Silver Standard hits bonanza grades

Vancouver — Silver Standard Resources (SSO-V) has tabled more high-grade results from infill and exploration drilling at the Manantial Espejo silver-gold project in Argentina’s Santa Cruz province.

So far, 2,868 metres have been drilled in the planned 5,000-metre program. The latest results are from 15 holes (1,034 metres) collared in the Veta Maria area, where a series of shallow holes, collared on 25-metre centres, are being drilled over the 750-metre strike length of the vein system. The best results were from the northwestern edge of the target, with hole 257 cutting 3.3 metres grading 80.5 grams gold and 420.7 grams silver per tonne at a down-hole depth of 42.3 metres. Hole 255, about 750 metres to the southeast at the opposite end of the vein system, hit 2.5 metres grading 1.5 grams gold and 1,328 grams silver at 57.4 metres down-hole.

Other highlights include:

– hole 245, which intersected 10 metres of 3.1 grams gold and 134 grams silver starting at 91.4 metres down-hole;

– hole 248, which hit 18.1 metres of 1.7 grams gold and 128.5 grams silver starting at 43.8 metres down-hole; and

Following the 3,000 metres of drilling slated for the Veta Maria area, 2,000 metres are planned for other veins and targets.

At last report, measured and indicated resources at the Manantial Espejo deposit totalled 4.4 million tonnes grading 263.8 grams silver and 4.51 grams gold per tonne. The inferred resource stands at 1.6 million tonnes grading 258.2 grams silver and 3.65 grams gold. Measured and indicated resources represent 73% of the total resource.

Discovered in 1989, the project consists of eight concessions covering 225 sq. km. It is 160 km west of the tidewater port of Puerto San Julian and is accessible via an all-weather gravel road. Geologically, the property is underlain by Jurassic-aged andesitic flows and agglomerates covered by felsic tuffs and ignimbrites. Silver and gold mineralization is generally confined to continuous shoots in quartz veins, which form in northwest-striking fault zones.

Silver Standard holds a 10% direct interest in Manantial Espejo and has an option to earn a further 40% from Black Hawk Mining (BHK-T), which holds 90% currently.