Silver Storm Drills 1,000 g/t Ag.Eq Over 5.25 m Identifies 370 m of Vertical Continuity in San Nicolas Zone
Silver Storm Drills 1,000 g/t Ag.Eq Over 5.25 m
Identifies 370 m of Vertical Continuity in San Nicolas Zone
Toronto, Ontario--(Newsfile Corp. - January 29, 2024) - Silver Storm Mining Ltd. (TSXV: SVRS)
(OTCQB: SVRSF) (FSE: SVR) ("
Silver Storm
" or the "
Company
"), is pleased to announce further drill
results from its Phase 1 diamond drilling program at the Company's 100% owned La Parrilla Silver Mine
Complex, located in Durango Mexico. Results from the seven holes within this release are from the
Quebradillas mine.
Key highlights include:
Hole Q-23-024 intersected the San Nicolas Zone returning
689
g/t Ag.Eq
1
over 9.39 metres
("m")
including
1,000
g/t Ag.Eq over 5.25 m
from a breccia zone which can be traced 235 m
toward the surface, where a 25 m deep artisanal shaft is located.
This intercept is
located approximately 18 m above the last mine development
in this area,
with similar high-grade mineralization:
1921 m EL composited historical channel samples returned
247 g/t Ag.Eq over a strike
length of 19 m and width of 1.49 m
.
Hole Q-23-013A intersected the San Nicolas Zone returning 316 g/t Ag.Eq. over 4.09 m including
663 g/t Ag.Eq over 1.00 m
and
297 g/t Ag.Eq over 1.58 m
.
Surface mapping has uncovered several similar subparallel zones of interest to the west of San
Nicolas with historical surface samples returning greater than 500 g/t Ag.Eq. (La Fe, La Virginia,
and La Esperanza Zones).
High-grade mineralization at San Nicolas commences from surface and has now been traced with
continuity to a depth of 370 m.
Greg McKenzie, President and CEO, commented:
"We are very pleased with the drilling and
geologic mapping results at San Nicolas. Prior to placing La Parrilla on care and maintenance First
Majestic had commenced mining over 5 established levels and 80 vertical metres at San Nicolas.
We
have now been able to expand and trace the high-grade mineralization 370 metres down from surface,
with continuity. It is a tremendous benefit to have all the infrastructure available to support the potential
mining and processing of these expanding zones."
San Nicolas Zone
The San Nicolas Zone is considered part of the Quebradillas Mine, located approximately 400 m to the
SW and connected by underground development utilizing shared services from the mine. The San
Nicolas Zone had 5 levels of development established and mined by First Majestic, and a ventilation
raise from surface down to 275 m. As a result of the drilling and surface mapping conducted by the
Company,
high-grade silver mineralization can now be traced with continuity down to
approximately 370 m from surface. Management anticipates follow-up drilling and mapping will
continue to extend mineralization at the San Nicolas Zone, and the additional four proximal
subparallel veins identified to date.
The San Nicolas Zone is comprised of subvertical quartz-carbonate vein and breccia mineralization
striking NW (315/87) over a known length of approximately 600 m. Massive sulphide replacement zones
occur within the hanging wall and footwall along the bedding within the sediments. The sulphide
mineralization consists of pyrite, galena, sphalerite, acanthite, and native silver and is oxidized from the
surface down to approximately 100 m. A second set of east-west trending sulphide bearing quartz-
carbonate veins crosscuts the principal NW trend. Breccia pipes (chimneys) form at the intersection of
these two trends.
Holes Q-23-013A to 015A targeted the southeastern down-dip extension of the zone beneath the 1886
m EL stope. Holes Q-23-024 to 026 targeted the central up-dip extension of the zone above the 1921 m
EL stope - See Table 1; Figures 1, 2, 3, & 4.
