the
project dated July 5, 2012.
The twinning drill program concluded in mid December 2012 and
the company is awaiting final assay results from the lab at ALS
Chemex in North Vancouver, Canada. Complete results from the 2012
twinning program will be incorporated in an updated NI43-101
resource estimate on the Shallow Silver Zone and Zinc Zone,
scheduled for release in Q1 2013.
A table of holes T12119 to T12141 from the underground long hole
twinning program is shown below.
----------------------------------------------------------------------------
Total
Drill Depth From To Interval Zn Ag
Station HoleID (m) (m) (m) (m) % g/t Includes
----------------------------------------------------------------------------
Station 18 T12119 24.55 0.00 23.95 23.95 4.65 including 3.8m
@ 12.78% Zn,
20.2m @
13.35g/t Ag and
3.1m @ 14.08%
Pb
----------------------------------------------------------------------------
Station 18 T12120 27.25 0.00 18.05 18.05 6.40 including 3.45m
@ 12.67% Zn and
2.8m @ 0.97% Pb
----------------------------------------------------
25.00 26.20 1.20 11.40
----------------------------------------------------------------------------
Station 19 T12121 27.40 19.35 20.70 1.35 1.06
----------------------------------------------------------------------------
Station 19 T12122 11.00 3.50 9.95 6.45 3.44
----------------------------------------------------------------------------
Station 21 T12123 9.00 0.00 7.90 7.90 9.26 8.66 including 2.05m
@ 30.68% Zn
----------------------------------------------------------------------------
Station 21 T12124 28.15 0.00 22.25 22.25 17.44 including
13.25m @ 10.18%
Zn, 1.62m @
36.07% Zn, 1.1m
@ 34.3% Zn and
2.2m @ 1.61% Pb
----------------------------------------------------
25.15 27.05 1.90 40.47
----------------------------------------------------------------------------
Station 21 T12125 26.35 0.00 1.90 1.90 5.24 10.38
----------------------------------------------------
15.85 24.65 8.80 28.75
----------------------------------------------------------------------------
Station 18 T12126 26.50 0.00 16.00 16.00 6.43 including 1.2m
@ 14.85% Zn and
3.45m @
16.73g/t Ag
----------------------------------------------------------------------------
Station 18 T12127 31.00 0.00 31.00 31.00 4.84 20.52 including 9.9m
@ 8.93% Zn,
0.4m @ 11.65%
Zn and 6.1m @
67.29g/t Ag
----------------------------------------------------------------------------
Station 18 T12128 32.55 0.00 8.75 8.75 8.68
----------------------------------------------------------------------------
Station 18 T12129 45.40 0.00 43.00 43.00 9.58 including 4.05m
@ 17.03% Zn,
3.1m @ 17.33%
Zn, 21.8m @
17.51g/t Ag and
0.6m @ 1.12% Pb
----------------------------------------------------------------------------
Station 22 T12130 29.45 0.00 26.60 26.60 13.34 including 2m @
35.35g/t Ag and
1.85m @
14.51g/t Ag
----------------------------------------------------------------------------
Station 21 T12131 17.85 0.00 16.70 16.70 5.50 13.44 including 2.16m
@ 26.42% Zn and
0.35m @ 14.35%
Zn
----------------------------------------------------------------------------
Station 20 T12132 18.60 0.00 16.00 16.00 4.90 38.80 including 4m @
99.68g/t Ag and
1.5m @ 32.2% Zn
----------------------------------------------------------------------------
Station 20 T12133 30.10 0.00 7.00 7.00 2.56 30.46
----------------------------------------------------
14.90 25.00 10.10 5.22 16.92 including 1.35m
@ 25.8% Zn
----------------------------------------------------------------------------
Station 20 T12134 50.95 0.00 50.95 50.95 55.50 including 4.05m
@ 2.01% Zn,
30.35m @ 1.81%
Zn, 0.45m @
10.5% Zn, 1.2m
@ 11.1% Zn,
3.4m @
119.53g/t Ag,
3.7m @
105.34g/t Ag,
10.15m @
99.59g/t Ag and
0.8m @ 0.19% Cu
----------------------------------------------------------------------------
Station 20 T12135 39.70 0.00 35.45 35.45 5.01 37.79 including 3.8m
@ 77.19g/t Ag
and 8.76% Zn,
1.2m @ 32.5% Zn
and 1.9m @
32.91% Zn
----------------------------------------------------------------------------
Station 22 T12136 43.00 0.00 40.30 40.30 10.83 including 1m @
13.4g/t Ag,
9.7m @ 11.96g/t
Ag, 23.25m @
16.67% Zn and
3.4m @ 1.65% Pb
----------------------------------------------------------------------------
Station 22 T12137 17.05 0.00 15.60 15.60 15.37
----------------------------------------------------------------------------
Station 22 T12138 38.55 0.00 11.00 11.00 11.03 including 0.8m
@ 17.1g/t Ag
and 0.8m @
1.58% Pb
----------------------------------------------------
26.50 31.00 4.50 1.51
----------------------------------------------------------------------------
Station 22 T12139 39.75 0.00 7.70 7.70 11.28 8.33
----------------------------------------------------
16.25 22.05 5.80 0.74
----------------------------------------------------------------------------
Station 23 T12140 17.05 0.00 13.95 13.95 10.40 12.93 including 6.2m
@ 18.16% Zn and
10m @ 3.23% Pb
----------------------------------------------------------------------------
Station 20 T12141 52.10 0.00 9.00 9.00 3.71 66.48 including 3m @
8.44% Zn
----------------------------------------------------
13.15 20.00 6.85 3.09 13.26 including 1.3m
@ 11% Zn
----------------------------------------------------------------------------
(i) Intervals shown are mineralized lengths of core and are not
necessarily true widths
Tim Barry, President, CEO and director of Silver Bull states,
"We are very pleased with the results thus far from our twinning
program in the high grade Zinc Zone. We have a significant amount
of historical data that indicates that the Zinc Zone is a
tremendously under recognized mineral body. We are by no means
short of excellent silver resource expansion targets, but have a
unique opportunity to quickly and efficiently increase the size and
grade of the zinc resource by confirming the long hole data in the
Zinc Zone which sits directly below and adjacent to the Shallow
Silver Zone. We believe the zinc resource, when properly defined,
has the potential to contribute equal gross metal value to the
project as the silver."
To view Figures 1 and 2, please click the following link:
http://media3.marketwire.com/docs/svb124_F1-2.pdf.
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 core drill holes to presently delineate a NI 43-101
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 greater
than 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 2 mineral licenses in Gabon, Central
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, MAusIMM, Chief Executive Officer, President and
Director
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 measured
and 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 U.S. Private Securities Litigation Reform
Act of 1995, the Securities Act of 1933, as amended (the
"Securities Act"), and the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and applicable Canadian securities
laws. Forward-looking statements include, among others, statements
regarding measured, indicated and inferred resource estimates, the
timing of the next resource update, the ability to demonstrate a
high correlation and increase the confidence of the long hole data
set, the ability to incorporate the long hole data set in the next
resource update and the ability to delineate a zinc resource in the
zinc exploration target, the potential for zinc to contribute equal
gross metal value to the project as the silver, the potential of
silver resource expansion targets. 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 and references to future periods, 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, 2012 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. Any forward-looking
statement made by us in this release is based only on information
currently available to us and speaks only as of the date on which
it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Contacts: Silver Bull Resources, Inc. Matt Hallaran Investor
Relations +1 604 336 8096info@silverbullresources.com
www.silverbullresources.com
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