Silver Storm Mining Ltd. (“Silver Storm” or the
"Company") (TSX.V: SVRS | OTC: SVRSF | FSE: SVR), is pleased
to announce drill results from its Phase 2 diamond drilling program
at the Company’s 100% owned La Parrilla Silver Mine Complex,
located in Durango Mexico. Results from the 5 holes (1,182 metres
(“m”)) contained within this release are from the Norte-Sur
Zone, within the Quebradillas mine.
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the full release here:
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Figure 1: Cross Section View of
Quebradillas Mine Towards NNW (Graphic: Business Wire)
An overview video on the La Parrilla Project is available at:
www.youtube.com/watch?v=dybgKXcGrYo
Key highlights include:
Numerous high-grade intercepts were encountered within the
Norte-Sur Zone up to 180 m beyond the last mined levels where the
following channel samples and mining widths were observed (Figures
2 & 3):
- 1749 EL graded 358 g/t Ag.Eq1 over a strike length of 51
m and an average width of 3.6 m
- 1737 EL graded 407 g/t Ag.Eq over a strike length of 28 m and
an average width of 3.2 m; however, FM had only mined ~50% of this
stope when the operation was placed on care & maintenance
The current drill results, when combined with historical
holes drilled by First Majestic (“FM”), are expected to have a
positive impact on future Mineral Resources.
- Hole Q-24-040 successfully returned 516 g/t Ag.Eq over 3.00
m, 406 g/t Ag.Eq over 0.50 m, and 592 g/t Ag.Eq over 1.00 m
within a broader interval of 302 g/t Ag.Eq over 15.00
m.
- Hole Q-24-041 intersected 356 g/t Ag.Eq over 1.55 m at
the previously interpreted northwestern boundary of the Norte-Sur
Zone which highlights the potential for expansion of the zone along
strike in this direction.
- Hole Q-24-042 returned 299 g/t Ag.Eq over 4.30 m including
914 g/t Ag.Eq over 0.50 m and 655 g/t Ag.Eq over 0.60 m.
Prior to reaching the Norte-Sur target, this hole intersected
4.50 g/t Au over 1.00 m. Another gold-rich zone was also
intersected further down the hole returning 4.56 g/t Au over
1.39 m.
- Hole Q-24-043 successfully intersected 287 g/t Ag.Eq over 6.60
m, including 523 g/t Ag.Eq over 1.58 m and 397 g/t Ag.Eq over
1.00 m and 491 g/t Ag.Eq over 0.55 m. These high-grade
intersections, located approximately 180 m below the last mined
area within the Norte-Sur Zone, demonstrate the potential for
resource expansion at depth.
Greg McKenzie, President and CEO, commented: “Our Phase 1
& 2 high-grade drill results demonstrate the Norte-Sur Zone
extends at least 180 metres below the previous mined stopes, with
excellent lateral continuity, and remains open at depth. The
distribution of high-grade drill holes in this area, combined with
channel sample results taken within previously mined stopes,
provide us with confidence in prioritizing this area for potential
restart of mining activities.”
Norte-Sur Zone
The Norte-Sur Zone (NS) is a fault-vein hosted in the limestone
and granodiorite stock with replacement bodies developed in the
footwall and hanging wall. It strikes northwest and dips 71° to the
northeast (315/71) over a known strike length of 125 m (Figure 1).
The mineralization extends vertically for 565 m and its true width
varies up to 5 m. The last two levels developed at depth on the
Norte-Sur Zone returned the following composited weighted average
grades from historical channel samples, which are representative of
the mineralization mined from this area:
- 1749 EL graded 358 g/t Ag.Eq over a strike length of 51 m and
an average width of 3.6 m
- 1737 EL graded 407 g/t Ag.Eq over a strike length of 28 m and
an average width of 3.2 m; however, FM had only mined ~50% of this
stope when the operation was placed on care & maintenance
Holes Q-24-040, Q-24-041, Q-24-042
Three infill holes were designed to demonstrate vertical
continuity between holes Q-23-007 (324 g/t Ag.Eq over 8.72
m, including 436 g/t Ag.Eq over 4.46 m) and ILP-Q-18-50 (479
g/t Ag.Eq over 3.85 m including 564 g/t Ag.Eq over 2.90 m), as
well as expand the current boundary of Indicated Resources ~100 m
down-dip. The three holes are located approximately 135 m below the
last mined level in Norte-Sur.
