Silvermex Resources Ltd. (TSX VENTURE: SMR) is pleased to provide a
corporate update and progress report on its 2010 project
exploration and development programs. The company is currently
focusing its efforts on the newly consolidated Rosario/San Marcial
silver project in south eastern Sinaloa State, Mexico.
This 16,279 hectare land concession hosts 2 past producing
silver/gold/lead/zinc mines. The recently acquired Rosario Project
is located just 5 km's from the company's San Marcial Silver
Project. The strategic acquisition of this project provides
Silvermex with a significant land position, 2 past producing mines
and extensive infrastructure, including; 330 hectares of land owned
fee simple, a 20 year surface rights agreement in good standing, 30
year water use permit, underground workings, tailings dam, water,
60 km - 33 KV power line, offices, shops, 120 man camp and multiple
buildings.
The previous owner of Rosario made significant investments in
the property. Improvements include the upgrading of electrical
substations, mine dewatering and rehabilitation, exploration,
mapping, 3D modeling, camp and building renovations, and the
detailed engineering of an 800 tonne per day mill designed to be
installed on the existing foundations and structures. This existing
infrastructure could significantly reduce the development time and
capital to restore production.
Silvermex's Mexican and Canadian legal representatives and
accountants have recently completed the necessary restructuring,
auditing and documentation of the company's newly acquired Mexican
subsidiaries. The company has also completed the examination,
assessment and auditing of all of the company's real estate
holdings and mining concessions and the preparation and submission
of all requisite permits and documentation.
Silvermex's new geological team, headed by Robert Fraser,
continues the examination and assessment of thousands of historical
data points and reports from previous operators which has lead to a
better understanding of the geological structures and deposits. The
information available includes; geological reports and maps,
satellite imagery, assays, past production records, drill logs and
sample results, geophysical reports, resource estimates, resource
block models and metallurgical tests. The compilation of all of
this data will allow the Company to prepare more accurate and
comprehensive resource block models.
Silvermex management has formulated an aggressive plan of action
over next 2 quarters, which includes; drill programs, resource
modeling, upgraded resource estimates, advanced metallurgical
analysis, drifts and cross-cuts, bulk sampling, mine plans,
engineering, infrastructure improvements, environmental permit
applications and the preparation of a Preliminary Economic
Assessment.
The company is well funded for the planned exploration and
development programs with approximately $5 million in working
capital.
San Marcial Silver Project
San Marcial currently has an NI 43-101 indicated mineral
resource of 3,755,893 tonnes grading 149.20 g/t Ag, 0.36% Pb and
0.67% Zn. Indicated resource contains 18.0 million ozs silver, 55.3
million lbs of zinc (Zn) and 29.9 million lbs of lead (Pb) and an
inferred mineral resource of 3,075,403 tonnes grading 44.21 g/t Ag,
0.29% Pb and 0.51% Zn. This inferred resource contains 4.4 million
ozs silver, 34.7 million pounds of zinc (Zn) and 19.5 million lbs
of lead (Pb).
The current mineral resource estimate is based on a total of
4,884 meters of core drilling in 27 holes and extensive surface
trenching completed by both Silvermex and previous operators. The
majority (80%) of the silver resource is in the measured and
indicated category.
Past drilling programs have intersected high grade silver near
surface and over large widths. Selected drill intersections
include:
----------------------------------------------------------------------
Hole From To Interval
(m) (m) (m) Ag g/t Pb ppm Zn ppm
----------------------------------------------------------------------
SM-2 0.39 12.00 11.61 350.20 2,055 5,010
SM-3 0.20 15.00 14.80 227.00 1,511 3,955
SM-4 6.00 63.00 57.00 235.00 3,095 4,715
SM-5 1.40 21.00 19.60 282.00 1,737 2,335
SM-5 33.00 36.00 3.00 490.00 242 1,530
SM-9 30.00 44.50 14.50 540.00 1,874 3,607
SM-11 114.00 132.00 18.00 419.00 3,722 6,889
SM-12 99.30 100.30 1.00 3,600.00 250 6,260
SM-13 50.00 73.20 23.20 621.00 4,911 8,493
SM-17 169.47 172.52 3.05 215.00 1,952 3,155
SM-18A 38.82 63.90 25.08 175.00 3,278 5,127
SM-20 102.47 104.47 2.00 366.50 4,421 5,600
SM0808 98.55 118.00 19.45 234.40 6,410 13,365
SM0812 21.95 26.75 4.80 346.00 5,258 9,319
SM0812 32.75 34.75 2.00 346.00 2,336 14,297
SM0812 36.83 43.80 6.97 365.50 1,864 2,542
----------------------------------------------------------------------
Previous resource estimation by Silver Standard Resources Inc.
outlined an Inferred Mineral Resource at San Marcial of 2.31
million tonnes at a grade of 191.79 g/t silver, 0.32% lead and
0.66% zinc, containing 14.26 million ounces of silver, 33 million
lbs of zinc and 16 million lbs of lead.
