Silver Bull Files Updated NI43-101 Resource on SEDAR for the Sierra Mojada Project, Coahuila, Mexico.
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Vancouver, British Columbia - Silver Bull Resources, Inc. (NYSE-MKT: SVBL, TSX: SVB) ("Silver Bull") is pleased to announce that further to its news release dated May 4, 2015, it has filed an updated NI43-101 Resource report titled "Technical Report on the Resources of the Sierra Mojada Project, Coahuila, Mexico" dated June 8, 2015 to SEDAR at www.sedar.com. Highlights from the report include:A "Measured and Indicated" (M&I) Global resource of 58.7 million tonnes grading at 3.6% zinc and 50 g/t silver for 4.670 billion pounds of zinc and 90.8 million ounces of silver inclusive of both potential open pit and underground resources.
A high grade "Zinc and Silver Zone" (M&I) resource within the Lerchs-Grossman (LG) optimized Pit, as shown in tables 2,3, and 4. The LG optimized pit has a resource of 56.8 million tonnes at an average grade of 3.4% Zinc and 50.0 g/t Ag at a US$13.50/tonne NSR cutoff for an estimated 4.282 billion pounds of zinc and 90.8 million ounces of silver.
An additional underground "Measured and Indicated" resource outside of the LG Optimized Pit of 1.9 million tonnes at an average grade of 9.4% Zinc at a 6% cutoff for an estimated 388.5 million pounds of zinc.The Global Resource: The global resource is an average of the zinc, silver, copper and lead mineralization across the entire ore body and is broken into two parts:A potential open pit resource that has been defined using a "Lerchs-Grossman" (LG) optimized pit and which represents 96% of the total deposit, and
An additional underground resource which represents mineralization that was not included in the open pit due to its depth, but may be economic if mined from underground. Table 1 summarizes the combined total resource (LG Pit + underground).
GLOBAL RESOURCE CLASSTonnes
(Mt)*Ag
(g/t)Zn
(%)Cu
(%)Pb
(%)*NSR
($/t)*Ag
(Mozs)Zn
(Mlbs)Cu
(MLbs)Pb
(Mlbs) | Measured | 36.5 | 48.5 | 4.6 | 0.05 | 0.3 | 46.9 | 55.0 | 3,689.7 | 36.8 | 277.1 | | Indicated | 22.2 | 51.6 | 2.0 | 0.04 | 0.2 | 32.4 | 35.8 | 980.6 | 19.4 | 115.7 | | Total M&I | 58.7 | 50 | 3.6 | 0.04 | 0.3 | 41.4 | 90.8 | 4,670.2 | 56.3 | 392.8 | | Inferred | 0.5 | 44.7 | 4.7 | 0.02 | 0.5 | 26.5 | 0.3 | 54.3 | 0.2 | 6.0 |
Table 1.The Global Resource is the addition of the resource defined using Lerchs-Grossman optimized pit and the resource defined outside the LG pit.
Notes to accompany the Sierra Mojada Resource table- The Global Resource is the addition of the resource defined by the LG optimized pit at US$13.50/ton NSR cut-off and the Underground Resource at a 6% Zn Cutoff.- *NSR, Ag grades, & Ag ounces are from the LG optimized pit only.- Mineral resources that are not reserves do not have demonstrated economic viability.- Mineral resources are reported using a commodity price of US$18.00 silver and US$1.00 zinc and a 75% recovery for silver and a 41% recovery for zinc.- Tonnages are reported to the nearest 100,000 tonnes, grades are rounded to the nearest decimal place for Ag, Zn, & Pb and the nearest 2 decimal places for Cu- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal.- Tonnage and grade are in metric units; contained Zn, Cu, & Pb are in imperial pounds.- Tonnages and grades are as reported directly from block model, with mined out areas removed.In order to establish a 'reasonable prospect of economic extraction' under CIM guidelines (May 10, 2014) in a potential open pit context, the reported resource falls within an LG Optimized pit shell that uses a zinc price of US$1.00 per pound and a silver price of US$18/oz with a recovery of silver estimated at 75% and for zinc at 41%. Pit walls are set at 55 degrees overall, mining costs were assumed to be US$1.50/tonne, and silver and zinc processing costs were assumed to be US$12.00/tonne, which results in a total NSR cutoff for the resource of US$13.50/tonne. The underground zinc resource was estimated at a 6% cutoff.
