Defiance Drills 33.76m of 217g/t AgEq and Encounters Increasing Cu Grades at San Acacio Project
Defiance Drills 33.76m of 217g/t AgEq and
Encounters Increasing Cu Grades at San
Acacio Project
Vancouver, British Columbia--(Newsfile Corp. - January 15, 2024) - Defiance Silver Corp. (TSXV: DEF)
(FSE: D4E) (WKN: A1JQW5) ("Defiance" or "The Company") is delighted to announce the results of the
2023 San Acacio diamond drill program, which returned wide intervals of well-developed silver, zinc, and
lead mineralization with elevated gold and copper values. This release contains results from DDSA-23-
67 through DDSA-23-72.
Additional drilling within the resource area has demonstrated that significant
in-situ
vein material,
including semi-massive to massive sulfide phases (Figure 3), remain in place at shallow levels of the
historic mine in the Almaden Zone (Figure 1). Previous drilling was not undertaken at these levels
because it was incorrectly believed that no
in-situ
material remained.
The company is also highly encouraged by the intersection of notable epithermal-style silver
mineralization at the deepest drilled levels of the Veta Grande system to date at the San Acacio project.
Despite significant downhole deviation from the target, anomalous (~ 100 g/t AgEq) mineralization was
hit 61m below the deepest known workings at the historical San Acacio mine.
Highlight of Results
Almaden Zone
DDSA-23-68
- returned
7.79m
of
391 g/t AgEq
(from 53.26m to 61.05m) within a
12.82m
interval
grading
310 g/t AgEq
with
223.53 g/t Ag
from (53.26m to 66.08m).
DDSA-23-69
- encountered
32.32m
of
195 g/t AgEq
from (43.18m to 75.50m), including
6.39m
of
316 g/t AgEq
with
4.56% Zn
,
1.70% Pb, 0.26% Cu
(from 69.11 to 75.50m) hosted in a base-
metal rich semi-massive to massive sulfide mineralization phase
.
Copper values were not included
in the AgEq calculation for this release (Table 1).
DDSA-23-70
- returned
15.02m
of
353 g/t AgEq
(from 86.96m to 101.98m) within a longer
interval of
33.76m
grading
217 g/t AgEq
(from 73.44m to 107.20m). This includes a
4.47m
interval of
265.31 g/t Ag
,
0.75 g/t Au
,
5.10% Pb
,
3.29% Zn
,
0.31% Cu
from 91.44m and a 0.62m
subinterval of
1345 g/t Ag
from 91.44m.
Increasing copper grades
and the
presence of semi-massive to massive sulfide
mineralization near surface
is encouraging, particularly given the location of the San Acacio
project. The project is adjacent to Capstone Mining's Cozamin Cu-Ag mine, an operating copper
mine located approximately 3km away.
Both
in-situ
and previously-mined material (backfill) were encountered in this zone. Backfill
represents significant mine/mill feed in operating mines in Mexico. Previously-mined material
drilled in the holes reported in this release is on par with material currently being mined in the
district.
San Acacio SE
DDSA-23-72
- represents the deepest interception of the VG system at the San Acacio project to
date and
encountered anomalous epithermal-style silver mineralization
, including 0.97m of
130 g/t AgEq
and
117.00 g/t Ag
from (655.02m to 655.99m), within 1.76m grading 94 g/t AgEq
from (654.23m to 655.99m).
Chris Wright, Chairman & CEO, commented: "We continue to be impressed by the strength of
mineralization in the Veta Grande system both near-surface and at deeper levels. Our understanding of
the mineralization controls continues to guide both resource development and resource expansion
drilling. Follow-up drilling at San Acacio will focus on adding ounces within the resource area - including
recently-identified zones likely to contain shallow, intact mineralization - and on further testing the deep
extensions of the Veta Grande system."