Preliminary high-grade resource modeling using a 180 g/t Ag cut
off, estimates that the San Marcial project currently hosts a
near-surface, high-grade Indicated resource of approximately 1.13
million tonnes grading 310.20 g/t silver, 0.36% lead and 0.67%
zinc. This estimated high-grade resource is the primary focus of
the current Preliminary Economic Assessment.
The Company has recently completed an extensive trenching and
sampling program at San Marcial which has confirmed the continuity
of the high-grade vein structures at surface and has been
instrumental in filling in gaps in historic data. The results of
the recent work have given management an increased understanding of
the geologic controls and have assisted in development of the
current drill plan. This successful trenching program provided
numerous high grade results, 18 samples assayed over 300 g/t
silver. Highlights include; 520.9 g/t silver across 9.70 meters and
1,770 g/t silver over 1.75 meters.
Selected channel sample results include:
----------------------------------------------------------------------
Width (M) Ag g/t (Avg) Pb % Zn %
----------------------------------------------------------------------
11.95 150.8 0.13 0.44
6.65 673.7 0.18 0.33
9.7 520.9 0.29 0.46
8.35 496.5 0.49 0.37
10.8 258.9 0.17 0.46
2.0 961.00 0.18 0.08
2.0 1,248.00 3.27 4.18
1.8 930.00 2.54 0.91
1.2 779.00 2.82 1.04
----------------------------------------------------------------------
The company has initiated a 3,000 meter HQ core drilling program
at San Marcial to expand and upgrade the classification of the
existing resources and to test for continuity along strike and down
dip. The company will also collect material for advanced
metallurgical testing and formulate geotechnical data on the
immediate hanging wall, the mineralized zone and the adjacent
footwall to determine an appropriate mine plan for the economic
extraction of the silver bearing resource.
This new information will be combined with the rework of the
existing data to develop a new block model and prepare an updated
NI 43-101 resource estimate. This new model, along with a
comprehensive mine plan and the results of the metallurgical test
work will be incorporated into a Preliminary Economic Assessment
which is scheduled for completion in Q4 of this year.
Preliminary metallurgical testing on the San Marcial project
returned encouraging results. Five oxide and sulphide samples from
holes SM-2, SM-4 and SM-5 were sent to ALS Chemex in Reno NV for
column leach tests. Recoveries from all columns exceeded 80% over a
72 hour leach period. Additional metallurgical test work were
completed on four samples composed of drill core rejects submitted
to Process Research Associates Ltd. in Richmond, B.C. Recoveries
from flotation and cyanidation ranged from 83 to 93 percent.
The company has recently negotiated and signed a 20 yr surface
rights agreement for the exploration and potential future
production at the Company's San Marcial land concession on similar
terms to that of the Rosario surface rights agreement.
Plomosas Mine
Historic production on the Rosario property by Grupo Mexico, the
prior operator, averaged 600 t/d from 1986 to 2000, during which a
total of 2.5 million tonnes of ore were produced which averaged
190.5 grams per tonne (g/t) silver, 0.92 g/t gold, 2.02% zinc and
2.38% lead.
In 2001, Grupo Mexico reported the Plomosas Mine has existing
historic reserves and resources of 638,756 tonnes grading 136 g/t
silver, 3.21% zinc, 2.23% lead, and 1.05 g/t gold. The Mine has
extensive development and has been partially refurbished by the
previous operator in preparation for an 800 tpd operation. The mine
has been dewatered and has undergone partial rehabilitation.
The reader should be cautioned that the historic reserves and
resources at Plomosas do not conform to National Instrument 43-101
for reporting purposes; as such the Company is not treating these
historic estimates as current reserves or resources. These
estimates should not be relied upon until they have been verified
by further due diligence and by the Company's "Qualified
Person".
Extensive data collection, underground mapping, control surveys,
resource modeling and preliminary exploration programs have been
completed by the prior operator. An extensive underground channel
sampling program has been completed at Plomosas which yielded
positive results with numerous high grade intersections of gold,
silver, lead and zinc.
