Silver Standard Reports 842 Feet of 6.4 oz./ton Silver, 2.26% Zinc and 1.26% Lead in Deeper Drilling at Pitarrilla, Mexico
Wednesday July 12, 7:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 12, 2006 -- Silver Standard Resources Inc. (TSX:SSO.TO - News)(NASDAQ:SSRI - News) is pleased to report that a 250 meter step-out drill hole intersected thick intervals of high-grade silver and base metal mineralization at the Breccia Ridge Zone of the Pitarrilla silver project. The wholly-owned project is located approximately 150 kilometers (90 miles) north of Durango City in the state of Durango, Mexico.
PD-148 intersected 841.8 feet averaging 6.4 ounces of silver per ton (256.6 meters averaging 220.0 grams of silver per tonne), 2.26% zinc and 1.26% lead, including 329.0 feet averaging 7.5 ounces of silver per ton (100.3 meters averaging 258.5 grams of silver per tonne), 3.45% zinc and 1.50% lead.
PD-148 was collared approximately 250 meters along strike and northwest of PD-128, the first deeper hole at Breccia Ridge which was reported on June 5, 2006. PD-128 and PD-148 were drilled to depths of approximately 724 meters and 797 meters respectively.
The metal zonation at Pitarrilla is consistent with other classic Mexican polymetallic deposits, with anomalous copper and gold values intersected at depth in PD-128 and PD-148. To help better define mineralization at depth, Silver Standard has sourced a fourth diamond drill rig with deep drilling capability which is expected to commence operation onsite in the third quarter.
In other Breccia Ridge drilling, highlights include:
- PD-142, an angled hole located 150 meters west of PD-128, which intersected 6.1 ounces of silver per ton over 195.3 feet (207.4 grams of silver per tonne over 59.5 meters), 1.00% zinc and 0.68% lead.
- PD-138, an angled hole collared 90 meters southwest of PD-128, which intersected 2.1 ounces of silver per ton over 495.0 feet (70.6 grams of silver per tonne over 150.8 meters), including up to 1.8 ounces of silver per ton and 1.22% combined lead and zinc over 105.0 feet (61.5 grams of silver per tonne over 32.0 meters).
Holes PD-138, PD-142 and PD-148 will add significantly to the silver resources at Pitarrilla and an updated resource estimate for the project that includes results up to PD-148 is expected in the third quarter. Kenneth C. McNaughton, M.A.Sc., P.Eng., Vice President, Exploration, Silver Standard Resources Inc., is the qualified person responsible for the exploration program at Pitarrilla.
Silver Standard is a well-funded silver company that continues to seek resource growth through property acquisitions, exploration and development of its own projects.
Selected Pitarrilla Diamond Drilling Results - July 2006
Notes: (i) PD-128 - previously reported on June 5, 2006.
Intervals do not denote true thickness, which is to be determined. Kenneth C. McNaughton, M.A.Sc., P.Eng., and Vice President, Exploration, Silver Standard Resources Inc., is the Qualified Person (QP) responsible for the Pitarrilla exploration program and has verified the data in the table above. All assays were submitted for preparation and analysis by ALS Chemex at its facilities in Chihuahua, Mexico (preparation) and Vancouver, B.C. (analysis). All samples were analyzed using three acid digestion with ICP finish. Samples over 100 grams were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 grams were fire assayed with a gravimetric finish.
Silver Standard Resources Inc. and Esperanza Silver Corporation: Further Bonanza-Grade Holes at San Luis
Monday November 20, 5:30 am ET
DENVER, COLORADO and VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Nov 20, 2006 -- Esperanza Silver Corporation (TSX VENTURE:EPZ.V - News) and Silver Standard Resources Inc. (TSX:SSO.TO - News)(NASDAQ:SSRI - News) are pleased to announce results of six additional drill holes on the Ayelen vein at their gold and silver San Luis joint venture in central Peru. Results have now been received for 10 holes (see news release of October 31 for prior results). Mineralization Continues Along Strike of Ayelen Vein
Significant drill intercepts include:
- Hole SL06-09, an angled hole drilled below Trench A-9, returned 9.4 feet averaging 5.75 ounces per ton gold and 104 ounces per ton silver (2.86 meters averaging 197.3 grams per tonne gold and 3,578 grams per tonne silver) for a gold equivalent grade of 7.83 ounces per ton.(ii)
- Hole SL06-10, an angled hole drilled approximately 30 meters below SL06-09, returned 21.0 feet averaging 2.67 ounces per ton gold and 59.8 ounces per ton silver (6.4 meters averaging 91.57 grams per tonne gold and 2,050 grams per tonne silver) for a gold equivalent grade of 3.87 ounces per ton.(ii)
Holes SL06-09 and SL06-10 were drilled from a platform approximately 50 meters south of previously reported drill holes SL06-01 and 02 and approximately 100 meters south of previously reported drill holes SL06-03 and 04, all of which also yielded bonanza grade intercepts. In addition, drill holes SL06-05 and 06 were drilled approximately 50 meters north of previously reported drill holes SL06-03 and 04 and drill holes SL06-07 and 08 were drilled approximately 100 meters north of previously reported drill holes SL06-03 and 04. Results from drill holes SL06-01 through 10 are inline with expectations based on surface trenching and illustrate the characteristic pinch and swell of epithermal precious metal deposits.(1)
(1) William Pincus, M.Sc., CPG. and President, Esperanza Silver Corp. is the Qualified Person (QP) under NI 43-101 responsible for the San Luis exploration program. He has verified the data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted by Esperanza personnel under his supervision. All samples were submitted to SGS laboratories in Lima, Peru for analysis. Samples were analyzed by ICP analysis and fire assay. A description of quality control and quality assurance protocols can be found at http://www.esperanzasilver.com/s/QA-QC-Protocols.asp.