Mineral resources were estimated by ordinary Kriging using GEMSTM modeling software in multiple passes using 10 meter X 10 meter X 10 meter blocks as the SMU size. The geologic wireframes were updated and a percentage model technique utilized to calculate accurate volumes. Grade estimates were based on 1 meter composited assay data with search radius restricted to a 20 meter search radius when a zone dependent cap limit was reached. Blocks have been classified as measured, indicated or inferred mineral resources.
The mineral resource has been estimated by Allan Reeves P.Geo. of Tuun Consulting Inc. and Tony Loschiavo P.Eng. of AKF Mining Services Inc. Both Mr. Reeves and Mr. Loschiavo are Independent Qualified Persons as defined by National Instrument 43-101. Mr. Reeves has spent approximately 250 days onsite over a 3 year period providing technical advice and direction to the Silver Bull team. Mr. Loschiavo has been involved with the project since 2012, primarily as an associate engineer with JDS Energy and Mine ("JDS") Inc. His involvement was with high level reviews for open pit and underground scenarios and with the NSR block model used in the JDS December 2013 PEA.
GLOBAL RESOURCE
Figure 1. Image showing the Global resource which is composed of the Lerchs-Grossman Pit and the underground resource.
The High Grade Zinc and Silver Zones: The Global Resource encompasses two high grade zones; the zinc zone (inside and outside of the LG Optimized Pit), and the silver zone. It represents an overall average grade for the silver and zinc mineralization across the entire deposit. This average grade does not accurately reflect the discrete, high grade zoning of the silver and zinc mineralization that occurs within the resource. To better reflect high grade silver and zinc zones which form separate coherent bodies within the larger global resource we have broken out the zinc and silver mineralization using zinc and silver cutoff grades. Table 2 shows the zinc values within the LG pit, while Table 3 shows the zinc outside of the LG pit. Table 4 shows the silver values within the LG pit.
ZINC ZONE within the Lerchs-Grossman Optimized Pit Resource CategoryZn Cutoff
(%)Tonnes
(Mt)Zn
(%)Ag
(g/t)Cu
(%)Pb
(%)Zn
(MLbs)Ag
(Mozs)Cu
(MLbs)Pb
(MLbs) MEASURED| 4 | 13.1 | 9.1 | 23.9 | 0.02 | 0.37 | 2637.3 | 10.1 | 5.8 | 106.3 | | 6 | 8.8 | 11.2 | 19.7 | 0.02 | 0.34 | 2171.6 | 5.6 | 3.1 | 66.8 | | 8 | 6.2 | 13.0 | 16.4 | 0.01 | 0.30 | 1774.6 | 3.3 | 1.9 | 41.1 | | 10 | 4.4 | 14.7 | 13.0 | 0.01 | 0.25 | 1409.7 | 1.8 | 1.3 | 24.3 | | 11 | 3.6 | 15.6 | 11.9 | 0.01 | 0.24 | 1233.2 | 1.4 | 1.0 | 19.3 | | 12 | 3.0 | 16.4 | 11.0 | 0.01 | 0.24 | 1080.5 | 1.1 | 0.9 | 15.8 | | 13 | 2.4 | 17.4 | 10.0 | 0.01 | 0.23 | 918.4 | 0.8 | 0.7 | 12.0 | | 14 | 1.9 | 18.3 | 9.2 | 0.01 | 0.21 | 779.6 | 0.6 | 0.6 | 9.0 | INDICATED| 4 | 2.4 | 7.1 | 33.7 | 0.04 | 0.32 | 382.4 | 2.6 | 2.0 | 17.0 | | 6 | 1.2 | 9.3 | 26.4 | 0.03 | 0.29 | 251.8 | 1.0 | 0.8 | 7.9 | | 8 | 0.6 | 11.8 | 24.0 | 0.03 | 0.26 | 156.7 | 0.5 | 0.3 | 3.5 | | 10 | 0.3 | 14.1 | 22.2 | 0.02 | 0.25 | 105.5 | 0.2 | 0.1 | 1.9 | | 11 | 0.3 | 15.2 | 21.8 | 0.02 | 0.21 | 87.9 | 0.2 | 0.1 | 1.2 | | 12 | 0.2 | 16.1 | 22.5 | 0.02 | 0.20 | 74.8 | 0.2 | 0.1 | 0.9 | | 13 | 0.2 | 17.0 | 23.2 | 0.02 | 0.15 | 63.4 | 0.1 | 0.1 | 0.6 | | 14 | 0.1 | 18.1 | 24.0 | 0.02 | 0.12 | 52.0 | 0.1 | 0.1 | 0.4 | INFERRED| 4 | 0.02 | 10 | 0 | 0.003 | 0.08 | 3.5 | 0 | 0.001 | 0.027 | | 6 | 0.01 | 13.9 | 0 | 0.001 | 0.02 | 2.6 | 0 | 0.000 | 0.004 | | 8 | 0.01 | 13.9 | 0 | 0.001 | 0.02 | 2.6 | 0 | 0.000 | 0.004 |
Table 2: Table showing the high grade Zinc Zone inside of the LG Optimized Pit defined using various zinc cutoff grades.