Figure 1 - Cross-Section View to NNW of Key Results- San Nicolas Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1837/195889_6929adb6d47ce8a5_001full.jpg
Hole Q-23-024
Hole Q-23-024 successfully intersected sulphide breccia mineralization, returning
689 g/t Ag.Eq over
9.39 m
(71.75 to 81.14 m), including
1,000 g/t Ag.Eq over 5.25 m
(72.75 to 78.00 m). This intercept is
located approximately 18 m above the last mine development in this area, with similar mineralization
(Table 2):
The composited weighted average grade of historical channel samples from the 1921 m EL stope
returned 247 g/t Ag.Eq over a strike length of 19 m and average width of 1.49 m.
This high-grade breccia zone lies at the intersection of the NW trending San Nicolas and the east-west
trending Quebradillas structures and can be traced 235 m up-dip from this hole toward the surface.
Historical hole ILP-SN-19-08, which returned
530 g/t Ag.Eq. over 7.50 m
(186.10 to 193.60 m), located
approximately 40 m above hole Q-23-024, confirms this trend of the breccia to surface within a 25 m
deep artisanal shaft.
Hole Q-23-013A
Hole Q-23-013A successfully intersected sulphide replacement type mineralization returning
316 g/t
Ag.Eq over 4.09 m
(87.49 to 91.58 m) including
663 g/t Ag.Eq. over 1.00 m
(88.55 to 89.55 m) and
297 g/t Ag.Eq over 1.58 m
(90.00 to 91.58 m). This intercept is located approximately 30 m below the
last mine development in this area, with similar mineralization (Table 2):
The composited weighted average grade of historical channel samples from the 1886 SE1 m EL
stope returned 289 g/t Ag.Eq over a strike length of 8 m and average width of 1.62 m.
The composited weighted average grade of historical channel samples from the 1887 W m EL
stope returned 243 g/t Ag.Eq over a strike length of 10 m and average width of 2.61 m.
This hole also intersected sulphide replacement type mineralization returning 547 g/t Ag.Eq. over 0.30 m
(106.87 to 107.17 m).
Hole Q-23-014
Hole Q-23-014 intersected sulphide fault zone associated breccia and quartz-carbonate vein type
mineralization returning 240 g/t Ag.Eq. over 1.90 m (111.80 to 113.70 m).
Hole Q-23-025
Hole Q-23-025 intersected sulphide fault zone associated breccia and quartz-carbonate vein type
mineralization returning 211 g/t Ag.Eq. over 1.09 m (85.65 to 86.74 m).
San Nicolas Area Surface Mapping
Surface mapping of the San Nicolas Zone and surrounding area commenced in December 2023 and is
ongoing - See Figure 5; Table 3. Several subparallel zones like San Nicolas have been mapped and
sampled to the west, namely, the La Fe, La Virginia, and La Esperanza Zones. There exist several
historical pits, trenches, and shafts on surface which have been mapped over the four zone trends.
Historical surface samples of 1,215 g/t Ag.Eq. at La Virginia, 1,855 g/t Ag.Eq. at La Esperanza, and
556 g/t Ag.Eq. at La Fe indicate the exploration potential of each of these zones. The Company is
planning a future program of trenching and surface diamond drilling in this area.
Veta Nueva Zone
The Veta Nueva Zone is located approximately 200 m to the NE and subparallel to the San Nicolas
Zone, characterized by a NW trending fault-zone quartz-carbonate vein which dips 50 degrees to the NE
(130/50).
First Majestic had mined one Level of Veta Nueva prior to placing the mine on care and
maintenance.
Hole Q-23-016
Hole Q-23-016 successfully intersected sulphide fault zone associated quartz-carbonate vein type
mineralization returning 525 g/t Ag.Eq over 0.4 m (53.83 to 54.23 m). This intercept is located
approximately 19 m above the last mine development in this area, with similar mineralization (Figure 1;
Table 2):
The composited weighted average grade of historical channel samples from the 1870 m EL stope
returned 169 g/t Ag.Eq over a strike length of 23 m and average width of 1.16 m.