Detailed results are provided in the table below.
-------------------------------------------------------------------------- San Luis Project Diamond Core Drill Results - November 2006 -------------------------------------------------------------------------- Gold Silver Gold Silver (grams (grams Equiva- Equiva- Inter- per per lent lent val tonne/ tonne/ (ii) (ii) From To (i) ounces ounces (ounces (ounces Drill (meters/ (meters/ (meters/ per per per per Hole feet) feet) feet) ton) ton) ton) ton) -------------------------------------------------------------------------- SL06-05 47.1m 47.7m 0.6m 12.68 gpt 304 gpt 0.53 opt 26.5 opt 154.5ft 156.5ft 2.0ft 0.37 opt 8.0 opt Au eq Ag eq -------------------------------------------------------------------------- SL06-06 Drill hole did not hit structure -------------------------------------------------------------------------- SL06-07 40.6m 41.5m 0.9m 7.92 gpt 157 gpt 0.32 opt 13.4 opt 133.2ft 136.3ft 3.0ft 0.23 opt 4.6 opt Au eq Ag eq -------------------------------------------------------------------------- SL06-07 48.7m 49.7m 1m 7.47 gpt 66 gpt 0.26 opt 12.9 opt 159.8ft 163.1ft 3.3ft 0.22 opt 1.9 opt Au eq Ag eq -------------------------------------------------------------------------- SL06-08 54.6m 56.6m 2m 13.72 gpt 138 gpt 0.48 opt 24.0 opt 179.1ft 185.7ft 6.6ft 0.40 opt 4.0 opt Au eq Ag eq -------------------------------------------------------------------------- SL06-09 38.7m 41.6m 2.9m 197.13gpt 3578 gpt 7.83 opt 391.5 opt 127.0ft 136.5ft 9.5ft 5.75 opt 104 opt Au eq Ag eq -------------------------------------------------------------------------- SL06-10 62.0m 68.4m 6.4m 91.57 gpt 2050 gpt 3.87 opt 193.3 opt 203.4ft 224.4ft 21.0ft 2.67 opt 59.8 opt Au eq Ag eq -------------------------------------------------------------------------- (i) True width to be determined. (ii) Gold-equivalent ounces calculation assumes a 50:1 silver:gold ratio, based on approximate closing prices on November 17, 2006. Metallurgical recoveries have not been determined and therefore have not been considered in the silver:gold equivalent calculations. --------------------------------------------------------------------------
A location map and cross section are attached to this news release. To date the joint venture has completed 17 drill holes totaling approximately 2,500 meters of an initial planned 4,000 meter core drill program.
Potential for Significant Deposits
Five veins have been identified from prospecting on the property for a total of over five kilometers of exposed veins. These include the Ines Vein, 100 meters to the east of Ayelen, where channel sampling along a 75-meter section also identified high-grade mineralization. The presence of significant gold and silver in both veins is considered to be evidence of high-grade ore shoots. This is typical of epithermal precious metal deposits, which frequently have multiple shoots, or ore bodies, within the system.
The joint venture has contracted a second drill rig and intends to carry out resource-definition drilling with one rig on the Ayelen vein while using the second rig for prospecting on the other four known veins. Results from the latest drill holes reinforce the potential for significant deposits on the property.
Joint Venture Interests
Silver Standard has now completed the required spending to increase its holding in the San Luis property to 55%. The next US$1.5 million of joint venture expenditures will be funded in accordance with each party's joint venture interest. Thereafter, Silver Standard has the right to increase its interest to 70% by funding a feasibility study. It can then earn an additional 10% by providing all funds to place the property into production.
At June 30, 2006, Esperanza had C$4.8 million in cash and short term investments, sufficient to fund its 45% share of the next US$1.5 million exploration phase at San Luis.
About Esperanza
Esperanza is an exploration company focused on precious metals and is founded on the experience and success of its management and field teams in discovering ore bodies. Its properties include the San Luis high-grade gold and silver discovery in central Peru and the 100%-owned Cerro Jumil bulk-tonnage gold project in Morelos State, Mexico. It has other exploration interests in Peru, Mexico and Bolivia. The company's objective is to take properties up to the resource definition stage and then find partners to take them into production.
About Silver Standard
Silver Standard is a well-financed silver resource company that continues to seek growth through silver acquisitions, and exploration and development of its own silver projects. Silver Standard is also a significant shareholder of Esperanza.