Standard Silver Corporation Updates Development of Round Top Beryllium-Uranium-Rare Earth Deposit. (Pink Sheets: SDSR)
Initial Uranium Assay Results Demonstrate Grades of 1.09%
TYLER, Texas, July 8 /PRNewswire-FirstCall/ -- The following was released today by Standard Silver Corporation (Pink Sheets: SDSR):
Standard Silver Corporation today announces progress in analyzing its Round Top Beryllium-Uranium-Rare Earth property, located 85 miles east of El Paso in Hudspeth County, Texas. This deposit was initially developed by Cabot Minerals and Cyprus-Amax in the 1980's. Standard Silver Corp. is in the process of acquiring and compiling data on the Round Top deposit and has completed a first phase of field work that included re-opening the mine. The company has also commenced an evaluation of both uranium and rare earth and other rare metal potential.
Drilling by Cabot Minerals in 1984-1985 discovered widespread beryllium mineralization beneath a rhyolite cap on the north side of Round Top Mtn. This mushroom shaped, shallow intrusive body is called a laccolith. The ore occurs as vein-like replacements along southeast trending fractures of moderate displacement where limestone is juxtaposed against rhyolite; as veins and lenses on lesser fractures in the limestone; and as flat lying replacements at the rhyolite-limestone contact. Their geologic resource is reported to have been 850,000 tons at an average grade of approximately 1.5% BeO, (25 million lbs of BeO), for all types of ore within the drilled area. In 1986 Cyprus Amax, who was then the operator of a joint venture with Cabot, drove 1115 feet of decline, drift and trial mine to investigate a particularly favorable group of holes near the western end of the drilled area. The ore was found to be hosted in a southeast trending fault; it was called the West End Structure. Additional drilling from underground and surface defined and extended this ore body to the southeast for a reported 2150 feet. It is open ended. Cyprus prepared a feasibility study in 1988 based on this ore zone. The basis for this study was a reported 300,000 tons at 1.9% BeO (11 million lbs of BeO). Preliminary sampling underground on the West End Structure by Standard Silver shows 3.08% BeO over a ten foot width.
Another as yet undeveloped ore zone is present east of the West End Ore body, and ore grade mineralization is present throughout the area of drilling. Recon drill holes on the east side of the mountain also intersected mineralization and mineral shows were found in limestone overlying the rhyolite in several drill holes near what is thought to be the southern edge of the rhyolite. Much of the deposit remains unexplored and is of high potential, particularly along a set of fluorite mineralized faults south of and parallel to the West End Structure. Favorable host limestones at depth remain to be drilled.
Round Top, we believe, may be unique among beryllium deposits in that it occurs as high grade replacements associated with fluorite in limestone. Other known deposits are lower grade and are either hosted in igneous or metamorphic rock or occur as beryl crystals in pegmatite. Grades of these other types typically tend to be in the range of a few tenths to 0.5 percent.
The presence of uranium in this deposit has long been known. Visible uranium minerals were logged in several of the Cabot drill holes. Standard Silver upon reopening the mine conducted natural gamma radiation readings. Radiation is intense in almost all parts of the mine. One mine heading with a particularly high background was sampled and yielded an assay of 1.09% uranium. Compilation of data from diverse sources, both published and unpublished, has led us to the conclusion that the overlying rhyolites are the source of the uranium and that they initially contained as much as 420 million lbs. confined to an area approximately 1.5 miles in diameter. Geologic conditions during erosion and weathering of this rhyolite body were conducive to a very large amount of this uranium being dissolved and transported by ground water to the base of the rhyolite. Carbon rich sedimentary rocks are present below the rhyolite thus creating an almost ideal environment for the development of a large, high grade uranium deposit.
It was recognized by geologists working for the Texas Bureau of Economic Geology (BEG), that the rhyolite laccoliths at Sierra Blanca were of the type that is associated with a variety of rare elements. Working in conjunction with the project personnel, the BEG made a study of the rare earth and other rare element potential of the Round Top rhyolite. They analyzed a series of samples from outcrop and drill cuttings and studied the geochemistry and mineralogy of the rock. Their research resulted in the publication of Geological Society of America Special Paper 246 in 1990.
The economically important conclusions of this publication, quoted below, were:
-- The rhyolites are so enriched in a number of trace elements that they should be considered large-tonnage, low grade resources of several rare metals, including yttrium, heavy rare earths, niobium, tantalum, lithium and thorium.
-- Many of the economically interesting trace elements occur as discrete minerals.
-- The resource is vast. The Round Top laccolith contains at least 1.6 billion metric tons of rhyolite.
The large volume of data, advanced development and multiple commodities offer an exciting opportunity for Standard Silver Corporation. The deposit is located within four miles of a water supply, commercial power, rail and Interstate highway access.
While we are excited about the potential, there is no assurance that we will be able to commercialize the property.
"Statements concerning future financial results, production, expenditures, reserve estimates, and other items are forward-looking statements. These statements are based on assumptions concerning commodity prices, drilling results and other factors management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met."
Daniel E. Gorski President 915-539-5494
DATASOURCE: Standard Silver Corporation
CONTACT: Daniel E. Gorski, President of Standard Silver Corporation,