Table 1 - Select Assay Intervals from Holes Q-23-013A to 016 & Q-23-024 to 026 & Historical
Results - San Nicolas and Veta Nueva Zones
Zone
Hole
From
To
Length
(m)
Ag.Eq
(1)
g/t
Ag
g/t
Au
g/t
Pb
%
Zn
%
Cu
%
SN
Q-23-013A
87.49
91.58
4.09
316
172
0.01
2.18
3.08
0.04
including
88.55
89.55
1.00
663
379
0.01
4.37
6.11
0.06
and
90.00
91.58
1.58
297
135
0.02
2.40
3.51
0.04
SN
Q-23-013A
106.87
107.17
0.30
547
199
0.05
6.06
6.65
0.06
SN
Q-23-014
111.80
113.70
1.90
240
174
0.07
1.71
0.55
0.06
SN
Q-23-024
71.75
81.14
9.39
689
676
0.01
0.32
0.13
0.12
including
72.75
78.00
5.25
1,000
988
0.01
0.33
0.10
0.18
SN
Q-23-025
85.65
86.74
1.09
211
101
0.02
1.37
2.63
0.02
VN
Q-23-016
53.83
54.23
0.40
525
261
0.12
3.48
5.90
0.05
SN
ILP-SN-16-
01-A
405.45
407.20
1.75
1,580
1,479
0.13
1.25
2.09
0.25
SN
ILP-SN-17-
35
211.85
212.50
0.65
453
310
0.07
1.71
3.35
0.04
SN
and
222.40
224.60
2.20
1,193
1,186
0.01
0.21
0.06
0.32
SN
ILP-SN-19-
01
263.40
264.30
0.90
168
113
0.11
0.70
1.00
0.03
SN
ILP-SN-19-
04
301.05
301.55
0.50
503
26
5.90
0.02
0.06
0.00
SN
ILP-SN-19-
08
186.10
193.60
7.50
530
325
0.03
3.71
3.80
0.06
SN
including
190.15
193.60
3.45
951
600
0.02
6.06
6.87
0.08
SN
SLP-SN-12-
03
276.85
278.85
2.00
145
96
0.07
0.75
0.86
0.03
SN
and
291.45
293.90
2.45
305
150
0.03
2.62
3.03
0.04
Table 2 - Historical Channel Sample Results
(2)
- San Nicolas and Veta Nueva Zones
Elevation
Zone
Channel
Width
Ag.Eq
(1)
g/t
Ag g/t
Pb %
Zn %
1870
VN
VNU-1870-189
1.30
334
273
1.13
1.13
1870
VN
VNU-1870-191
1.90
138
104
0.64
0.64
1870
VN
VNU-1870-197
1.50
282
167
2.12
2.12
1870
VN
VNU-1870-200
0.70
9
0
0.17
0.17
1870
VN
VNU-1870-204
0.60
105
97
0.14
0.14
1870
VN
VNU-1870-206
0.70
158
122
0.65
0.65
1870
VN
VNU-1870-211
1.40
159
61
1.82
1.82
1874
SN NW
VSN-1873-26
1.10
355
135
1.55
6.58
1874
SN NW
VSN-1873-29
2.30
242
175
1.20
1.29
1874
SN SW
VSN-1874-40
3.50
810
312
4.99
13.38
1874
SN SW
VSN-1874-44
2.70
358
150
3.23
4.47
1874
SN SW
VSN-1874-45
2.90
339
139
3.49
3.89
1874
SN SW
VSN-1875-43
0.50
434
355
2.66
0.28
1874
SN SW
VSN-1875-51
5.30
535
424
2.09
2.01
1874
SN SE
VSN-1874-42
3.10
286
195
2.05
1.31
1874
SN SE
VSN-1874-54
3.20
266
231
1.02
0.29
1874
SN SE
VSN-1874-56
2.80
222
176
0.92
0.77
1874
SN SE
VSN-1874-58
0.40
174
60
1.83
2.39
1874
SN SE
VSN-1873-62
0.40
301
103
3.24
4.06
1874
SN SE
VSN-1873-64
0.30
192
64
2.17
2.55
1874
SN SE
VSN-1873-65
0.70
751
253
7.30
11.10
1874
SN SE
VSN-1873-66
1.70
155
40
1.49
2.75
1874
SN SE
VSN-1873-73
0.30
157
41
1.58
2.70
1874
SN SE
VSN-1873-75
0.30
47
0
0.15
1.58
1874
SN SE
VSN-1873-76
0.40
1,073
405
11.20
13.50
1874
SN SE
VSN-1873-78
0.60
168
39
1.38
3.36
1874
SN SE
VSN-1873-79
0.80
518
217
7.27
3.87
1886
SN SE2
VSN-1885-82
0.70
131
88
0.58
1.00
1886
SN SE2
VSN-1885-84
0.65
271
103
2.90
3.33
1886
SN SE2
VSN-1885-89
3.65
312
103
3.47
4.25
1886
SN SE2
