PR Jan. 24, 07 4th drill assays, S. Luis, Ayelen
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Wed Jan 24, 2007
High-Grade Ayelén Vein Strike Length Extended to 1,400 Feet at San Luis
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Vancouver, B.C. - Esperanza Silver Corporation (TSX.V: EPZ) and Silver Standard Resources Inc. (TSX: SSO; NASDAQ: SSRI) are pleased to announce results of drill holes 17 to 25 at their San Luis gold/silver joint venture in central Peru. All drill holes were completed in the Ayelén Vein before the Christmas break.
Bonanza-Grade Mineralization Continues Along Strike and at Depth
Drilling has extended the gold and silver mineralization a further 490 feet (150 meters) along strike for a total of over 1,400 feet (430 meters) and down dip for a total of at least 425 feet (130 meters). The Ayelén Vein is open to the north and south and at depth.
Significant drill intercepts include:
* in Hole SL06-17, an angled hole drilled below SL06-16, a 14.7 foot interval averaging 2.24 ounces per ton of gold and 64.6 ounces per ton of silver (4.5 meters averaging 76.89 grams per tonne gold and 2216 grams per tonne silver) within an 89.9 foot interval averaging 0.69 ounces per ton of gold and 19.7 ounces per ton of silver (27.4 meters averaging 23.72 grams per tonne gold and 676 grams per tonne silver)
* in Hole SL06-25, an angled hole drilled 50 meters south of Hole SL06-15 and drilled below holes SL06-23 and 24, a 9.8 foot interval averaging 1.39 ounces per ton of gold and 38.9 ounces per ton of silver (3.0 meters averaging 47.78 grams per tonne gold and 1334 grams per tonne silver)
Detailed results are provided in the table below.
San Luis Project Diamond Core Drill Results – January 2007
- From To Length AU Ag Au Ag
ft./ ft./ ft./ g/t g/t
m m m oz/t oz/t
SL06-17 50.6 78.0 27.4 23.72 676 1.08 oz./t 54.4 oz./t
166.0 255.9 89.9 0.69 19.7 Au Eq Ag Eq
includes 51.6 56.1 4.5 76.89 2216 3.53 oz./t 176.6 oz./t
169.3 184.0 14.7 2.24 64.6 Au Eq Ag Eq
SL06-18 39.1 41.2 2.1 19.07 271 0.72 oz./t 35.9 oz./t
128.3 135.2 6.9 0.56 7.9 Au Eq Ag Eq
49.3 51.9 2.6 38.57 559 1.45 oz./t 72.3 oz./t
161.7 170.3 8.5 1.12 16.3 Au Eq Ag Eq
SL06-19 74.0 7 7.7 3.6 13.00 322 0.57 oz./t 28.4 oz./t
242.8 254.9 11.8 0.38 9.40 Au Eq Ag Eq
SL06-20 Full Results Pending
SL06-21 52.5 56.8 4.3 6.03 210 0.30 oz./t 15.12 oz./t
172.2 186.4 14.1 0.18 6.12 Au Eq Ag Eq
includes 52.5 54.1 1.6 13.34 409 0.63 oz./t 31.4 oz./t
172.2 177.5 5.2 0.39 11.9 Au Eq Ag Eq
SL06-22 62.1 71.0 8.9 7.48 290 0.39 oz./t 19.5 oz./t
203.7 232.9 29.2 0.22 8.45 au Eq Ag Eq
includes 65.2 69.2 4.0 15.06 561 0.77 oz./t 38.4 oz./t
213.9 227.0 13.1 0.44 16.4 Au Eq Ag Eq
SL06-23 26.0 29.6 3.6 8.53 696 0.66 oz./t 32.8 oz./t
85.3 97.1 11.8 0.25 20.3 Au Eq Ag Eq
SL06-24 75.6 77.6 2.0 1. 0.08 oz./t 3.9 oz./t
248.0 254.6 6.6 0.03 2.4 Au Eq Ag Eq
SL06-25 118.8 131.5 41.7 13.74 463 0.67 oz./t 33.5 oz./t
389.8 431.4 12.7 0.40 13.5 Au Eq Ag Eq
includes 118.8 121.8 3.0 47.78 1334 2.17 oz./t 108.4 oz./t
389.8 399.6 9.8 1.39 38.9 Au Eq Ag Eq
* True width to be determined.
** Gold-equivalent ounces calculation assumes a 50:1 silver: gold ratio. Metallurgical recoveries have not been determined and therefore have not been considered in the gold/silver equivalent calculations.
Drill holes SL06-17 to 22 were drilled along the northern extension of the Ayelén Vein while drill holes SL06-23-25 were drilled along its southern extension. Mineralization at the Ayelén Vein has now been drill defined for over 430 meters along strike and to at least 130 meters below the outcrop, with the vein open along strike to the north and south and down dip. Drilling continues to test the vein along strike and at depth. A location map is attached to this news release.
An additional six drill holes have now been completed on the Ayelén Vein with results pending.
Drilling Begins on Nearby Inés Vein
A second diamond core rig began drilling on the Inés Vein after the Christmas break and has now completed five drill holes. Inés is a separate vein which lies approximately 325 feet (100 meters) east of the Ayelén Vein and slightly higher in elevation. Surface channel sampling identified a 250-foot (75-meter) strike length averaging 0.45 ounces gold per ton and 12.7 ounces silver per ton (15.5 grams per tonne gold and 437 grams per tonne silver).
Prospecting Reveals Four Additional Veins
Prospecting by the company has lead to the discovery of at least four additional veins near to Ayelén and Inés. Road access to the area is being developed and drill targets will be tested during the course of future exploration.
Joint Venture Interests
Silver Standard has now completed the required spending to increase its holding in the San Luis property to 55%. The next US$1.5 million of joint venture expenditures will be funded in accordance with each party's joint-venture interest. Thereafter, Silver Standard has the right to increase its interest to 80% by funding the property through to production.
About Esperanza
Esperanza is an exploration company focused on precious metals and is founded on the experience and success of its management and field teams in discovering ore bodies. Its properties include the San Luis high-grade gold and silver discovery in central Peru and the 100%-owned Cerro Jumil bulk-tonnage gold project in Morelos State, Mexico. It has other exploration interests in Peru, Mexico and Bolivia. The company's objective is to take properties up to the resource definition stage and then find partners to take them into production.
About Silver Standard
Silver Standard is a well-financed silver resource company that continues to seek growth through silver acquisitions, and exploration and development of its own silver projects. Silver Standard also has an approximate 14% equity ownership of Esperanza and has maintained its percentage interest in the recent Esperanza equity offering. |
