December 4, 1996 SILVER STANDARD RESOURCES INC ("SSO-V;SSTDF-L")
- Initial Drilling Results At El Asiento, Bolivia
Robert A. Quartermain, President of Silver Standard Resources Inc. is pleased to report that diamond drilling at the El Asiento epithermal silver-gold prospect in southwestern Bolivia has intersected silver mineralization in the first phase of a 3,800 metre, 36-hole program now under way. To date, 12 holes have been completed on the Cerillos Zone and another 24 are planned for the nearby Asiento Zone where drilling is now under way. Selected assays for the first 12 holes are
detailed below:
HOLE # COORDINATES FROM TO INTERVAL SILVER GRADE
(m) (m) (m) (ft) g/tonne oz/ton
DEA 96-01 7490N 9930E Anomalous Values
DEA 96-02 7496N 9785E 58 62 4 13.1 73.0 2.13
104 110 6 19.7 89.7 2.62
120 124 4 13.1 71.9 2.10
DEA 96-03 7511N 9674E 6 12 6 19.7 84.0 2.45
48 56 8 26.2 86.8 2.53
74 84 10 32.8 1198.0 34.9
DEA 96-04 7200N 10205E 48 52 4 13.1 38.0 1.11
DEA 96-06 7217N 10092E 46 48 2 6.6 59.4 1.73
DEA 96-07 7288N 10048E 44 64 20 65.6 61.2 1.78
DEA 96-08 7228N 10019E 4 8 4 13.1 51.8 1.51
DEA 96-09 7325N 9915E 38 52 14 45.9 244.3 7.13
DEA 96-10 7101N 10160E 42 50 8 26.2 43.6 1.27
DEA 96-11 6982N 10580E 30 38 8 26.2 58.1 1.69
DEA 96-12 6939N 10697E 78 82 4 13.1 71.0 2.07
No significant values were encountered in DEA 96-05. The zone is open to the north, south and west.
The Cerillos Zone is located in the southern section of an alteration zone that is evidence of a large hydrothermal silver-gold system on the property. The geology and age of the alteration package shares similarities with Cerro Rico, historically the world's largest silver producer, which is located approximately 100 kilometres to the northeast of the El Asiento property. The alteration zone on the El Asiento property measures 800 metres by 2,400 metres on surface.
Silver Standard's exploration program is the first comprehensive effort to assess El Asiento's potential. Silver Standard was awarded the property by COMIBOL, the state mining company of Bolivia, by agreeing to exploration expenditures of US$5 million, financing the property into production and paying a sliding scale royalty.
Silver Standard is a well-financed silver exploration company whose objective is to acquire silver resources totalling 250 million ounces by the end of 1997. The company is currently actively exploring three projects in Mexico (San Acacio, San Miguel and La Morelense), the El Asiento property in Bolivia, and the Lunnoe property in the Russian Far East. TEL: (604) 689-3846 Robert A. Quartermain, President
RS: Looks like Christmas came a little early....good luck! |
