SNS Silver Corporation ("SNS" or the "Company") (TSX VENTURE: SNS)
is pleased to provide an update of the progress on its Emerald Lake
Gold Project. The results have been received from the multi-phase
geophysical survey completed as a precursor to the drilling
program, and the preliminary interpretation of the data has been
completed, a more detailed review continues. To date the company
has completed 11 drill holes of a planned 17 hole drilling program,
and is about to collar the 12th. Most of the holes have been
mineralized and the 7th and 8th holes look particularly
encouraging. The Sampling facility is now operational and sampling
for assays will be starting this week. Results should be received
before the end of February.
Historical records of Noramco Mining Corp. indicate that, in
1986, the Emerald Lake gold property was reported to have hosted a
global geological resource of 617,000 ounces gold, contained within
2.4 million tonnes (grading 0.26 ounce per ton). The resource is
considered historical in nature and as such is based on prior data
and reports prepared by previous operators, not defined as required
by NI 43-101. The work necessary to reclassify the resource is in
process and this drilling program is a major part of it.
The current drill program is phase one of a much larger drilling
program for the project. The important objectives are to confirm
the presence of gold mineralization and to expand the known area of
that mineralization with a longer term goal of updating historic
resource to modern 43-101 standards. To date, additional
mineralization, not included in the historic resource has been
encountered to the east and below the former mine workings
suggesting that the resource can be substantially expanded.
Additional drilling has and will take place into target areas
identified by the recent geophysical survey. This activity could
result in a discovery of new distinct mineralization.
Ground Geophysical Surveys
The ground based geophysics consisted of three distinct
components: a magnetic survey, an IP or Induced Polarization
survey, and a EM or Electromagnetic survey. The survey, performed
by JVX Ltd. of Richmond, ON, was over 1,100 metres of strike length
of the Banded Iron Formation which hosts the gold mineralization.
The current mine area is just a little over 1000 feet of strike
length along that same structure. Therefore this survey is
providing new drill targets over an area 5 times as large as the
current mine in the immediate vicinity of that mine and over the
same type of geology. The potential for expansion of the resource
as well as new discoveries is substantial.
The preliminary results of the survey have provided a number
significant target anomalies, to drill test. The first three
targets have been drilled and those results when received will be
forwarded to JVX for inclusion in their final interpretation. By
having data on the type of mineralization causing the geophysical
anomalies, the geophysicists can do a far better job determining
the size and extent of those structures as well as predicting far
more accurately which ones may be mineralized.
JVX Ltd. has extensive experience both performing and
interpreting data from these types of surveys. SNS is very pleased
to have JVX as part of the exploration team at Emerald Lake.
SNS is also pleased to have Ray Lashbrook join the exploration
team as well. Mr. Lashbrook has 38 years experience in mineral
exploration, mine engineering and geology. He was part of Noramco's
exploration and development team during the dewatering and
underground drilling performed in the 1980s at Emerald Lake. Mr.
Lashbrook has extensive additional experience over the past 20 plus
years working on projects in Ontario, Quebec, Nevada, Arizona and
Mexico carrying out geological, geophysical and geochemical
exploration for precious and base metal deposits. Mr. Lashbrook is
a director of Claim Lake Nickel Inc., and has been a director of
other junior exploration companies.
Drilling Progress
As stated in the January 21st, 2010 news release the first three
holes were completed and all have intersected mineralization. The
next 5 holes have also been completed within the known historic
mine area and all of those likewise encountered extensive
mineralization. According to the geological team, the 7th and 8th
holes were particularly strongly mineralized.
Additional Drilling and Assays
The core is in the process of being split and will begin to be
shipped to the assay lab by the end of this week. According to data
provided to SNS by the assay lab, the drill results should start
arriving by the end of February. Based on the assay results, the
geologists will determine where the final Phase One holes will be
drilled. The Internationally certified Laboratory group ALS Chemex
will be providing analytical services for the project. All assaying
for gold will be by fire assay, with AA finish. High grade results
will be subject to additional verification assays to ensure
validity of the results. In addition mutli-element scans will be
completed to detect the presence of other valuable metals such as
silver, platinum, palladium, and tellurium, among other elements. A
program of Quality Control/Quality Assurance consisting of blanks,
standards and replicates will be employed by SNS in addition to the
Lab's own internal controls to insure accuracy or results.
Currently the drill is being moved to a site 300 feet east of
the known mineralization. Two holes will be drilled from this pad
at two different dip angles. Once these two holes are completed the
drill will be moved another 300 feet along strike to the east and
two more holes drilled. These four holes are to test the potential
extension of the mineralized zone and could result in an up to 60%
increase in the area of the known mineralization. This is based
purely on the ratio of the potential expansion distance relative to
the size for the historic mineralization.
President and CEO, David Greenway commented on the results to
date, "SNS continues to demonstrate the potential for serious
expansion of the resource at Emerald lake with continual wide
mineralized intersections. The presence of visible gold in the core
is always particularly exciting. Our mandate has always been to
demonstrate the spectacular discovery potential on this project and
we are achieving that objective in what is only our first of a
multi-phase campaign."
Historic Information on the Emerald Lake Project
Historical information on the Emerald Lake project, derived from
the records of Noramco Mining Corp., indicate that in 1986, the
property is reported to have hosted a global geological resource of
617,000 ounces gold, contained within 2.4 million tonnes (grading
0.26 ounce per ton). The resource is considered historical in
nature and as such is based on prior data and reports prepared by
previous operators, not defined as required by NI 43-101. The work
necessary to reclassify the resource has not been completed and the
resource estimates therefore, cannot be treated as NI
43-101-defined resources verified by a qualified person. This
resource should not be relied upon, and there can be no assurance
that any of the resources, in whole or in part, will ever become
economically viable.
The deepest intercept recorded on the property cut 84 feet of 14
grams per tonne gold below 1,000 feet vertically, with many other
high-grade drill intersections (0.25 ounce to 0.35 ounce per ton)
located between the 600-foot elevation and the lowest elevation
level at 1,000 feet.
The property is developed by five levels off of a vertical shaft
to 750 feet, and two levels off of an inclined winze to 1,000 feet.
All of the past production took place above 700 foot elevation.
Ramp development reaches to about 800 feet vertically providing
good access to evaluate the high-grade areas.
Only a 1,600-foot length of a four-mile structure has been
extensively explored, and with high-grade known below the
1,000-foot level at the east end of the developed areas.
The strategic plan moving forward will be to confirm, delineate
and expand the mineral resource by initiating a surface drill
program followed by dewatering and rehabilitation of the existing
ramp that will allow for underground drilling. SNS will then
commence an extensive program to test the unexplored targets of the
Emerald Lake property.
We Seek Safe Harbor.
SNS Silver Corporation (TSX VENTURE: SNS) is an exploration
mining company, whose assets include a number of near term
production projects in geopolitically secure Idaho, USA. The 100%
owned Crescent Mine consists of 24 patented mining claims over
approximately 350 acres. These adjacent properties operated
independently to produce nearly 400 million ozs of silver
historically and their recent merger is expected to enhance
exploration opportunities on their once disputed boundary.
This press release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Security
Exchange Act of 1934, and involves a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time with the TSX
Venture Exchange and the British Columbia Securities Commission.
All statements, other than of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Contacts: SNS Silver Corp. David Greenway (604) 689-0896 or Toll
Free: 1-800-663-4567 dg@snssilver.com www.snssilver.com
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