In addition to the silver and the zinc, a resource of lead and copper has also been estimated using an Inverse Distance Squared (ID2) modeling method. Because the geological constraints and metallurgical recovery on the copper and lead are not as well understood as the silver and zinc, the lead and copper resources estimates have placed in the "inferred" category.
The mineral resource has been estimated by Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd. and reviewed by Allan Reeves, P.Geo. of JDS Energy & Mining Inc. Mr. Reeves is an Independent Qualified Person as defined by National Instrument 43-101 and will be responsible for the Technical Report. As a consultant he has spent about 250 days onsite over a 3 year period providing technical advice and direction to the Silver Bull team. Mr. Kirkham is an independent consultant hired by JDS to prepare the resource estimation at Sierra Mojada. He is a leader in the field of resource estimation and was recently awarded the Julian Boldy Memorial award in 2012 by the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) for his "exemplary efforts in resource modeling and estimation".
Tim Barry, President, CEO and director of Silver Bull states, "We are extremely pleased with this report and feel this is a big step forward for the company. At over 167 million ounces, Sierra Mojada is now one of the largest undeveloped silver resources in Mexico. With our recently completed financing for gross proceeds of $USD 9.2 million, the company is well financed to push the project to the next stage with a preliminary economic assessment, which will be led by JDS. It is also no small point to note that even though we have defined a much larger resource than previously reported, mineralization remains open on the deposit, and during 2013 we will have an underground drill program underway using our low cost termite drill rigs which will target a high grade silver zone defined by underground channel samples immediately adjacent to the deposit."
Silver Bull will post the Technical Report from which the above resource numbers were extracted, onto the SEDAR website (www.sedar.com) upon receipt of the completed Technical Report which is expected within the next 45 days.
About the Shallow Silver Zone: The "Shallow Silver Zone" is an oxide silver deposit (+/- zinc, lead, & copper), hosted along an east-west trending fracture-karst system set in a cretaceous limestone-dolomite sequence. The mineralized body averages between 30m - 90m thick, up to 200m wide and remains open in the east and west 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.
About Silver Bull: Silver Bull is a mineral exploration company listed on both the NYSE MKT and TSX stock exchanges and based out of Vancouver, Canada. The flagship "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 two mineral exploration licences in Gabon, Africa, which are prospective for gold, manganese, and iron ore.
The technical information of this news release has been reviewed and approved by Mark Pfau, Member of the Mining and Metallurgical Society of America (MMSA), a qualified person for the purposes of National Instrument 43-101.
On behalf of the Board of Directors
Most Popular Stories
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Allstate Seeks to Invest in Minority Firms
- SpaceX's Satellite Launch Is 'Game-Changer'
- Latin Music Conference Turns 25
- U.S. Growth Stayed Steady During Shutdown, Fed Says
- Newtown Massacre Heard on 911 Recordings
- Climate Change Early Warning System Urged
- Guardian Pressured to Stop NSA Stories: Editor
- New Home Sales Shoot up 25 Percent in October
- Reid Confident Congress to Pass Immigration Bill