VSN-1885-92
0.60
322
73
3.83
5.38
1886
SN SE1
VSN-1886-108
1.10
215
96
2.45
1.93
1886
SN SE1
VSN-1886-111
3.15
188
65
2.05
2.48
1886
SN SE1
VSN-1886-112
2.40
251
146
2.15
1.74
1886
SN SE1
VSN-1886-113
0.85
328
192
3.40
1.67
1886
SN SE1
VSN-1886-115
0.60
461
253
4.12
3.56
1887
SN W
VSN-1888-47
1.75
124
90
0.81
0.47
1887
SN W
VSN-1888-48
5.05
163
86
1.50
1.34
1887
SN W
VSN-1886-49
2.00
256
120
2.78
2.24
1887
SN W
VSN-1886-51
1.65
428
356
1.39
1.26
1882
SN NW
VSN-1888-28
0.50
359
307
1.15
0.76
1882
SN NW
VSN-1887-31
2.30
269
242
0.59
0.38
1882
SN NW
VSN-1887-37
2.00
202
112
2.51
0.82
1882
SN NW
VSN-1887-40
3.00
374
337
1.01
0.35
1882
SN NW
VSN-1887-43
4.90
264
142
2.57
1.95
1882
SN NW
VSN-1887-49
6.45
481
325
3.59
2.18
1882
SN NW
VSN-1887-52
4.20
307
63
2.54
6.46
1882
SN NW
VSN-1888-48
2.10
357
205
3.74
1.86
1882
SN NW
VSN-1888-51
3.70
428
344
2.35
0.79
1882
SN NW
VSN-1887-55
0.65
249
61
1.91
5.01
1882
SN NW
VSN-1884-60
1.75
317
122
2.52
4.67
1882
SN NW
VSN-1883-63
1.75
360
197
3.00
3.04
1882
SN NW
VSN-1885-57
2.70
220
101
2.33
2.05
1882
SN NW
VSN-1887-58
1.20
461
163
3.93
7.09
1882
SN NW
VSN-1887-61
1.40
501
163
5.50
6.97
1882
SN NW
VSN-1887-64
2.20
620
119
3.80
14.66
1882
SN NW
VSN-1882-66
1.20
405
166
4.05
4.79
1901
SN SE
VSN-1901-26
0.70
129
51
1.51
1.39
1901
SN SE
VSN-1901-29
1.45
395
150
5.35
3.70
1901
SN SE
VSN-1901-32
0.60
261
126
2.88
2.10
1901
SN SE
VSN-1901-35
1.30
141
93
1.01
0.72
1901
SN SE
VSN-1901-38
2.80
379
132
4.19
4.93
1901
SN SE
VSN-1901-44
1.30
172
88
1.92
1.20
1901
SN SE
VSN-1901-47
1.60
148
58
1.55
1.76
1901
SN SE
VSN-1901-50
4.20
206
99
2.25
1.72
1901
SN SE
VSN-1901-53
5.20
459
411
1.51
0.78
1921
SN NW
VSN-1921-L49
0.40
135
105
0.10
1.01
1921
SN NW
VSN-1921-L52
1.70
406
277
1.08
3.67
1921
SN SE
VSN-1921-L70
2.50
349
183
0.01
0.03
1921
SN SE
VSN-1921-L73
1.60
417
173
4.08
4.94
1921
SN SE
VSN-1921-L76
1.85
240
112
2.16
2.55
1921
SN SE
VSN-1921-L79
0.85
117
62
0.50
1.51
1921
SN SE
VSN-1921-L82
0.90
111
73
0.80
0.61
1921
SN SE
VSN-1921-L84
2.10
349
227
2.15
2.36
1921
SN SE
VSN-1921-L85
0.60
206
107
2.96
0.72
1921
SN SE
VSN-1921-L88
1.50
189
94
1.95
1.58
Table 3 - 2023 Surface Mapping Grab Sample Results
(3)
- San Nicolas Area
Company
Sample
Width
Ag.Eq
(1)
g/t
Au g/t
Ag g/t
Pb %
Zn %
Silver Storm
437951
0.5
3
0.01
2.2
0.0630
0.0178
Silver Storm
437952
-
172
0.03
169
0.2750
0.0505
Silver Storm
437953
1.0
11
0.01
10
0.0129
0.0543
Silver Storm
437954
1.5
102
0.03
99
0.0558
0.1300
Silver Storm
437955
0.5
95
0.01
95
0.0410
0.2400
FMS
EXS00684
-
357
0.22
338
1.37
0.47
FMS
EXS00700
-
761
0.01
761
0.32
0.13
FMS
EXS00713
-
1,855
0.19
1,838
0.67
0
FMS
EXS00802
-
589
0.12
578
1.99
0.04
FMS
EXS00805
-
1,215
0.04
1,212
1.74
0.04
FMS
EXS00839
-
392
0.11
382
1.62
0.63
FMS
EXS00932
-
556
0.16
542
1.52
0.16
1
.