Selected channel sample results include:
----------------------------------------------------------------------
Width (m) Au g/t Ag g/t Pb % Zn %
----------------------------------------------------------------------
2.00 25.40 611.00 2.60% 11.40%
2.00 18.00 379.00 0.80% 5.50%
2.00 41.00 123.00 3.10% 2.70%
0.75 36.40 1,536.00 17.90% 11.30%
2.00 2.90 44.00 37.70% 26.30%
0.35 2.50 52.00 35.60% 27.10%
1.85 1.70 43.00 7.80% 23.70%
1.70 1.30 36.00 10.90% 15.20%
0.50 4.10 85.00 28.60% 32.30%
1.50 2.90 54.00 14.90% 20.70%
2.00 2.60 63.00 25.50% 20.30%
----------------------------------------------------------------------
Future plans at Plomosas include the preparation of an NI 43-101
resource estimate and the continued exploration at depth and along
strike of the existing known structure. The company will also
collect material for advanced metallurgical testing and develop a
comprehensive mine plan for the potential extraction of the
resource.
San Juan Mine
At the San Juan Mine, 3 kms west of the Rosario mine site, Grupo
Mexico reported historic reserves and resources of 256,756 tonnes
grading 329.3 g/t silver, 3.73% zinc, 1.69% lead, and 0.19 g/t
gold.
The San Juan workings consist of a main adit approximately 5
meters in width, 5 meters in height and 250 meters long and a
crosscut extending easterly for 150 meters, plus a partially
flooded ramp with a further 150 meters development. The mineralized
structure averages 3.0 m in width and has been traced down dip for
approximately 150-200 meters. A decline has been driven into the
San Juan zone and has been tested over a vertical distance of 40
meters with the zone still open to depth.
Extensive data collection, underground mapping, control surveys
and exploration programs have been completed at San Juan by
previous operators. A recent surface and underground channel
sampling program has been completed which yielded very positive
results.
Selected channel sample results include:
----------------------------------------------------------------------
Width (M) Au g/t Ag g/t Pb % Zn %
----------------------------------------------------------------------
1.5 - 994.00 0.18 0.18
2.0 0.17 982.00 0.02 0.18
1.3 0.13 714.00 0.05 1.40
2.0 0.43 988.00 0.01 0.70
1.6 0.37 1,735.00 1.12 2.00
2.0 0.10 961.00 0.18 0.08
2.0 0.36 1,248.00 3.27 4.18
1.8 0.08 930.00 2.54 0.91
1.2 0.96 779.00 2.82 1.04
----------------------------------------------------------------------
The company will be initiating a 3,000 meter HQ core drill
program at San Juan in July 2010 to expand, define and upgrade the
current historic reserve and resource and prepare an updated NI
43-101 resource estimate. The company is currently collecting a
representative sample of material for advanced metallurgical
testing.
The reader should be cautioned that the historic reserves and
resources at San Juan do not conform to National Instrument 43-101
for reporting purposes; as such the Company is not treating these
historic estimates as current reserves or resources. These
estimates should not be relied upon until they have been verified
by further due diligence and by the Company's "Qualified
Person".
The outlined programs are currently on schedule and on budget.
The company expects to complete the preliminary economic assessment
report by Q4 of this year. Management is confident that the Rosario
project will continue to deliver positive results this year and
ultimately provide shareholders with increased value and long term
growth.
The Company also announces it has granted 1,500,000 incentive
stock options at $0.32 per share with a five year term expiring on
June 21, 2015. The foregoing options are subject to the terms of
Silvermex's incentive stock option plan. The grant of the incentive
stock options is subject to receipt of all required regulatory
approvals including those of the TSX Venture Exchange.
About Silvermex
Silvermex Resources is a well funded exploration and development
company focused on developing the recently consolidated Rosario
Mining Camp in south eastern Sinaloa, Mexico. This mining
concession consists of 2 past producing mines and numerous known
deposits. The project has significant resources and historic
reserves with extensive production related infrastructure.
Silvermex is led by a highly experienced and successful team,
comprised of top executives from leading corporations in the silver
mining sector.
Qualified Person
Pursuant to National Instrument 43-101, Robert Fraser, M.Sc.,
P.Geo is the Qualified Person (QP) responsible for the disclosure
in this news release.
On Behalf of the Board of Directors of Silvermex Resources
Ltd.
Duane Nelson, CEO & Director
This News Release contains forward-looking statements. Forward
looking statements are statements which relate to future events. In
some cases, you can identify forward-looking statements by
terminology such as "may", "should", "expects", "plans",
"anticipates", believes", "estimates", "predicts", "potential", or
"continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, level of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance, or achievements expressed or
implied by these forward-looking-statements. Management has assumed
that these will be our major projects going forward. Risks include
that we are unable to satisfy environmental or other regulators,
that we determine that our resources are not commercially viable,
or that we have difficulties due to unavailability of labour or
equipment.
While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our
current judgment regarding the direction of our business, actual
results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future
performance suggests herein. Except as required by applicable law
the Company does not intend to update any forward-looking
statements to conform these statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Silvermex Resources Ltd. Duane Nelson Director, Chief
Executive Officer 604-512-8118 duane@silvermexresources.com
www.silvermexresources.com
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