VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/13 -- South American Silver Corp. (TSX: SAC)(OTCQX: SOHAF) (the "Company") is pleased to announce an update on drilling progress at the Escalones copper-gold porphyry project in Chile. Although drilling was temporarily halted by lack of road access to the site due to the recently reported storm, drill samples from portions of holes 38, 39 and 41 were sent to the assay laboratory and analyses have been received. These drill holes continued to explore the western portion of the Meseta in areas that have not previously been included in the resource model. (see map: www.soamsilver.com/february-2013-news-release-escalones-image.asp.) The drill holes reported here continue to show a zone of copper enrichment below a partially leached zone that lies below the approximately 70 metre thick deposit of glacial moraine that was deposited on the Meseta.
Ralph Fitch, Executive Chairman of the Company, stated, "The drilling presently being carried out on the Meseta shows a near horizontal zone of leached material typically 50-100 metres thick that is generally gold rich, which is underlain by an irregular near horizontal zone of 20-120 metres thick of copper enrichment. This copper enrichment zone is the top portion of a long column of copper mineralization which in hole ES-38 is more than 450 metres thick. Results analyzed so far indicate that this style of copper-gold mineralization exists over an area measuring approximately 500 by 800 metres, sufficient to have a real impact on our previously reported resource of 3.8 billion pounds of copper and 610,000 oz of gold, which did not include the majority of this area."
The following table summarizes the results received to date for diamond drill holes ES 38, ES 39 and ES 41.
----------------------------------------------------------------------------Drill CuEq Hole Comment From To Length Copper Mo Gold Silver (i)---------------------------------------------------------------------------- g/t Zone metres metres metres % (ii) g/t g/t %----------------------------------------------------------------------------ES-41 Leached gold 78 198.8 120.8 0.26 28 0.17 0.85 0.39 rich----------------------------------------------------------------------------ES-41 Copper 198.8 236.0 37.2 0.60 42 0.10 0.63 0.69 enriched---------------------------------------------------------------------------- including 204.5 219.0 14.5 0.9 38.3 0.1 0.7 1.0----------------------------------------------------------------------------ES-41 Whole zone 78 348.0 270.0 0.37 55 0.12 1.03 0.48--------------------------------------------------------------------------------------------------------------------------------------------------------ES-39 Partially 74.8 152.0 77.2 0.21 27 0.08 0.18 0.27 leached----------------------------------------------------------------------------ES-39 Minor 152 174.4 22.4 0.45 46 0.15 1.51 0.58 enrichment---------------------------------------------------------------------------- including 152 156.5 4.5 0.84 60 0.12 0.69 0.95----------------------------------------------------------------------------ES-39 Whole zone 152 359.0 207.0 0.29 32 0.09 0.40 0.36--------------------------------------------------------------------------------------------------------------------------------------------------------ES-38 Partially 69.4 131.8 62.4 0.17 62 0.08 0.18 0.24 leached----------------------------------------------------------------------------ES-38 Minor 131.8 199.0 67.2 0.48 133 0.10 0.16 0.60 enrichment---------------------------------------------------------------------------- including 132.6 145.3 12.8 0.64 183 0.11 0.10 0.77----------------------------------------------------------------------------ES-38 Whole zone 131.8 596.3 464.5 0.29 56 0.07 0.35 0.36---------------------------------------------------------------------------- Previously reported hole----------------------------------------------------------------------------ES-36 Leached gold 72.1 120.0 47.9 0.07 20.7 0.259 1.5 0.27 rich----------------------------------------------------------------------------ES-36 Copper 120.0 244.0 124.0 0.51 29.7 0.134 1.1 0.62 enriched---------------------------------------------------------------------------- including 129.0 156.00 27.0 1.0 38.967 0.1 2.01 1.1----------------------------------------------------------------------------ES-36 Whole zone 120.0 358.2 238.2 0.41 32.6 0.103 0.6 0.50---------------------------------------------------------------------------- (The true width of these intercepts is not known; however, it is estimated to be between 80% and 100% of the widths listed).(i)CuEq means copper equivalent - see end of the News Release.(ii)Mo means Molybdenum.
