Silver Bull Resources Inc. (TSX:SVD,NYSE:SVBL) significantly increased the size and grade of the silver resource at the Sierra Mojada project in Mexico. The silver resource increased to 167.5 million ounces of Indicated silver at a 72.5 g/t average grade.
As quoted in the press release:
Highlights at various cutoff grades for the silver include:
- An Indicated silver resource of 71.9 million tonnes at an average grade of 72.5g/t silver totaling 167.5 million troy ounces of silver at a 25g/t silver cutoff grade.
- An Indicated silver resource of 40.75 million tonnes at an average grade of 102.2g/t silver totaling 134.0 million troy ounces of silver at a 45g/t silver cutoff grade.
- An Indicated silver resource of 20 million tonnes at an average grade of 147.8g/t silver totaling 94.0 million troy ounces of silver at a 80g/t silver cutoff grade.
- An Indicated zinc resource of 2.19 billion pounds of zinc at an average grade of 1.38%.
- An Inferred lead resource of 538 million pounds at an average grade of 0.34%.
- An Inferred copper resource of 126 million pounds at an average grade of 0.08%.
Silver Bull Resources Inc. President, CEO, and Director, Tim Barry, said:
We are extremely pleased with this report and feel this is a big step forward for the company. At over 167 million ounces, Sierra Mojada is now one of the largest undeveloped silver resources in Mexico. With our recently completed financing for gross proceeds of $USD 9.2 million, the company is well financed to push the project to the next stage with a preliminary economic assessment, which will be led by JDS. It is also no small point to note that even though we have defined a much larger resource than previously reported, mineralization remains open on the deposit, and during 2013 we will have an underground drill program underway using our low cost termite drill rigs which will target a high grade silver zone defined by underground channel samples immediately adjacent to the deposit.