Silver Sands Provides Exploration Summary Ahead of Phase III Drill Program on The Virginia Silver Project
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2021) - Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF) ("Silver Sands" or the "Company") is pleased to provide an exploration summary of its extremely successful 2020/2021 exploration program at its Virginia Silver Project in Santa Cruz Province, Argentina. In addition, the Company would like to announce that its currently finalizing Phase III of its upcoming 2021/2022 exploration program, which it expects to commence as soon as crews are mobilized. Silver Sands is planning an aggressive exploration campaign designed to build on the success of last seasons discoveries.
Silver Sands controls the 59,750ha advanced exploration stage Virginia silver project. It has an existing NI-43-101 resource of 1,149,000 Tonnes at 310 g/t silver for a total of 11.9 Moz silver in the indicated category and 430,000 Tonnes at 207 g/t silver for a total of 3 Moz in the inferred category*. The mineral resources are contained within seven conceptual open pits.
*The Mineral Resource Estimate was reported by the Vendor, Mirasol Resources Ltd., in a report titled Project, Santa Cruz Province, Argentina -- Initial Silver Mineral Resource Estimate" with an effective date of Oct. 24, 2014, and a report date of Feb. 29, 2016 by D. Earnest and M. Lechner. Copies of the report are available from the company.
Early exploration of the Virginia Vein Field discovered more than 15 veins, including: Julia South, Julia Central, Julia North, Ely South, Ely North, Margarita, Roxane, Naty, Martina, Magi, Priscilla, Daniela, Patricia, Maos, Mercedes, and Naty Extension. Mineralized vein outcrop widths ranged from one to five meters. Vein outcrops, subcrop, and vein float could be traced for hundreds of meters of strike length in some instances. Subsequent drilling of these vein structures was successful in the definition of a preliminary indicated and inferred resource.
Highlights From Last Season's Exploration Program
- Phase I exploration tested the potential for new high-grade silver zones to expand on the existing NI 43-101 resource and was comprised of a total of 2,831m in 18 diamond drill holes. A total of 80.5 line kilometres of PDP IP surveying was completed to further define the historic gradient array chargeability anomalies for drill targeting.
- Phase II exploration program comprised 20 drill holes for a total of 3,104 m. The Phase II program focused on following up on the results of Phase I and testing several new prospective zones. A further of 37.5 line kilometres of PDP IP surveying defined a new area to NE of the main vein field and will be worked up for drill targeting.
New discoveries were made in areas of lower IP chargeability, opening up the potential for strike extensions of known veins, as well as new discoveries within previously untested linear trends of lower intensity.
- Drilling led to the discovery of a new high-grade zone at Ely Central, where drilling intersected strong and continuous Ag grades in four drill holes over a 200 m strike length. Drilling also intercepted high grade silver mineralization at the Ely North, Martina NW and Julia South targets.
Figure 1. Key Zones.
To view an enhanced version of Figure 1, please visit:
- Phase I and II drilling confirmed the Ely structure can be traced over 1.7 km in strike length from north to south and it is still open on strike to the north and south and also at depth. The Naty-Julia Structure now extends to over 3 km in strike length and is still open to the north and south and at depth.
- At Ely Central, drilling discovered a 200 m open ended strike length of strong silver mineralization that lies within a 580m "gap" left untested from the original drilling at Virginia by Mirasol in 2012.
