|Silver Bull Intersects 8.45 Meters of Massive Sulpide Grading at 16.98% Zinc, 5.45% Lead and 57.29g/t Silver in a Previously Undrilled Area 500 Meters to the North of the "Shallow Silver Zone" at the Sierra Mojada Project, Coahuila, Mexico. |
VANCOUVER, British Columbia, April 11, 2012 /PRNewswire/ -- Silver Bull Resources, Inc. (TSX: SVB, AMEX: SVBL) ("Silver Bull") is pleased to announce drill hole B11144 intercepted 8.45 meters of massive sulphide grading 16.98% Zinc, 5.45% lead, and 57.29g/t silver in a previously untested zone 500 meters to the north of the Shallow Silver Zone.
• The massive sulphide hole lies in a previously untested zone 500 meters to the north of the Sierra Mojada fault system which hosts the "Shallow Silver Zone" and grades 16.98% zinc, 5.45% lead, and 57.29g/t silver over 8.45 meters.
• B11144 lies along strike to a one kilometer long east-west trending chargeability high identified through a gradient "Induced Polarization" (IP) survey.
• The chargeability high corresponds to a zone which historical records indicate has previously been mined for high grade copper, lead and zinc sulphide mineralization up to 10 meters thick.
• The chargeability anomaly remains open towards the east and west.
Drill hole B11144 is the first to intersect any significant sulphide mineralization at Sierra Mojada. The hole lies in a zone with no previous drilling, 500 meters to the north of the Shallow Silver Zone and 300 meters to the west of a "Gradient Array IP survey" completed by Zonge Engineering and Research Organization, Inc. in 2010. This survey identified a one kilometer long east-west trending chargeability anomaly, which is thought to represent sulphide mineralization at depth and corresponds to an area historically mined for copper, lead, and zinc massive sulphide mineralization up to 10 meters thick. The chargeability anomaly lies along strike to hole B11144 and remains open in both the east and west directions.
Tim Barry, President, CEO and director of Silver Bull states, "It is very significant to find a primary high grade sulphide zone at Sierra Mojada which may be the primary source for the extensive oxide mineralization we see in the Shallow Silver and Zinc Zones. This drill hole has opened up a whole new area of exploration potential where we have a one kilometer long untested chargeability anomaly which is almost certainly due to the presence of sulphides and lines up with the B11144 drill hole and old historical sulphide mines. While our focus is to continue expanding our growing silver and zinc resources through our 50,000 meter drill program this year it is also now one of our top priorities to further test the size and extent of this new sulphide zone".
About the Shallow Silver Zone: Currently contains a NI43-101 compliant resource at a 15g/t cutoff grade of 47.3Moz of silver in the "indicated" category and 13.8Moz of silver in the "inferred" category. The mineralized body averages between 30m – 90m thick, is up to 200m wide and has an average grade of just over 50g/t silver. Mineralization remains open in the east, west, south and northerly directions. Approximately 60% of the current 3.2 kilometer mineralized body is at or near surface before dipping at around 10 degrees to the east.
Exploration immediately adjacent to the Shallow Silver Zone: An underground exploration drill program is currently underway targeting underground workings immediately to the south of the Shallow Silver Zone. Silver Bull also hopes to drill test a geophysics anomaly which lies to the west of the Shallow Silver Zone later in the year.
NI43-101 Resource Update: The third in a series of NI43-101 resource updates is anticipated to be prepared by SRK Consulting (Canada) Inc. "SRK" in Q2 of 2012. All available data up to 28 February 2012 will be given to SRK for inclusion in the report. Given the drilling results to date it is anticipated that SRK's next report will show a substantial increase in the silver resource at Sierra Mojada, as well as including a resource for the significant zinc mineralization seen on the project.
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. The QA/QC of the assay results has been contracted to IOGlobal, an international and independent QA/QC and database management firm.
About Silver Bull: Silver Bull is a well funded, US registered mineral exploration company listed on both the NYSE Amex 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 owns three mineral exploration licences in Gabon, Africa, two of which are currently under joint venture with AngloGold Ashanti. These licences are prospective for gold, manganese, and iron ore. Visit us at http://www.silverbullresources.com
The technical information of this news release has been reviewed and approved by Tim Barry, MAusIMM, a qualified person onsite for the purposes of National Instrument 43-101.
On behalf of the Board of Directors
Tim Barry, MAusIMM
Chief Executive Officer, President and Director
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