Select Table of Results
Hole ID
From (m)
To (m)
Interval (m)
Ag g/t
Au g/t
Cu %
Pb %
Zn %
AgEq g/t
Material
type
DDSA-23-68
0.00
5.00
5.00
161.86
0.07
0.01
0.08
0.08
173
b
DDSA-23-68
31.35
33.82
2.47
105.33
0.07
0.00
0.02
0.05
114
a
Including
33.57
33.82
0.25
808.00
0.60
0.01
0.16
0.39
877
a
DDSA-23-68
53.26
66.08
12.82
223.53
0.36
0.02
0.45
1.31
310
a,b
Including
53.26
61.05
7.79
306.86
0.32
0.02
0.41
1.36
391
b
Including
61.05
66.08
5.03
94.48
0.42
0.03
0.51
1.23
185
a
DDSA-23-69
12.20
21.60
9.40
123.99
0.02
0.01
0.02
0.06
128
b
DDSA-23-69
43.18
75.50
32.32
120.03
0.20
0.06
0.41
1.43
195
a,b
Including
50.20
69.11
18.91
165.86
0.18
0.01
0.12
0.52
202
b
Including
69.11
75.50
6.39
81.44
0.43
0.26
1.70
4.56
316
a
Including
73.83
75.50
1.67
79.48
0.51
0.44
2.61
6.81
419
a
DDSA-23-70
73.44
107.20
33.76
104.99
0.31
0.07
0.97
1.80
217
a,b
Including
86.96
101.98
15.02
162.23
0.60
0.14
2.10
2.49
353
a
Including
91.44
95.91
4.47
265.31
0.75
0.31
5.10
3.29
574
a
Including
91.44
92.06
0.62
1345.00
0.63
0.04
0.75
3.22
1526
a
Including
97.70
99.89
2.19
260.00
0.49
0.04
0.22
1.73
365
b
DDSA-23-71
171.08
175.36
4.28
126.20
0.05
0.01
0.10
0.29
143
a
DDSA-23-71
185.60
190.66
5.06
113.31
0.14
0.01
0.08
0.34
139
a,b
Including
190.11
190.66
0.55
549.00
0.42
0.01
0.18
0.46
605
a
DDSA-23-72
654.23
655.99
1.76
84.55
0.01
0.01
0.06
0.21
94
a
Including
655.02
655.99
0.97
117.00
0.02
0.01
0.08
0.29
130
a
Table 1.
- Drilled intercepts from Defiance's San Acacio project reported in this release. Silver
equivalent is calculated using the following formula: Silver-Equivalent AgEq g/t= (Au_ppm x
65.29973) + (Ag_ppm x 0.760043) + (Pb_% x 20.06204) + (Zn_% x 25.35313) / (0.760043).
Metal
price assumptions are Au: $2031, Ag: $23.64, Pb: $0.91, Zn: $1.15. A 30-day price average is used to
determine USD metal prices, and 100% recovery has been assumed for all metals. At this stage of
the project, reliable metallurgy has yet to be completed, and the reader is cautioned that 100%
recoveries are never achieved. True thickness is assumed to be 50% - 80% of downhole width.
Material type:
a-
in-situ mineralized material
b-
possible previously-mined material
Drill results in Table 1 are reported as entire drilled intervals, and some of the larger composited
intervals may include possible previously-mined material, as denoted with the letter b in the 'material
type' column. Our understanding of what constitutes previously-mined material vs oxidized/fault-
hosted
in-situ
material is evolving; however, where possible the company has reported possible
previously-mined material in separate subintervals. Previously-mined material and
in-situ
material
have not been combined to calculate reported subintervals.
Locations of historic mine workings at the project are variably known, and historic workings both with
and without backfill material are encountered from time to time. Precise location validation of historic
mine workings is not possible at this time due to limited safe underground access.
Figure 1
. Plan map of San Acacio project area. Drill holes reported in this release are shown with
yellow collars and traces, with selected highlights in boxes. Coordinates are in UTM WGS84 Zone
13N.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2950/194245_05877ee224a87b49_002full.jpg
Figure 2.
Cross-section of holes DDSA-23-70 and DDSA-23-71. Results from the new assays of
Defiance Silver drill core are highlighted in the red boxes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2950/194245_05877ee224a87b49_003full.jpg
Figure 3.
Examples of semi-massive to massive sulfide (A & B) and high-grade (C & D)
mineralization encountered in hole DDSA-23-70. Photos C & D are from the reported intercept 0.62m
at 1526 g/t AgEq and 1345 g/t Ag from 91.44m.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2950/194245_05877ee224a87b49_004full.jpg
Discussion of Results
NW San Acacio Project - Almaden Zone
DDSA-23-68
was designed as an infill hole between historic holes SAD95-10 and SAD95-11. It was the
first of several holes in the Almaden zone targeting the Veta Grande system at previously undrilled
shallow levels (Figure 1). DDSA-23-68 encountered three levels of mineralization:
5.00m of 173 g/t
AgEq
from surface (surface waste dump material),
2.47m of 114 g/t AgEq
from 31.35m, including
0.25m at
877 g/t AgEq
from 33.57m (hanging wall veinlet array beneath surface amethyst veinlet zone),
and
12.82m of 310 g/t AgEq
(from 53.26 to 66.08m) in the main Veta Grande structure. The main
Veta
Grande (VG)
structure appears historically mined from 53.26 to 61.05m downhole and contains
possible previously-mined material with recoveries greater than 80%.
