Western Silver Discovers New Mineralized Zone at
Penasquito; Results Further Enhance Property as a
District-Scale Silver-Gold-Lead-Zinc Mineral System
VANCOUVER, BRITISH COLUMBIA--Western Silver Corporation today
announced the discovery of a new mineralized zone, El Chamisal,
at its wholly-owned Penasquito silver, gold, zinc and lead
property in central Mexico.
This new discovery is located approximately two kilometers
northeast of the property's Chile Colorado zone which has been
independently confirmed as one of the largest undeveloped silver
deposits in the world.
"Today's drill results reinforce our belief that Penasquito is a
district-scale mineral system with multiple deposits at different
locations on the 147-square mile property," said Western's
Mexican Exploration Manager, Thomas Turner. "We are encouraged
that in addition to silver, we intersected significant grades of
gold, lead and zinc at El Chamisal. Our drilling also enabled us
to expand and further delineate other known zones of
mineralization on the property," he said.
The El Chamisal discovery emerged from results of twenty-eight
core and eleven shallow reverse circulation (RC) holes drilled at
Penasquito during the past three months.
The highlights of the drilling program include:
- El Chamisal. Mineralization was intersected in RC holes S-48
and S-49. Hole S-48, a vertical hole, contains 30 meters
beginning at 88 meters averaging 0.42 g/t gold, 38 g/t silver,
0.62% lead and 0.76% zinc. Both holes contain narrow higher-grade
intervals. The significance and extent of this new mineralized
zone will be evaluated by further core drilling.
- Penasco. Eight core and seven RC holes have begun to delineate
the extent of this large mineralized zone. Of particular note are
holes WC-98 and WC-100 that extend mineralization to the southern
boundary of the Outcrop breccia. The Penasco zone, as presently
understood, occupies an area extending for 600 meters east-west
by 500 meters north-south and is at least 370 meters thick.
Mineralization remains open to the east-northeast.
- Chile Colorado. Seventeen core holes totaling 6,795 meters were
completed. The objectives of the drilling were to add holes where
necessary to complete deposit delineation on 50-meter centers and
to identify limits of the mineralized zone. Drilling confirms the
continuity of the Chile Colorado deposit, demonstrates that
mineralization remains open to the west-northwest and at depth,
and defines limits of the zone to the south and southeast.
SNC-Lavalin is currently completing a new ore resource
calculation which will be incorporated into a pre-feasibility
study currently in progress by M3 Engineering & Technology of
Tucson Arizona.
A 40,000 meter drilling program will begin during February to
evaluate the Penasco, Azul NE, El Chamisal, El Sotol and La Palma
targets. Details of the latest drilling are discussed below. A
map with hole locations may be found on Western Silver's website
at www.westernsilvercorp.com.
Results in detail.
El Chamisal. The discovery occurred near the end of the drilling
program when three RC holes were drilled across a 300
meter-diameter induced polarization (IP) anomaly. Two of the
holes, WC-48 and 49, contain significant mineralization in the
form of disseminated sulfides and carbonate-sulfide veinlets in
milled hydrothermal dikes similar to those in the Chile Colorado
deposit. The IP anomaly extends eastward for 1,700 meters from
the Outcrop breccia, with the strongest parts of the anomaly
occurring at Penasco, La Palma and El Chamisal. A series of core
holes that parallel the RC holes will be completed during the
first quarter, with grid drilling to follow if results remain
positive.
Penasco. Eight core holes were completed to define the extent of
the mineralized system. WC-90 intersected the up dip projection
of hole WC-70 mineralization, with the interval from 56-242
meters averaging 0.32 g/t gold, 37 g/t silver, 0.56% lead and
0.89% zinc. Hole WC-92, a vertical hole drilled in the northern
part of the zone, intersected a 372 meter zone starting at 178
meters averaging 0.59 g/t gold, 21 g/t silver, 0.20% lead and
0.44% zinc.