All results in this release are rounded. Assays are uncut and undiluted. Widths are core-lengths, not true widths. Silver equivalent: Ag.Eq g/t
was calculated using commodity prices of US$22.50 /oz Ag, US$1,800 /oz Au, US$0.94 /lb Pb, and US$1.35 /lb Zn applying metallurgical
recoveries of 70.1% for silver and 82.8% for gold in oxides and 79.6% for silver, 80.1% for gold, 74.7% for lead and 58.8% for zinc in
sulphides. Metal payable used was 99.6% for silver and 95% for gold in doré produced from oxides, and 95% for silver, gold, and lead and
85% for zinc in concentrates produced from sulphides. Cut-off grades considered for oxide and sulphide were, respectively 140 g/t Ag.Eq
and 125 g/t Ag.Eq and are based on 2017 costs adjusted by the inflation rate and include sustaining costs.
2
.
Weighted average grades were calculated over the mineralized widths of each channel (Figures 2-4).
3
.
Surface sample mineralization is considered oxide and thus Ag.Eq calculation for oxides is applied. First Majestic Silver (FMS) surface
samples were taken in 2015 and are considered historical in nature (Figure 5).
Sample Analysis and QA/QC Program
Silver Storm uses a quality assurance/quality control (QA/QC) program that monitors the chain of
custody of samples and includes the insertion of blanks, duplicates, and reference standards in each
batch of samples sent for analysis. The drill core is photographed, logged, and cut in half, with one half
retained in a secured location for verification purposes and one half shipped for analysis. Sample
preparation (crushing and pulverizing) is performed at ALS Geochemistry, an independent ISO
9001:2001 certified laboratory, in Zacatecas, Mexico and pulps are sent to ALS Geochemistry in
Vancouver, Canada for analysis. The entire sample is crushed to 70% passing -2 mm, and a riffle split of
250 grams is taken and pulverized to better than 85% passing 75 microns. Samples are analyzed for
gold using a standard fire assay with Atomic Absorption Spectrometry (AAS) (Au-AA23) from a 30-gram
pulp. Gold assays greater than 10 g/t are re-analyzed on a 30-gram pulp by fire assay with a gravimetric
finish (Au-GRA21). Samples are also analyzed using a 34 element inductively coupled plasma (ICP)
method with atomic emission spectroscopy (AES) on a pulp digested by four acids (ME-ICP61).
Overlimit sample values for silver (>100 g/t), lead (>1%), zinc (>1%), and copper (>1%) are re-assayed
using a four-acid digestion overlimit method with ICP-AES (ME-OG62). For silver values greater than
1,500 g/t, samples are re-assayed using a fire assay with gravimetric finish on a 30-gram pulp (Ag-
GRA21). Samples with lead values over 20% are re-assayed using volumetric titration with EDTA on a
1-gram pulp (Pb-VOL70). No QA/QC issues were noted with the results reported herein.
