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Stockwatch: Silver Standard Resources Inc - News Release
Silver intersects bonanza grades at Argentina project
Silver Standard Resources Inc SSO
Shares issued 16,045,797 Jan 15 close $1.70
Mon 18 Jan 99 News Release
Mr. Robert Quartermain reports
Silver Standard Resources Inc. has received bonanza and high-grade assays from recent drilling at the Manantial Espejo silver-gold project in Santa Cruz province in southern Argentina. Eighteen diamond drill holes totalling 1,024 metres were completed on the Maria vein and two other targets in the western half of the 225 square kilometre project area. All 14 of the Maria vein holes intersected the high-grade silver-gold target over true widths ranging from 2.9 metres to 13.2 metres (6.2 feet to 43.4 feet). The best results included T-116 which intersected 1,403.8 grams of silver-equivalent per tonne over a true width of 10.6 metres (or 40.9 ounces of silver-equivalent per ton over 34.7 feet); T-114 which
intersected 853.6 grams of silver-equivalent per tonne over a true width of 8.2 metres (or 24.9 ounces of silver-equivalent per ton over 26.9 feet); and T-110 which intersected 519.9 grams of silver-equivalent per tonne over a true width of 13.2 metres (or 15.2 ounces of silver-equivalent per ton over 43.4 feet). Both T-116 and T-114 intersected bonanza mineralization with silver-equivalent grades of up to 2.7 kilograms per tonne over true widths of 5.2 metres or 80.1 ounces per ton over 16.9 feet. The recent drilling confirms the continuity of mineralization within the Maria vein and further detailed and in-fill drilling will lead to start-up
of a full feasibility study. Silver Standard believes the Maria vein can form the basis for a high-grade underground mine complemented by limited production from surface mining of the vein system. The Maria vein is open along strike and at depth.
The diamond drilling program at Manantial Espejo followed a three-month program of regional mapping and prospecting by two teams who covered approximately 60 per cent of the 225 square kilometre project area. During this program, company geologists discovered numerous new zones of potentially economic significance that require follow-up. Four short holes were drilled on two prospects, with anomalous assay results. The potential for discovery of additional high-grade zones similar to the Maria vein is considered excellent. Manantial Espejo, accessible by road in a region of recently discovered epithermal silver-gold mineralization, is located approximately 100 kilometres west-southwest of the new Cerro Vanguardia mine with production
of 200,000 ounces of gold and 1.6 million ounces of silver annually. Based on block and polygonal resource calculations prior to the completion of Silver Standard's drilling, the Manantial Espejo project is estimated to host reserves and resources in all categories totalling 7.9 million tonnes grading 191 grams of silver and 2.87 grams of gold per tonne. Using a 1:55 gold:silver ratio, the Manantial Espejo project contains a preliminary resource of 88.6 million ounces of silver-equivalent. Silver Standard's equity share of the resource will exceed 35 million ounces of silver-equivalent on completion of its earn-in.
Silver Standard has an option to acquire 50 per cent of Black Hawk Mining Inc.'s share in the Manantial Espejo project. It is currently held by a wholly owned subsidiary of Black Hawk Mining Inc. (80 per cent) and Barrick Gold Corporation (20 per cent). On completion of a feasibility study, Barrick must elect to either sell its 20 per cent interest to Black Hawk's subsidiary or increase its interest to 40 per cent, based on predetermined prices.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
MANANTIAL ESPEJO
SILVER-GOLD PROJECT, ARGENTINA
Drill From To True Gold Silver
Hole (m) (m) Width (g/t) (g/t)
T-105 88.1 92.5 4.3 1.54 178.6
T-106 29.1 33.7 4.5 3.39 224.0
T-107 32.3 35.3 2.9 1.16 150.1
T-108 58.3 61.8 3.5 0.28 89.4
T-109 96.3 101.2 4.8 8.58 285.5
T-110 25.7 39.4 13.2 0.81 475.4
incl. 35.4 39.4 3.9 1.96 852.3
T-111 75.5 81.1 5.2 9.32 378.8
T-112 14.3 24.1 9.8 0.82 240.0
T-113 28.3 32.0 3.6 3.10 58.6
T-114 16.1 24.6 8.2 11.74 207.9
incl. 20.8 24.6 3.7 25.35 306.2
T-115 58.3 70.9 11.4 5.08 204.5
T-116 11.0 22.1 10.6 19.84 312.6
incl. 15.5 20.9 5.2 40.08 540.2
T-117 39.0 44.0 4.8 10.99 265.3
T-118 42.1 46.4 4.2 2.54 87.3
T-119 33.1 34.6 1.5 0.85 4.6
T-120 22.0 24.0 2.0 0.19 19.5
T-121 26.7 28.8 2.0 0.30 1.1
T-122 17.4 18.8 1.4 0.01 50.4
MANANTIAL ESPEJO
SILVER-GOLD PROJECT, ARGENTINA
Drill Silver True Silver
Hole Equiv Width Equiv
(55:1) (feet) (55:1)
(g/t) (oz/ton)
T-105 263.3 14.2 7.7
T-106 410.4 14.9 12.0
T-107 213.9 9.5 6.2
T-108 104.8 11.4 3.1
T-109 757.4 15.7 22.1
T-110 519.9 43.4 15.2
incl. 960.1 12.7 28.0
T-111 891.4 17.1 26.0
T-112 285.1 32.2 8.3
T-113 229.1 11.9 6.7
T-114 853.6 26.9 24.9
incl. 1,700.5 12.0 49.6
T-115 483.9 37.5 14.1
T-116 1,403.8 34.7 40.9
incl. 2,744.8 16.9 80.1
T-117 869.4 15.9 25.4
T-118 227.0 13.6 6.6
T-119 51.4 4.9 1.5
T-120 30.0 6.6 0.9
T-121 17.6 6.6 0.5
T-122 51.0 4.6 1.5
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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Cheers:
Phil
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