Hole Q-24-040 successfully returned 516 g/t Ag.Eq over 3.00
m, 406 g/t Ag.Eq over 0.50 m, and 592 g/t Ag.Eq over 1.00 m
within a broader interval of 302 g/t Ag.Eq over 15.00 m
(186.60 to 201.60 m) – Table 1; Figure 2.
Hole Q-24-041 intersected 356 g/t Ag.Eq over 1.55 m (207.90 to
209.45 m) at the previously interpreted northwestern boundary of
the Norte-Sur Zone which highlights the potential for expansion of
the zone along strike in this direction.
Hole Q-24-042 returned 299 g/t Ag.Eq over 4.30 m (207.00 to
211.30 m), including 914 g/t Ag.Eq over 0.50 m and 655 g/t Ag.Eq
over 0.60 m. Prior to reaching the Norte-Sur target, this hole
intersected 4.50 g/t Au over 1.00 m (167.05 to 168.05 m).
Another gold-rich zone was also intersected further down the hole
returning 4.56 g/t Au over 1.39 m (228.45 to 229.84 m).
Hole Q-24-043
Hole Q-24-043 was designed to test the Norte Sur Zone at depth,
successfully intersecting 287 g/t Ag.Eq over 6.60 m (242.40 to
249.00 m), including 523 g/t Ag.Eq over 1.58 m and 397 g/t
Ag.Eq over 1.00 m and 491 g/t Ag.Eq over 0.55 m. Although
the widths appear to be narrowing at depth, the shallow angle of
this hole to the zone (20-30 degrees) prevented it from obtaining
an adequate cross-section of the mineralization. More importantly,
these high-grade intersections, located approximately 180 m below
the last mined area within the Norte-Sur Zone, demonstrate the
depth extension of the mineralization which remains open at depth.
The vertical continuity established by hole Q-24-043 should allow
for expansion of Inferred Resources to depth. Q-24-043 is one of
the deepest holes drilled to date within the Quebradillas mine
(~600 m vertical depth from surface) exhibiting the potential to
expand mineralization at depth within all zones in the mine.
Table 1 – Select Assay Intervals from Holes Q-24-040 to
Q-24-044 and Historical Results
Zone
Hole
From
To
Length
(m)
Ag.Eq(1)
g/t
Ag
g/t
Au
g/t
Pb
%
Zn
%
Cu
%
Q-24-040
139.00
139.45
0.45
334
153
0.22
4.87
1.19
0.04
AUZ
Q-24-040
151.00
151.50
0.50
150
6
1.76
0.02
0.04
0.00
NS
Q-24-040
186.60
201.60
15.00
302
57
0.06
1.04
7.81
0.06
including
186.60
189.60
3.00
516
72
0.09
1.73
14.34
0.07
and
193.30
193.80
0.50
406
14
0.08
0.16
14.00
0.07
and
196.80
197.80
1.00
592
271
0.04
4.85
6.91
0.06
NS
Q-24-041
207.90
209.45
1.55
356
176
0.02
2.38
4.20
0.01
AUZ
Q-24-042
167.05
168.05
1.00
386
20
4.50
0.05
0.07
0.01
NS
Q-24-042
207.00
211.30
4.30
299
125
0.05
2.39
3.91
0.03
including
208.50
209.00
0.50
914
465
0.06
6.89
9.51
0.06
and
210.10
210.70
0.60
655
304
0.08
5.83
6.93
0.05
NS
Q-24-042
220.10
220.75
0.65
315
9
0.13
0.02
10.85
0.04
NS
Q-24-042
228.45
229.84
1.39
565
87
4.56
0.10
3.99
0.04
NS
Q-24-042
238.90
239.45
0.55
288
86
0.05
0.19
7.08
0.12
NS
Q-24-043
242.40
249.00
6.60
287
140
0.17
0.21
4.66
0.16
including
242.40
243.98
1.58
523
308
0.02
0.40
7.43
0.23
and
247.50
248.50
1.00
397
125
0.04
0.25
9.63
0.14
