hopefully this news will help bring back up the price
Silver Standard Resources: Initial Drill Results From Australia and Bolivia
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 27, 1997-- SILVER STANDARD (VSE:SSO, NASDAQ:SSRIF) Silver Standard Resources Inc. is pleased to report the completion of three out of four drilling programs planned on projects in Australia, Bolivia, Mexico and the United States during the fourth quarter of 1997.
Drilling was completed at the El Asiento project in Bolivia, the company's 100 percent-owned Mudgee project in Australia and the La Morelense project in Mexico. Drilling will commence in early November at the Silver Reef project in Utah.
At the El Asiento Project in southwestern Bolivia, eight holes totalling 1,092 metres tested a series of steeply dipping, high-grade silver-gold veins, and an extensive mineralized, flat-lying contact zone, all located in the Cerrillos Zone. While most results are still pending, DEA 97-44, which tested the northwestern extension of the contact zone, intersected, near surface, 79.4 metres of 82.2 grams of silver per tonne and 0.89 grams of gold per tonne (260.5 feet of 2.4 ounces of silver and 0.02 ounces of gold per ton). Included in this intersection were two very high-grade intervals: 1.4 metres of 601.4 grams of silver per tonne (17.5 ounces of silver per ton) and 2.33 grams of gold per tonne; and 2.0 metres of 1,047.5 grams of silver per tonne (30.6 ounces of silver per ton) and 1.73 grams of gold per tonne. The zone is open along strike and at depth.
At the Mudgee project in New South Wales, Australia, 27 reverse circulation holes totalling 1,834 metres were completed on the Bowdens Deposit and the Coomber Prospect. Eleven holes at the Bundarra South area of the Bowdens Deposit tested areas of possible near-surface, high-grade mineralization. The best results to date were intersected in hole BGR-024 which returned 22 metres of 174 grams of silver per tonne (72.2 feet of 5.1 ounces of silver per ton), 0.98 percent zinc and 0.33 percent lead, including six metres of 404 grams of silver per tonne (11.8 ounces of silver per ton), 1.46 percent zinc and 0.66 percent lead. The mineralized area is open in all directions. Prior to the current drilling program, the Bowdens Deposit had an estimated silver resource of 18.8 million tonnes grading 99 grams of silver per tonne, or 60 million ounces of silver. Results from other holes on the Bundarra South area and Coomber Prospect are pending.
In other corporate developments, the company reports the resignation of Christopher M. T. Thompson as a director of Silver Standard. Mr. Thompson, who joined the board of Silver Standard in 1994 and provided valuable counsel in the ensuing years of rapid growth, is pursuing other business interests.
Silver Standard is a silver resource company with significant exploration projects in Australia, Bolivia, the Russian Far East, Mexico, and the United States. Silver Standard now has in excess of 160 million in-situ ounces of silver resources, owned and under option, on four continents.
The Vancouver Stock Exchange has neither approved nor disapproved of the information contained herein. |