DDSA-23-69
was drilled ~45m southeast of DDSA-23-68 (Figure 1) and ~60m above hole DDSA-21-
47. Hole DDSA-23-69 was targeted to test below outcropping amethyst stockwork zones and the main
Veta Grande at the Almaden Pit. The hole encountered
9.40m of 128 g/t AgEq
(from 12.20 to 21.60m)
in an amethyst-bearing hanging wall veinlet array, which appears to contain previously-mined material
with recoveries greater than 80%.
A wide intercept of the main Veta Grande structure returned
32.32m of 195 g/t AgEq
(from 43.18 to
75.70m) and encountered three distinct zones within the Veta Grande structure: an upper veinlet array
zone, a possible previously-mined material zone, and a base-metal rich zone that historic miners left in
place likely due to processing constraints. The base metal phase encountered in this hole returned a
polymetallic interval of
6.39m of 316 g/t AgEq
with 4.56% Zn, 1.70% Pb, and 0.26% Cu (from 69.11m),
including 1.67 m of 419 g/t AgEq (with 2.61% Pb, 6.81% Zn, 0.44% Cu from 73.83m). Possible
previously-mined material was encountered from 50.22 - 69.11m; recoveries were greater than 80%.
DDSA-23-70
, ~100m southeast of DDSA-23-69, encountered a
31.57m wide
,
very well mineralized
zone of intact Veta Grande mineralization
(from 73.44 - 97.70m). A small historic working (2.19m
from 97.70m) was encountered near the footwall contact of the Veta Grande structure, containing
possible previously-mined material; a mineralised veinlet array zone was encountered in the footwall to
the VG.
This hole followed up on encouraging down-dip results from previous holes DDSA-21-36,
DDSA-21-37 and DDSA-21-48.
A precious and base-metal-rich intercept of the Veta Grande returned
33.76m of 217 g/t AgEq
(from
73.44m to 107.20m), including
15.02m of 353 g/t AgEq
(from 86.96m) within the intact,
in-situ
portion
of the VG. Included in this zone is an intercept of
4.47m of 574 g/t AgEq
from 91.44m, which contains
high-grade polymetallic mineralization
of
265.31 g/t Ag
, 0.75 g/t Au,
5.10% Pb
,
3.29% Zn
, and
0.31% Cu
hosted in a semi-massive to massive sulfide phase (Figure 3); this mineralization phase
appears to be correlated with increasing copper grades. The highest grades of lead and copper to date
at San Acacio were encountered in this hole (0.33m of
13.9% Pb and 0.87% Cu
from 92.06m); a 0.62
m interval with
1345 g/t Ag
was drilled from 91.44m
DDSA-23-71
was targeted to test the eastern extent of the Almaden zone and investigate potential
structural offsets. The hole encountered
4.28m of 143 g/t AgEq
in a hanging wall veinlet-array zone
above the Veta Grade. It also intercepted the Veta Grande structure ~65m down-dip of DDSA-23-70
(Figures 1 and 2). An interval of
5.06 m of 139 g/t AgEq
was encountered in the Veta Grande, including
0.55m of
605 g/t AgEq
.
The mineralized Veta Grande structure appears faulted in this location, and the massive-sulfide phase is
not present. Oriented core structural data is currently being used in conjunction with mapping data to
understand potential structural offsets and to plan future drilling in this zone.
SE San Acacio Project
DDSA-23-72
was drilled near the far southeastern extent of the resource area (Figure 1) and was
designed to test the Veta Grade system deep, below underground workings encountered in hole DDSA-
21-43. Hole DDSA-23-72 deviated away from its projected target - an interpreted mineralized shoot -
but still encountered the projected Veta Grande system. The hole
intersected significant epithermal-
style silver mineralization
and strong hydrothermal alteration, returning 1.76m of 94 g/t AgEq,
including 0.97m of 130 g/t AgEq. This intersection is 61m below the deepest known underground
workings at the historical San Acacio mine and demonstrates the
prospectivity of the system at
depth
.
DDSA-23-67
was drilled directly southeast of the resource area near the end of the historic San Acacio
mine (Figure 1). This hole was drilled to collect the oriented structural data required to advance the
structural model in the southeast zone, which is an area of structural discontinuity. Several anomalous
zones were encountered. Valuable structural data was collected and is being used to
more effectively
target the continuation of the Veta Grande system
.