NS
Q-24-043
254.15
256.30
2.15
264
105
0.05
0.09
5.61
0.26
including
254.15
254.70
0.55
491
170
0.05
0.09
11.55
0.40
NS
Q-24-043
265.80
266.30
0.50
367
101
0.01
0.06
9.69
0.11
NS
Q-24-043
267.65
268.15
0.50
178
78
0.03
0.07
3.51
0.12
NS
Q-24-043
269.65
270.22
0.57
252
228
0.02
0.01
0.79
1.53
NS
Q-24-043
281.80
284.00
2.20
190
63
0.03
0.03
4.54
0.09
including
282.40
283.00
0.60
317
107
0.04
0.04
7.55
0.16
NS
Q-24-043
286.10
287.00
0.90
138
29
1.14
0.04
0.61
0.14
HISTORICAL RESULTS
NS
ILP-Q-17-53
88.20
95.50
7.30
388
193
0.07
3.20
3.81
0.08
including
93.65
95.50
1.85
935
528
0.24
6.64
7.68
0.10
NS
ILP-Q-17-62
79.85
81.30
1.45
260
119
0.06
2.86
2.18
0.03
NS
ILP-Q-17-62
84.95
87.05
2.10
360
168
0.05
3.06
3.86
0.05
NS
ILP-Q-17-63
84.00
85.00
1.00
242
105
0.09
1.80
3.01
0.06
NS
ILP-Q-17-65
114.30
116.35
2.05
176
90
0.03
1.20
1.90
0.02
AUZ
ILP-Q-18-07
118.35
119.10
0.75
295
79
0.94
2.65
2.55
0.04
NS
ILP-Q-18-07
132.80
133.90
1.10
149
112
0.07
0.43
0.74
0.03
NS
ILP-Q-18-07
147.95
150.00
2.05
418
190
0.09
4.50
3.68
0.10
NS
ILP-Q-18-07
162.55
163.20
0.65
210
90
0.04
3.16
1.20
0.01
NS
ILP-Q-18-15
102.75
114.35
11.60
347
114
0.10
3.05
5.28
0.08
including
105.15
105.85
0.70
642
275
0.21
8.47
4.52
0.09
and
106.90
108.10
1.20
555
294
0.07
6.33
3.15
0.04
and
110.05
110.55
0.50
784
226
0.17
7.06
13.04
0.18
NS
ILP-Q-18-22
128.95
130.00
1.05
352
130
0.04
3.76
4.33
0.11
NS
ILP-Q-18-22
141.60
144.95
3.35
379
134
0.38
2.11
5.78
0.04
including
142.10
143.55
1.45
647
260
0.03
4.22
9.96
0.05
NS
ILP-Q-18-27
154.05
154.70
0.65
175
61
0.34
1.95
1.28
0.01
NS
ILP-Q-18-27
157.00
158.65
1.65
197
89
0.14
2.31
1.25
0.01
including
157.95
158.65
0.70
329
162
0.27
3.76
1.61
0.02
NS
ILP-Q-18-35
99.85
101.35
1.50
177
86
0.03
2.28
1.01
0.01
including
99.85
100.25
0.40
373
186
0.05
5.30
1.51
0.01
NS
ILP-Q-18-43
140.25
140.50
0.25
219
102
0.01
2.54
1.79
0.06
NS
ILP-Q-18-43
144.70
145.00
0.30
357
146
0.01
4.42
3.39
0.08
NS
ILP-Q-18-50
221.20
225.05
3.85
479
203
0.07
4.60
5.41
0.07
including
222.15
225.05
2.90
564
259
0.08
4.94
6.08
0.07
Table 2 – Historical Channel Sample Results (2) – Norte-Sur
Zone
Zone
Channel
Width
Ag.Eq(1)
g/t
Ag
g/t
Pb
%
Zn
%
NS
VNS-1737-16
5.70
1,096
474
11.71
11.28
NS
VNS-1737-13
5.00
528
185
5.07
7.62
NS
VNS-1737-10
4.30
385
156
3.26
5.17
NS
VNS-1737-7
2.10
8
3
0.06
0.16
NS
VNS-1737-4
2.35
484
178
4.52
6.81
NS
VNS-1737-1
1.85
62
21
0.79
0.72
NS
VNS-1737-02
2.25
200
67
1.73
3.19
NS
VNS-1737-05
3.05
497
208
5.12
5.57
NS
VNS-1737-08
2.30
429
224
4.26
3.35
NS
VNS-1737-011
2.90
380
165
5.40
2.55
NS
VNS-1749-018
4.00
532
284
5.22
3.94
NS
VNS-1749-015
2.70
819
391
8.85
7.00
NS
VNS-1749-011
3.80
288
158
3.12
1.69
NS
VNS-1749-08
4.20
57
25
0.45
0.75
NS
VNS-1749-05
4.00
202
104
2.02
1.62
NS
VNS-1749-02
3.35
173
78
2.76
0.76
NS
VNS-1749-1
4.15
280
121
3.95
1.93
NS
VNS-1749-4
3.80
122
0
48.84
0.90
NS
VNS-1749-7
4.05
563
214
11.32
1.63
NS
VNS-1749-10
2.80
3
3
0.00
0.00
NS
VNS-1749-13