Six holes were drilled in the southern part of the mineralized
zone to define limits to the south, west and east. Holes WC-98
and 100 show that mineralization extends to the southern boundary
of the Outcrop breccia. Hole WC-98 contains a 121.9 meter
interval beginning at 282 meters that contains 0.75 g/t gold, 33
g/t silver, 0.17% lead and 0.78% zinc. Holes WC-97 and 99
demonstrate continuity between previously drilled holes.
Northerly directed holes WC-94 and 96 do not contain significant
mineralization and cut off the zone to the west. The zone remains
open to the east.
Penasco is a large mineralized system occurring in the upper part
of an intrusive-hosted breccia. Mineralization rises close to the
surface where porphyry dikes have cut the mineralized breccia,
making it particularly attractive for open-pit mine development.
Grid drilling on 50-meter centers will begin in February.
Chile Colorado. Seventeen new holes have now completed deposit
delineation on 50 meter centers and will provide additional data
for a new resource estimate by SNC Lavalin.
Holes WC-73,74,75,77,81 and 91 were south directed angle holes
drilled in the northwestern part of the deposit to confirm
continuity of mineralization. All holes intersected thick
mineralized intercepts, including the most westerly hole, WC-91.
Hole WC-91 demonstrates that mineralization remains open to the
west-northwest and it is possible that drilling north of WC-91
may intersect the zone at shallower levels. Hole WC-83, drilled
from north to south in the same area, also intersected a thick
zone of low grade mineralization.
Five holes were drilled in the southwestern part of the deposit.
Holes WC-79, 82 and 84 were south directed angle holes positioned
to determine the southward extent of mineralization. Each of
these holes hit the top of the mineralized zone before passing
into unaltered rock, accounting for the narrower widths of
mineralization. Hole WC-87 was drilled from south to north into
the center of the mineralized zone and intersected a 214 meter
interval beginning at 266 meters that averages 0.72 g/t gold, 50
g/t silver, 0.31 % lead and 1.37% zinc.
Six holes (WC- 78,80,85,86,88 and 89) were drilled in the
southeastern sector in an area of sparse drill coverage. Each
hole intersected narrow intervals of low-grade mineralization.
These holes appear to have been drilled on the southeast side of
a northeasterly-trending fault zone that juxtaposes higher grade
and thicker zones of mineralization on the northwest with
narrower, lower grade intervals of mineralization on the
southeast.
Hole WC-76, drilled to test for a possible extension of Chile
Colorado to the south, did not intersect significant
mineralization.
Azul NE/Azul Breccia. Hole WC-95 intersected over 100 meters of
Chile Colorado-style mineralization along the northeast margin of
the Azul breccia. This zone has now been delineated in drill
holes for a distance of at least 300 meters. A high grade
interval beginning at 202 meters contains 18 meters averaging
0.43 g/t gold, 252 g/t silver, 1.52% lead, 2.92 % zinc and 0.53%
copper that may correlate with a similar zone intersected in hole
WC-38 approximately 300 meters to the east-southeast.
Hole WC-93, a vertical hole drilled within the Azul breccia,
intersected 86 meters of low-grade mineralization beginning at a
depth of 152 meters.
Dr.Thomas Patton is the qualified person responsible for the
preparation of this release.
Western Silver Corporation is a publicly-traded mineral
exploration company focused on discovering and developing silver
properties in the Americas. The Company's primary project, the
100%-owned Penasquito property in central Mexico, is emerging as
a silver-gold-lead-zinc district with significant exploration
upside. The Chile Colorado Zone at Penasquito has been
independently confirmed as one of the largest undeveloped silver
deposits in the world and is economic at the low metal prices
existing in second quarter 2003. Western Silver also has an
interest in the world class San Nicolas zinc-copper project in
Mexico with Teck Cominco and owns the Carmacks Copper Project in
the Yukon. The Company, which is internationally recognized for
its technical ability, is listed on the American (AMEX:WTZ) and
Toronto (TSX:WTC) stock exchanges.
