Tuesday, March 25, 2008
Silvermex Resources Ltd. Acquires the La Frazada Silver Mine, Nayarit, Mexico
March 25, 2008, Silvermex Resources Ltd. (TSXV:SMR) announces it has staked a 360 hectare concession along the South West margin of the Sierra Madre Occidental, in the historic mining district of Real del Zopilote, in the state of Nayarit. The past producing La Frazada Silver Mine is located approximately 300 km North West of Guadalajara and less than 100 km south of the Company's San Marcial project.
Preliminary reconnaissance sampling by Silvermex geologists of the La Frazada structure returned an average grade of
222.7 g/t silver. These results include channel samples across 1.5 meter sections of the vein grading up to
482.9 g/t silver and grab samples from dump material grading up to
655.7 g/t silver. Base metal grades of up to 0.77% copper, 8.2% zinc and 1.55% lead from 1.5 meter channel samples of vein material, and 0.70% copper, 5.3% zinc and 1.87% lead from grab samples of dump material have also been returned.
Specific results from samples collected during the reconnaissance sampling program include:
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Sample Sample Ag Ag Pb Zn Cu
Sample# type Source g/t Oz/t % % %
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FZ-1 Grab Dumps 208.7 7.0 1.79 5.30 0.71
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FZ-2 Grab Dumps 456.9 15.2 1.87 3.22 0.31
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FZ-3 Grab Dumps 655.7 21.9 0.82 0.21 0.03
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FZ-4 Channel 1.5 m Vein Underground. 482.9 16.1 0.31 1.00 0.08
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FZ-8 Grab Dumps 228.0 7.6 0.35 0.57 0.03
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FZ-10 Channel 1.5 m Vein Underground. 253.0 8.4 1.51 7.36 0.77
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FZ-11 Channel 1.5 m Vein Underground. 227.0 7.6 1.55 4.07 0.32
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FZ-15 Channel 1.5 m Vein Underground. 102.0 3.4 1.47 8.20 0.10
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FZ-19 Channel 1.5 m Hang/Foot wall 56.0 1.9 0.16 0.87 0.02
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FZ-20 Channel 1.5 m Vein Underground. 42.2 1.4 0.48 0.92 0.03
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FZ-21 Channel 1.5 m Vein Underground. 74.0 2.5 1.36 0.60 0.16
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FZ-26 Channel 1.5 m Vein Underground. 27.2 0.9 0.29 1.46 0.05
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FZ-27 Channel 1.5 m Vein Underground. 82.0 2.7 1.54 5.75 0.12
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The principal mineralized zones which lie between 10 and 15 meters apart, are the La Jabalina and La Frazada Veins. These two parallel structures vary in width from 3 to 15 meters, strike to the North West (general azimuth of 250°) and are moderately to steeply dipping (60° to 70°) to the South West. Both mineralized zones either outcrop or are exposed in trenches and underground workings along strike for more than 3 kilometers within the claim boundaries. A brief survey of the underground workings indicate the structures are exposed over a vertical distance of at least 300 meters and are open down dip. The tunnels are of relatively easy access but will require some re-conditioning.
Historical records indicate a foreign company operated the mines and a small smelter between 1890 and 1910. Operations apparently ceased at the time of the Mexican Revolution. Unverified sources indicate that bonanza grade silver (i.e. up to 1.5 kg/t) and an undisclosed quantity of gold were recovered from these operations. In 1985 Compania Minera Nival completed construction of a 280 tpd mill and development of an extensive series of underground workings including a 1,300 meter tunnel that allowed access to the La Jabalina vein at 6 different levels. These workings were used to access a 900 meter long, 350 meter high ore shoot that appears to be only partial mined. Prior to its abandonment, it appears Nival had been preparing for a more extensive mining program as 5 meter wide ramps had been completed which would have allowed for significantly higher production rates from La Jabalina. Previous owners have reported that exploration results from the Jabalina tunnel include a one meter channel sample of vein material that assayed 19.3 oz/t silver and 0.19 oz/t gold. The mine closed in 1997 due to low metal prices. The mill was later relocated.
The property lies along the contact between the Upper and Lower Volcanic Series, an unconformity that hosts many of the significant precious metal deposits in the Sierra Madre Occidental. Specifically the geology consists of Tertiary age, Lower Volcanic andesites overlain by Upper Volcanic rhyolites, tuffs, breccias and ignimbrites. All the volcanic rocks have been affected by the intrusions of granodiorite, diorite and andesitic porphyry.
Silver and poly-metallic mineralization with lower gold values has been identified within the area staked. Mineralization is associated with a northwest trending regional structure that hosts several quartz veins and breccias zones. This principal trend has been displaced locally by minor post-depositional faulting that does not appear to have significantly impacted the continuity of the mineralized structures. Porphyritic andesite, with pervasive prophylitic alteration (limonite secondary to pyrite) and minor dissemination of galena and pyrite is the principal host in the mineralized zone.
Silvermex is currently completing a systematic sampling and mapping program along the 3 kilometer surface outcrops and the underground workings in which the La Jabalina and La Frazada vein and breccias systems are exposed. Management believes the El Zopilote District is a large mineral system that may be part of a volcanic caldera complex. In addition to being a favorable environment for hosting epithermal deposits the geology of the region suggests it may also be favorable for hosting volcanogenic massive sulfides targets. A detailed mapping and sampling program is currently underway on the property with a drill program scheduled for the third quarter of this year.
Quality Control
All samples have been submitted to IPL in Richmond, B.C. for four acid digestion followed by ICP analysis. Duplicates, standards and blanks have been randomly inserted to the sampling stream at a ratio of 1 check assay for every 25 samples. Check assays are being completed at ALS Chemex in North Vancouver, B.C.
Qualified Person
Pursuant to National Instrument 43-101, Darcy Krohman, P.Geo., C.A,. Executive Vice-President and CFO of Silvermex Resources Ltd. is the Qualified Person (QP) responsible for the disclosure in this news release. Field work has been conducted by Silvermex Resources Ltd. employees and contractors.
For Further information, contact:
Arturo Bonillas, B.Sc.(Eng)
President
Hermosillo, Sonora, Mexico
Tel: 011-52-662-262-1132
arturo@silvermexresources.com
Darcy Krohman, P.Geo., C.A.
Executive Vice-President & CFO
Vancouver, BC, Canada
Tel: 604-682-4004
darcy@silvermexresources.com
For Investor Relations, contact:
Jason Leikam
Corporate Development
Vancouver, BC, Canada
Tel: 604-638-8979
jason@silvermexresources.com
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