Review by Qualified Person and QA/QC
The scientific and technical information in this document has been reviewed and approved by Bruce
Robbins, P.Geo., a Qualified Person as defined by National Instrument 43-101.
About Silver Storm Mining Ltd. (formerly Golden Tag Resources Ltd.)
Silver Storm Mining Ltd. holds advanced-stage silver projects located in Durango, Mexico. Golden Tag
recently completed the acquisition of 100% of the La Parrilla Silver Mine Complex, a prolific operation
which is comprised of a 2,000 tpd mill as well as five underground mines and an open pit that collectively
produced 34.3 million silver-equivalent ounces between 2005 and 2019. The Company also holds a
100% interest in the San Diego Project, which is among the largest undeveloped silver assets in Mexico.
For more information regarding the Company and its projects, please visit our website at
www.silverstorm.ca
.
For additional information, please contact:
Greg McKenzie, President & CEO
Ph: +1 (416) 504-2024
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Statements:
Certain statements in this news release are forward-looking and involve a number of risks and
uncertainties. Such forward-looking statements are within the meaning of the phrase 'forward-looking
information' in the Canadian Securities Administrators' National Instrument 51-102 - Continuous
Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-
looking statements include estimates and statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company or management and Qualified
Persons (in the case of technical and scientific information) expects a stated condition or result to
occur. Forward-looking statements may be identified by such terms as "believes", "anticipates",
"expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are based on information currently
available to the Company, the Company provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking information. Forward-looking
information in this news release includes, but is not limited to, the future exploration performance at La
Parrilla, the timing and extent of the drill program, the ability to increase Mineral Resources therein,
and the ability to eventually place the La Parrilla Complex back into production.
In making the forward-looking statements included in this news release, the Company and Qualified
Persons (in the case of technical and scientific information) have applied several material
assumptions, including that the Company's financial condition and development plans do not change
because of unforeseen events, that future metal prices and the demand and market outlook for metals
will remain stable or improve, management's ability to execute its business strategy and no
unexpected or adverse regulatory changes with respect to La Parrilla. Forward-looking statements and
information are subject to various known and unknown risks and uncertainties, many of which are
beyond the ability of the Company to control or predict, that may cause the Company's actual results,
performance or achievements to be materially different from those expressed or implied thereby, and
are developed based on assumptions about such risks, uncertainties and other factors set out herein,
including, but not limited to, there being no assurance that the Company's current and future
exploration programs will grow the Mineral Resource base or upgrade Mineral Resource confidence,
the risk that the assumptions referred to above prove not to be valid or reliable, the risk that the
Company is unable to achieve its goal of placing La Parrilla back into production; market conditions
and volatility and global economic conditions including increased volatility and potentially negative
capital raising conditions resulting from the continued or escalation of the COVID-19 pandemic, risk
of delay and/or cessation in planned work or changes in the Company's financial condition and
development plans; risks associated with the interpretation of data (including in respect of third party
mineralized material) regarding the geology, grade and continuity of mineral deposits, the uncertainty
of the geology, grade and continuity of mineral deposits and the risk of unexpected variations in
Mineral Resources, grade and/or recovery rates; risks related to gold, silver and other commodity
price fluctuations; employee relations; relationships with and claims by local communities and
indigenous populations; availability and increasing costs associated with mining inputs and labour,
the speculative nature of mineral exploration and development, including the risks of obtaining
necessary licenses and permits and the presence of laws and regulations that may impose
restrictions on mining, including the Mexican mining reforms; risks relating to environmental
regulation and liability; the possibility that results will not be consistent with the Company's
expectations.
Such forward-looking information represents managements and Qualified Persons (in the case of
technical and scientific information) best judgment based on information currently available. No
forward-looking statement can be guaranteed, and actual future results may vary materially.
Accordingly, readers are advised not to place undue reliance on forward-looking statements or
information.