ZINC ZONE outside of the LG Optimized Pit Resource CategoryZn Cutoff
(%)Tonnes
(Mt)Zn
(%)Cu
(%)Pb
(%)Zn
(MLbs)Cu
(MLbs)Pb
(MLbs) MEASURED| 6 | 1.2 | 9.8 | 0.02 | 0.3 | 255 | 0.5 | 8.1 | | 8 | 0.7 | 11.9 | 0.02 | 0.3 | 180 | 0.3 | 4.3 | | 10 | 0.4 | 13.7 | 0.02 | 0.3 | 127 | 0.2 | 2.5 | | 12 | 0.3 | 15.1 | 0.02 | 0.2 | 95 | 0.1 | 1.5 | INDICATED| 6 | 0.7 | 8.8 | 0.02 | 0.5 | 134 | 0.4 | 7.4 | | 8 | 0.4 | 10.3 | 0.02 | 0.4 | 81 | 0.1 | 2.8 | | 10 | 0.1 | 13.1 | 0.01 | 0.3 | 38 | 0.03 | 0.7 | | 12 | 0.1 | 15.2 | 0.01 | 0.2 | 23 | 0.02 | 0.3 | INFERRED| 6 | 0.3 | 7.1 | 0.02 | 0.8 | 48 | 0.1 | 5.4 | | 8 | 0.0 | 9.1 | 0.02 | 2.9 | 8 | 0.02 | 2.7 | | 10 | 0.0 | 10.7 | 0.03 | 8.9 | 2 | 0.004 | 1.4 |
Table 3: Table showing the high grade Zinc Zone outside of the LG Optimized Pit defined using various zinc cutoff grades
SILVER ZONE within the Lerchs-Grossman Optimized Pit Resource CategoryAg Cutoff
(%)Tonnes
(Mt)Ag
(g/t)Zn
(%)Cu
(%)Pb
(%)Ag
(Mozs)Zn
(MLbs)Cu
(MLbs)Pb
(MLbs) MEASURED| 25 | 19.5 | 79.5 | 2.4 | 0.08 | 0.46 | 49.8 | 1027.3 | 32.3 | 198.1 | | 35 | 15.1 | 93.8 | 2.2 | 0.09 | 0.50 | 45.6 | 718.3 | 30.2 | 166.2 | | 45 | 11.9 | 108.3 | 2.1 | 0.11 | 0.52 | 41.6 | 543.2 | 28.0 | 137.8 | | 50 | 10.6 | 115.9 | 2.0 | 0.11 | 0.53 | 39.5 | 471.7 | 26.7 | 124.6 | | 55 | 9.5 | 123.3 | 2.0 | 0.12 | 0.54 | 37.7 | 414.2 | 25.8 | 113.1 | | 60 | 8.6 | 130.5 | 1.9 | 0.13 | 0.54 | 35.9 | 364.0 | 24.8 | 102.2 | | 65 | 7.7 | 137.7 | 1.9 | 0.14 | 0.54 | 34.3 | 328.5 | 23.8 | 93.1 | | 70 | 7.0 | 145.0 | 1.9 | 0.15 | 0.55 | 32.7 | 293.8 | 22.7 | 84.4 | | 75 | 6.4 | 151.4 | 1.9 | 0.15 | 0.54 | 31.4 | 270.9 | 21.8 | 76.9 | INDICATED| 25 | 17.5 | 60.1 | 1.3 | 0.05 | 0.2 | 33.9 | 490.2 | 17.8 | 91.2 | | 35 | 13.6 | 68.6 | 1.3 | 0.05 | 0.2 | 30.1 | 377.3 | 16.1 | 75.0 | | 45 | 9.9 | 79.6 | 1.3 | 0.06 | 0.3 | 25.3 | 279.5 | 13.3 | 57.1 | | 50 | 8.3 | 85.6 | 1.3 | 0.06 | 0.3 | 22.9 | 233.2 | 11.8 | 48.8 | | 55 | 7.0 | 92.0 | 1.2 | 0.07 | 0.3 | 20.6 | 192.0 | 10.3 | 41.9 | | 60 | 5.7 | 99.5 | 1.3 | 0.07 | 0.3 | 18.3 | 159.9 | 9.0 | 35.3 | | 65 | 4.9 | 106.2 | 1.3 | 0.08 | 0.3 | 16.6 | 136.9 | 8.0 | 31.2 | | 70 | 4.2 | 112.7 | 1.2 | 0.08 | 0.3 | 15.1 | 113.9 | 7.2 | 27.2 | | 75 | 3.6 | 119.5 | 1.2 | 0.08 | 0.3 | 13.7 | 97.3 | 6.5 | 23.5 | INFERRED| 25 | 