3.05
304
143
3.61
2.37
NS
VNS-1749-16
3.55
783
410
9.56
4.27
NS
VNS-1749-19
3.80
855
413
9.51
6.87
NS
VNS-1749-22
3.30
577
289
8.03
2.66
NS
VNS-1749-25
3.40
90
36
1.52
0.48
NS
VNS-1749-28
3.30
541
255
6.62
3.96
NS
VNS-1749-31
3.80
177
72
2.40
1.48
NS
VNS-1749-34
3.00
75
33
0.96
0.57
(1) All results in this release are rounded. Assays are uncut
and undiluted. Widths are core-lengths, not true widths. Silver
equivalent: Ag.Eq g/t was calculated using commodity prices of
US$22.50 /oz Ag, US$1,800 /oz Au, US$0.94 /lb Pb, and US$1.35 /lb
Zn applying metallurgical recoveries of 70.1% for silver and 82.8%
for gold in oxides and 79.6% for silver, 80.1% for gold, 74.7% for
lead and 58.8% for zinc in sulphides. Metal payable used was 99.6%
for silver and 95% for gold in doré produced from oxides, and 95%
for silver, gold, and lead and 85% for zinc in concentrates
produced from sulphides. Cut-off grades considered for oxide and
sulphide were, respectively 140 g/t Ag.Eq and 125 g/t Ag.Eq and are
based on 2017 costs adjusted by the inflation rate and include
sustaining costs. (2) Weighted average grades were calculated over
the mineralized widths of each channel across the stope (Figures 1
& 2).
Sample Analysis and QA/QC Program
Silver Storm uses a quality assurance/quality control (QA/QC)
program that monitors the chain of custody of samples and includes
the insertion of blanks, duplicates, and reference standards in
each batch of samples sent for analysis. The drill core is
photographed, logged, and cut in half, with one half retained in a
secured location for verification purposes and one half shipped for
analysis. Sample preparation (crushing and pulverizing) is
performed at ALS Geochemistry, an independent ISO 9001:2001
certified laboratory, in Zacatecas, Mexico and pulps are sent to
ALS Geochemistry in Vancouver, Canada for analysis. The entire
sample is crushed to 70% passing -2 mm, and a riffle split of 250
grams is taken and pulverized to better than 85% passing 75
microns. Samples are analyzed for gold using a standard fire assay
with Atomic Absorption Spectrometry (AAS) (Au-AA23) from a 30-gram
pulp. Gold assays greater than 10 g/t are re-analyzed on a 30-gram
pulp by fire assay with a gravimetric finish (Au-GRA21). Samples
are also analyzed using a 34 element inductively coupled plasma
(ICP) method with atomic emission spectroscopy (AES) on a pulp
digested by four acids (ME-ICP61). Overlimit sample values for
silver (>100 g/t), lead (>1%), zinc (>1%), and copper
(>1%) are re-assayed using a four-acid digestion overlimit
method with ICP-AES (ME-OG62). For silver values greater than 1,500
g/t, samples are re-assayed using a fire assay with gravimetric
finish on a 30-gram pulp (Ag-GRA21). Samples with lead values over
20% are re-assayed using volumetric titration with EDTA on a 1-gram
pulp (Pb-VOL70). No QA/QC issues were noted with the results
reported herein.