Collar Information for Reported Drill Holes:
Hole Number
Total Depth
Azimuth
Dip
Easting
Northing
Elevation (m)
DDSA-23-67
368.5
60
-72
752273
2525911
2619
DDSA-23-68
137.0
38
-45
751474
2526512
2541
DDSA-23-69
101.2
80
-45
751481
2526509
2541
DDSA-23-70
128.7
55
-75
751576
2526446
2581
DDSA-23-71
263.6
1
-64
751569
2526361
2603
DDSA-23-72
707.5
39
-62.5
751924
2525577
2716
Table 2.
Drill collar details. All coordinates in WGS84 UTM Zone 13N
Discussion of Quality Assurance/Quality Control (QAQC) and Analytical Procedures:
Samples were selected based on the lithology, alteration, and mineralization characteristics; sample
size generally ranges from 0.25 - 2m in width. Altered and mineralized intervals were sent for assay. One
blank, one standard, and one duplicate were included within every 20 samples. Standard materials are
certified reference materials (CRMs) from OREAS and CDN Resource Laboratories Ltd (CDN); the
suite of standards contains a range of Ag, Au, Cu, Pb, and Zn values. Blanks, standards, and duplicates
have been used to confirm the validity of the analytical results.
Samples were analyzed by ALS Limited. Sample preparation was performed at their Zacatecas,
Mexico, prep facility, and analyses were performed at the Vancouver, Canada, analytical facility. All
elements except Au and Hg were analyzed by a multi-element geochemistry method utilizing a four-acid
digestion followed by ICP-MS detection [ME-MS61m]; mercury was analyzed after a separate aqua
regia digest by ICP-MS. Overlimit assays for Ag, Pb, and Zn were conducted using the OG62 method
(multi-acid digest with ICP-AES/AAS finish). Gold was measured by fire-assay with an ICP-AES finish
[50g sample, Au-ICP22].
About Defiance Silver Corp.
Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company
advancing the district-scale Zacatecas project, located in the historic Zacatecas Silver District and the
Tepal Gold/Copper Project in Michoacán state, Mexico. Defiance is managed by a team of proven mine
developers with a track record of exploring, advancing, and developing several operating mines and
advanced resource projects. Defiance's corporate mandate is to expand the San Acacio and Tepal
projects to become premier Mexican silver and gold deposits.
Mr. George Cavey, P. Geo, is a Qualified Person within the meaning of National Instrument 43-101 and
has approved the technical information concerning the Company's material mineral properties contained
in this press release.
On behalf of Defiance Silver Corp.
"Chris Wright"
Chairman of the Board
For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at
.
www.defiancesilver.com
Suite 2900-550 Burrard Street
Vancouver, BC V6C 0A3, Canada
Tel: +1 (604) 343-4677
Email:
Disclaimer
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.
Caution Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be
"forward-looking information" for the purposes of Canadian securities laws.
Such forward-looking
information involves risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from those expressed or implied by such
forward looking information.
The words "believe", "expect", "anticipate", "contemplate", "plan",
"intends", "continue", "budget", "estimate", "may", "will", "schedule", "understand" and similar
expressions identify forward-looking information.
These forward-looking statements relate to, among
other things: the Company's expectations regarding the ability of the Mining Bureau of Mexico City to
reinstate ownership of the concessions to the Company, cooperation with the Mining Bureau relating
to such reinstatement and the potential for any successful solution resulting therefrom.
Forward-looking information is necessarily based upon a number of estimates and assumptions that,
while considered reasonable by Defiance, are inherently subject to significant technical, political,
business, economic and competitive uncertainties and contingencies. Known and unknown factors
could cause actual results to differ materially from those projected in the forward-looking information.
Factors and assumptions that could cause actual results or events to differ materially from current
expectations include, among other things: the inability of the Company to regain possession of its
concessions; political risks associated with the Company's operations in Mexico; the failure of the
Mining Bureau in Mexico City to take any coercive action to reinstate ownership of the concessions to
the Company; and the inability of the Company and its subsidiaries to enforce their legal rights in
certain circumstances. For additional risk factors, please see the Company's most recently filed
Management Discussions & Analysis for its quarter ended
September 30,2023
available on SEDAR
at
www.sedarplus.ca
.
There can be no assurances that forward-looking information and statements will prove to be accurate,
as many factors and future events, both known and unknown could cause actual results, performance
or achievements to vary or differ materially from the results, performance or achievements that are or
may be expressed or implied by such forward-looking statements contained herein or incorporated by