0.2 | 52.9 | 0.5 | 0.03 | 0.1 | 0.3 | 1.9 | 0.10 | 0.37 | | 35 | 0.1 | 59.3 | 0.4 | 0.02 | 0.1 | 0.3 | 1.1 | 0.07 | 0.19 | | 45 | 0.1 | 67.8 | 0.2 | 0.02 | 0.0 | 0.2 | 0.4 | 0.04 | 0.07 | | 50 | 0.1 | 71.8 | 0.2 | 0.01 | 0.0 | 0.2 | 0.4 | 0.02 | 0.05 | | 55 | 0.1 | 75.2 | 0.2 | 0.01 | 0.0 | 0.2 | 0.3 | 0.02 | 0.05 | | 60 | 0.1 | 80.0 | 0.1 | 0.01 | 0.0 | 0.1 | 0.1 | 0.01 | 0.04 |
Table 4: Table showing the high grade Silver Zone defined using various silver cutoff grades.
Tim Barry, President, CEO and director of Silver Bull states, "The filing of this report represents a significant milestone for Silver Bull as for the first time it defines much of the significant zinc mineralization we see at Sierra Mojada. We believe this is the most comprehensive report we have put out on the deposit to date, and positions the Silver Bull as one of only a handful juniors with any appreciable zinc resources in the world today in addition to also controlling one of the largest undeveloped silver projects in Mexico. It has excellent infrastructure; it is located 3 hours from an international airport with a paved road right to site; it has a functioning railway right to site; runs on grid power; and it has a skilled mining work force to draw upon in the immediate local area. The resource provides exposure to both the precious and base metals markets and has the potential to be scaled in size depending on metal prices. In short, we believe there are not many projects like this in the world".
About Silver Bull: Silver Bull is a US registered mineral exploration company listed on both the NYSE MKT and TSX stock exchanges and based out of Vancouver, Canada. The flag ship "Sierra Mojada" project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico, and is highly prospective for silver and zinc.
The technical information of this news release has been reviewed and approved by Tim Barry, a Chartered Professional Geologist (CPAusIMM), and a qualified person for the purposes of National Instrument 43-101.
On behalf of the Board of Directors
"Tim Barry"
Tim Barry, CPAusIMM
Chief Executive Officer, President and Director
INVESTOR RELATIONS:
+1 604 687 5800
info@silverbullresources.com
http://www.silverbullresources.com/s/news.asp?ReportID=711426 |
