Silver Standard extends Bowdens

Vancouver — A newly completed 16 hole reverse circulation drill program by Silver Standard Resources (SSO-V) has expanded the outline of silver mineralization at its wholly-owned Bowdens property in New South Wales, Australia.

Located 200 km northwest of Sydney, the 1,600 metre program tested for mineralized extensions of the Bowdens deposit to the northwest, as well as a soil geochemical anomaly to the southwest.

At the western Bundarra zone of the deposit, seven of eight holes cut multiple zones of silver mineralization. Highlights include:

hole 141, which intersected 26 metres grading 90 grams silver per tonne;

hole 142, which cut 62 metres grading 21 grams;

hole 147, which cut 21 metres grading 161 grams;

hole 149, which averaged 67 grams over 13 metres;

hole 150, which averaged 160 grams over 18 metres and 73 grams over 24 metres; and

hole 151, which graded 34 grams over 15 metres.

Two of the four drill holes collared on the Bundarra South zone returned narrow zones of mineralization. Hole 144 cut 4 metres averaging 88 grams silver, whereas hole 145 cut 8 metres grading 91 grams.

On the Main South zone, results from three previously drilled holes were 79 grams over 39 metres in hole 23, 411 grams over 31.4 metres in hole 24 and 48 grams over 19 metres in hole 25.

Meanwhile, in southern Argentina, Silver Standard has launched a 5,000 metre drill program at the Manantial Espejo silver project. The company is earning a 40% interest in the property from Black Hawk Mining (BHK-T). Discovered in 1989, Manantial Espejo has gone on to reveal a resource of 7.9 million tonnes averaging 179 grams silver and 2.9 grams gold per tonne.

Silver Standard can earn half of Black Hawk’s 80% stake by paying US$1.5 million and spending US$4.5 million on exploration by 2002 (extendable to 2003 under certain conditions). The remaining interest is held by Barrick Gold (ABX-T), which, upon completion of a feasibility study, must elect either to sell its interest to Black Hawk or double it.

Underlying vendors retain two royalties, one of which is tied to production but can not exceed $600,000. The other is a 0.5% net smelter return.