New Discoveries and Drill Results
Drilling defined the new mineralized shoot with significant silver intercepts between the Ely South and Ely North conceptual pits. In addition, 400m between Ely Central and North remains to be drill tested. Highlights include:
- 639 g/t Ag over 9.60m (EC-DDH-004)
- 625 g/t Ag over 10.80m, including 1,110 g/t Ag over 5.70m (EC-DDH-005)
- 560 g/t Ag over 9.98m, including 1,578 g/t Ag over 2.87m (EC-DDH-003)
- 233.54 g/t Ag over 9.25m, including 441.71 g/t Ag over 4.5m (EC-DDH-001)
Drilling of lower intensity chargeability anomalies at Ely North Extension is defining a new mineralized shoot with significant silver intercepts 70m and 400m north of the existing Ely North conceptual pit, suggesting a 350m strike length. These intercepts included:
- 476 g/t Ag over 4.0m, including 929 g/t Ag over 1.85m (EN-DDH-002)
- 91 g/t Ag over 7.5m (EN-DDH-001)
A potential 200m long mineralized shoot is also developing at Martina NW, with silver intersections of:
- 198.51 g/t Ag over 33.5m, including 316 g/t Ag over 17.7m (MSE-DDH-001)
- 70.8 g/t Ag over 13.05m, including 149.54 g/t Ag over 3.13m at and 596.54 g/t Ag over 0.3m at (MSE-DDH-003)
At Julia South, Phase I and Phase II drilling indicates a strong potential for significant silver mineralization along the Julia South structural trend exists further to the south of the current Julia South conceptual resource pit. A potential 400m long mineralized shoot is developing at Julia South Extension, defined by drill holes spaced 70m to 370m south of the Julia South conceptual pit. The intercepts include:
- 360 g/t silver over 0.4m (JSE-DDH-003)
- 259 g/t silver over 0.7m (JSE-DDH-002)
- 192 g/t silver over 5.5m, including 372 g/t silver over 1.6m (JS-DDH-003)
- 140.27 g/t silver over 4.2m, including 483 g/t silver over 0.35m (JSE-DDH-001)
- 123.43 g/t silver over 8.5m, including 168.34 g/t silver over 3.9m (JS-DDH-001)
To view an enhanced version of Figure 2, please visit:
The success at Ely North and Ely Central suggests lower intensity chargeability anomalies may also indicate silver bearing veins. Mirasol only drilled the highest chargeability anomalies during their 2010-2012 programs, meaning the lower intensity chargeability anomalies within the main vein field need to be re-evaluated for potential silver bearing veins.
IP Survey Identifies 17 Similar Targets
An IP survey to the NE of the existing vein field has identified 17 targets with chargeability response similar to known veins in the main vein field.
Keith Anderson, Chief Executive Officer of Silver Sands commented, "We are eager to follow up on our Phase I and Phase II exploration successes at Virginia. Significant intersections at Ely North, Ely Central, Martina SE and Julia South bode well for resource expansion, as the Phase III program will be directed at expanding each of these zone." He continued, "We will also continue the PDP IP to extend the Virginia vein field further to the northeast, an area where management anticipates discovery of new ounces of silver."
Virginia is a low to intermediate sulphidation epithermal silver deposit located in the mineral-rich Deseado massif, lying within the mining-friendly state of Santa Cruz in the Patagonia region of Argentina. Through initial discovery in 2009 to four drill programs between 2010 and 2012, Mirasol Resources was able to define an initial indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag within seven conceptual pits. This resource is documented in a Mirasol Resources technical report entitled: "Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina -- Initial Silver Mineral Resource Estimate" with an effective date of Oct. 24, 2014, and a report date of Feb. 29, 2016.
Several additional vein structures within the property package remain highly prospective, as Mirasol concentrated the bulk of its exploration effort on the resource area at the expense of continuing exploration on the underexplored additional veins. Several of these structures have highlight silver values in excess of 1,000 g/t Ag and have a high probability of hosting additional silver resources. These veins structures will be the primary focus of the Silver Sands 2020/2021 exploration efforts.
Silver Sands is earning a 100-per-cent interest in Virginia by issuing sufficient shares for Mirasol to end up with 19.9 per cent of the issued and outstanding of Silver Sands and completing $6-million (U.S.) in exploration over three years. Mirasol will retain a 3-per-cent net smelter return royalty with Silver Sands having the option of purchasing one-third of the royalty for $2-million (U.S.).
About Silver Sands Resources Corp.
Silver Sands is a well-financed, Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit. Its key asset is the Virginia silver project, located in the mining-friendly Santa Cruz state of Argentina.
On Behalf of the Board of Directors
Chief Executive Officer, Director
For further information, please contact:
Chief Executive Officer, Director (604) 786-7774
Qualified Person Statement: Silver Sand's disclosure of technical and scientific information in this press release has been reviewed and approved by R. Tim Henneberry, P.Eng., a director of the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.
QAQC: Silver Sands applies industry standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Argentina for analysis. Assay results from channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Silver Sands disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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