On behalf of the board,
F. Dale Corman, Chairman and C.E.O.
Statements contained in this news release that are not historical
facts are forward-looking statements as that term is defined in
the private securities litigation reform act of 1995. Such
forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ materially from
estimated results. Such risks and uncertainties are detailed in
the Company's filings with the Securities and Exchange Commission
---------------------------------------------------------------------
Hole Interval Au Ag Pb Zn Cu
From - To (m) (ft) (g/t)(g/t) % % %
---------------------------------------------------------------------
EL
CHAMISAL
---------------------------------------------------------------------
S-48 88.00 - 118.00 30.00 98.4 0.42 38 0.62 0.76
---------------------------------------------------------------------
Includes 92.00 - 100.00 8.00 26.2 0.96 100 1.73 2.33
---------------------------------------------------------------------
---------------------------------------------------------------------
S-49 110.00 - 116.00 6.00 19.7 0.73 55 1.18 2.62
---------------------------------------------------------------------
Includes 112.00 - 114.00 2.00 6.6 1.69 109 2.33 5.04
---------------------------------------------------------------------
---------------------------------------------------------------------
PENASCO
---------------------------------------------------------------------
---------------------------------------------------------------------
S-52 68.00 - 98.00 30.00 98.4 0.14 31 0.32 0.40
---------------------------------------------------------------------
---------------------------------------------------------------------
S-54 94.00 - 98.00 4.00 13.1 0.26 40 0.51 0.88
---------------------------------------------------------------------
---------------------------------------------------------------------
S-56 96.00 - 100.00 4.00 13.1 0.42 337 0.16 0.21
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-90 42.00 - 56.00(1) 14.00 45.9 0.28 71 0.48 0.90
---------------------------------------------------------------------
56.00 - 242.00 186.00 610.1 0.32 37 0.56 0.89
---------------------------------------------------------------------
444.00 - 520.00 76.00 249.3 0.73 58 0.49 1.70
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-92 48.00 - 56.00(1) 8.00 26.2 0.42 45 0.42 0.37
---------------------------------------------------------------------
86.00 - 98.00 12.00 39.4 0.96 116 0.56 0.25
---------------------------------------------------------------------
178.00 - 550.16 372.16 1220.7 0.59 21 0.20 0.44
---------------------------------------------------------------------
Includes 344.00 - 376.00 32 105.0 2.05 65 0.55 0.71
---------------------------------------------------------------------
Includes 472.00 - 504.00 32 105.0 2.70 31 0.19 0.63
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-97 156.00 - 348.00 192.00 629.8 0.42 24 0.47 1.07
---------------------------------------------------------------------
Includes 258.00 - 308.00 50.00 164 0.68 39 1.05 2.18
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-98 86.00 - 110.00 24.00 78.7 0.32 13 0.35 0.38
---------------------------------------------------------------------
184.00 - 226.00 42.00 137.8 0.13 31 0.33 0.47
---------------------------------------------------------------------
282.00 - 403.86 121.86 399.7 0.75 33 0.17 0.78
---------------------------------------------------------------------
Includes 318.00 - 380.00 62.00 203.4 1.24 48 0.18 0.17
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-99 54.00 - 252.00 198.00 649.4 0.51 33 0.54 1.19
---------------------------------------------------------------------
310.00 - 378.00 68.00 223.0 0.74 75 0.23 1.05
---------------------------------------------------------------------
420.00 - 504.00 84.00 275.5 0.46 37 0.10 0.37
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-100 56.00 - 148.00(1) 92.00 301.8 0.17 37 0.29 0.27
---------------------------------------------------------------------
148.00 - 258.00 110.00 360.8 0.48 39 0.20 0.57
---------------------------------------------------------------------
Includes 148.00 - 188.00 40.00 131.2 0.80 54 0.37 1.02
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
AZUL/AZUL NE
