Silver Bear identifies target mineralised zones and provides update on results from its 2011 exploration program
Tuesday, Apr 03, 2012Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR) is pleased to announce the final drill results of its 2011 exploration program with respect to its Mangazeisky silver property located in Yakutia, Russia (the "Property"). As shown in Figure 1, the Property hosts more than 100 silver occurrences in a major north-northwest trending mineralized structure that stretches along a 35 kilometre corridor. Drilling has confirmed management's belief in the potential to increase the current NI 43-101 compliant mineral resource estimate of 1.1 million tonnes containing 17.9 million ounces silver at 518 g/t Ag of 'Indicated' mineralization and 1.7 million tonnes containing 30.5 million ounces silver at 562 g/t Ag of 'Inferred' mineralization, as set out in its technical report dated September, 2011 (see SEDAR Press Release, September 28, 2012). While the overall Mangazeisky property license covers 570 square kilometres, the area containing Silver Bear's NI 43-101 mineral resource estimate (at Vertikalny) represents a very small land tenure in this total license area. As set out in its press release dated December 4, 2011, the Company announced the first results of its 2011 drilling program and identified several deep holes on its Vertikalny Deposit which intersected mineralization. Final assays from drilling have are listed in Table 2. The highlights include:
Drilling completed during the 2011 exploration program identified additional zones of potential mineralisation in the Central Zone at Vertikalny which the Company intends to explore further during its 2012 exploration program. Figure 2 illustrates the approximate location of the Central Zone's potential mineralisation.
The reader is cautioned that the potential quantity and grade given in the table above is conceptual in nature, that there has been insufficient exploration conducted to date to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Commenting on these results, Nick Fox, VP of Exploration stated, "Based on the discovery of multiple zones of mineralisation both at depth and near surface in the southern section of the Central Zone of Vertikalny, management believes that these areas hold the potential for hosting more silver bearing minerals and is making these areas a priority for drilling in its 2012 program. Further, the frequent occurrence of elevated gold and significant copper values approaching the porphyry intrusion is promising."