Review by Qualified Person and QA/QC
The scientific and technical information in this document has
been reviewed and approved by Bruce Robbins, P.Geo., a Qualified
Person as defined by National Instrument 43-101.
About Silver Storm Mining Ltd.
Silver Storm Mining Ltd. holds advanced-stage silver projects
located in Durango, Mexico. In August 2023 Silver Storm completed
the acquisition of 100% of the La Parrilla Silver Mine Complex, a
prolific operation which is comprised of a 2,000 tpd mill as well
as five underground mines and an open pit that collectively
produced 34.3 million silver-equivalent ounces between 2005 and
2019. The Company also holds a 100% interest in the San Diego
Project, which is among the largest undeveloped silver assets in
Mexico. For more information regarding the Company and its
projects, please visit our website at www.silverstorm.ca.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements:
Certain statements in this news release are forward-looking and
involve a number of risks and uncertainties. Such forward-looking
statements are within the meaning of the phrase ‘forward-looking
information’ in the Canadian Securities Administrators’ National
Instrument 51-102 – Continuous Disclosure Obligations.
Forward-looking statements are not comprised of historical facts.
Forward-looking statements include estimates and statements that
describe the Company’s future plans, objectives or goals, including
words to the effect that the Company or management and Qualified
Persons (in the case of technical and scientific information)
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes, but is not limited to, the future
exploration performance at La Parrilla, the timing and extent of
current and future drill programs, the ability to increase Mineral
Resources therein, and the ability to eventually place the La
Parrilla Complex back into production.
In making the forward-looking statements included in this news
release, the Company and Qualified Persons (in the case of
technical and scientific information) have applied several material
assumptions, including that the Company´s financial condition and
development plans do not change because of unforeseen events, that
future metal prices and the demand and market outlook for metals
will remain stable or improve, management’s ability to execute its
business strategy and no unexpected or adverse regulatory changes
with respect to La Parrilla. Forward-looking statements and
information are subject to various known and unknown risks and
uncertainties, many of which are beyond the ability of the Company
to control or predict, that may cause the Company’s actual results,
performance or achievements to be materially different from those
expressed or implied thereby, and are developed based on
assumptions about such risks, uncertainties and other factors set
out herein, including, but not limited to, there being no assurance
that the Company’s current and future exploration programs will
grow the Mineral Resource base or upgrade Mineral Resource
confidence, the risk that the assumptions referred to above prove
not to be valid or reliable, the risk that the Company is unable to
achieve its goal of placing La Parrilla back into production;
market conditions and volatility and global economic conditions
including increased volatility and potentially negative capital
raising conditions resulting from the continued or escalation of
the COVID-19 pandemic, risk of delay and/or cessation in planned
work or changes in the Company’s financial condition and
development plans; risks associated with the interpretation of data
(including in respect of third party mineralized material)
regarding the geology, grade and continuity of mineral deposits,
the uncertainty of the geology, grade and continuity of mineral
deposits and the risk of unexpected variations in Mineral
Resources, grade and/or recovery rates; risks related to gold,
silver and other commodity price fluctuations; employee relations;
relationships with and claims by local communities and indigenous
populations; availability and increasing costs associated with
mining inputs and labour, the speculative nature of mineral
exploration and development, including the risks of obtaining
necessary licenses and permits and the presence of laws and
regulations that may impose restrictions on mining, including the
Mexican mining reforms; risks relating to environmental regulation
and liability; the possibility that results will not be consistent
with the Company’s expectations.
Such forward-looking information represents managements and
Qualified Persons (in the case of technical and scientific
information) best judgment based on information currently
available. No forward-looking statement can be guaranteed, and
actual future results may vary materially. Accordingly, readers are
advised not to place undue reliance on forward-looking statements
or information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241202060136/en/
For additional information, please contact: Greg
McKenzie, President & CEO Ph: +1 (416) 504-2024
greg.mckenzie@silverstorm.ca
Silver Storm Mining (TSXV:SVRS)
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