---------------------------------------------------------------------
WC-93 152.00 - 238.00 86.00 282.1 0.22 27 0.08 0.50
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-95 86.00 - 138.00(1) 52.00 170.6 0.15 18 0.22 0.27
---------------------------------------------------------------------
138.00 - 254.00 116.00 380.5 0.25 82 0.51 1.14
---------------------------------------------------------------------
Includes 202.00 - 220.00 18.00 59.0 0.43 252 1.52 2.92 0.53
---------------------------------------------------------------------
---------------------------------------------------------------------
CHILE
COLORADO
---------------------------------------------------------------------
WC-73 39.30 - 78.00(1) 38.70 126.9 0.95 43 1.10 0.13
---------------------------------------------------------------------
Includes 39.30 - 44.00(1) 4.70 15.4 2.23 61 0.77 0.13
---------------------------------------------------------------------
296.00 - 431.29 135.29 443.7 0.31 43 0.39 0.91
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-74 222.00 - 419.40 197.40 647.5 0.29 26 0.10 0.69
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-75 192.00 - 410.00 218.00 715.00 0.41 27 0.11 1.21
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-77 136.00 - 152.00 16.00 52.5 0.23 73 0.82 0.71
---------------------------------------------------------------------
194.00 - 467.87 273.87 898.3 0.48 34 0.20 0.92
---------------------------------------------------------------------
Includes 276.00 - 366.00 90.00 295.2 0.98 54 0.25 1.71
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-79 270.00 - 326.00 56.00 183.7 0.12 25 0.47 0.58
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-80 218.00 - 294.00 76.00 249.3 0.25 33 0.45 0.70
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-81 180.00 - 452.93 272.93 895.2 0.32 21 0.09 0.73
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-82 108.00 - 192.00 84.00 275.5 0.16 37 0.40 0.58
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-83 102.00 - 280.00 178.00 583.8 0.36 16 0.07 0.25
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-84 152.00 - 174.00 22.00 72.2 0.07 24 0.20 0.42
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-85 76.00 - 82.00(1) 6.00 19.7 0.47 41 0.39 0.33
---------------------------------------------------------------------
86.00 - 188.00 102.00 334.6 0.10 29 0.43 0.55
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-86 246.00 - 258.00 12.00 39.4 0.12 35 0.52 0.62
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-87 266.00 - 480.00 214.00 701.9 0.72 50 0.31 1.37
---------------------------------------------------------------------
Includes 334.00 - 368.00 34.00 111.5 2.31 98 0.36 3.81
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-88 76.00 - 84.00 8.00 26.2 0.58 158 4.02 3.88
---------------------------------------------------------------------
156.00 - 192.00 36.00 118.1 0.08 20 0.25 0.24
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-89 252.00 - 384.00 132.00 433.0 0.08 39 0.36 0.71
---------------------------------------------------------------------
---------------------------------------------------------------------
WC-91 342.00 - 442.00 100.00 328.00 0.07 33 0.36 0.38
---------------------------------------------------------------------
(1) oxide mineralization
Note: Holes W-78, S-47, S-50, S-51, S-53, S-55, S-57, WC-94 and WC-96
do not contain significant mineralization
------------------
Core and RC samples were prepped and analyzed by Acme Analytical
Labs and ALS Chemex. Samples were initially run using
conventional ICP analysis with an aqua regia digestion process. A
series of property specific standards and blanks were routinely
submitted with each batch of samples. A 30 gram fire assay with
gravimetric finish was run on all samples for gold and silver.
Samples containing more than 1% lead or zinc were analyzed using
AA with aqua regia digestion.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Western Silver Corporation
Gerald Prosalendis
(604) 684-9497
(604) 688-4670 (FAX)
Wesbsite: www.westernsilvercorp.com
The Toronto Stock Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of the contents of
this news release, which has been prepared by management.
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