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December 5,
2007
Mexican Silver Mines Ltd. Announces
Positive Drill Assay Results
From Vallecillo and the Commencement of Drilling at Iguana
Mexican
Silver Mines Ltd. ("Mexican Silver")
(TSXV: MSM; Frankfurt WKN: A0MSLE) is pleased to announce initial assay
results from drilling on its Vallecillo project. The Company has
completed a 13 hole program for a total of 3,081 meters on the project. Results
from the first four drill holes have now been received. The
Vallecillo district has been the site of silver-lead mining activities
dating back to 1776 where mineralization is hosted within structures and
mantos of the Eagle Ford Formation in a sequence of interbedded limestones
and silty carbonates. The largest mine in the district, the Dolores
Mine, has a known depth of 100 meters. All the other mines in the area,
all located on Mexican Silver's Providencia property, have been mined
from 5 to 20 meters. These mines were restricted to the water table due
to inadequate mining and water management techniques at the time. The Vallecillo District is
located in the southern part of the Company's 100% owned Providencia
Concession.
The Company's Phase One drill program at Vallecillo was the first ever
drilling directed at this district by any group. As the majority of
the underground workings are inaccessible and historic mine maps from the
various mines in the district were not available, this drilling program
provided the first concrete subsurface information for in-situ
mineralization. Mexican Silver was cautious in its drilling pattern due
to the lack of historic mine maps as we did not want the drill to
encounter underground open areas which would result in the loss of the hole
and potential damage to the drilling equipment. The subsurface
information obtained through this phase of drilling will allow Phase Two
drilling to step closer to the historic mining targets.
Complete results from the first four diamond drill holes have been
received and a number of individual drill intercepts exhibit positive
assay values. The highlighted results from the initial set of assay
came from drill hole V-3.
Assays of interest for drill hole V-3 included (estimated true
thicknesses):
• 1 meter intercept from 162.3 to
163.5 meters depth: 136 g/t Ag and 9.52% Pb
• 2 meter intercept from 167.3 to
169.3 meters depth: 313 g/t Ag and 0.88% Pb
Drill hole V-3 was located 200 meters west of the Dolores mine and
intercepted silver-lead mineralization in a thin limestone manto and
breccia structure which correlates with the interpreted Dolores zone.
Assays of interest from drill hole V-1 returned geochemically anomalous
values from numerous zones of thin stratiform and limestone breccia
hosted mineralization including (estimated true thicknesses):
• 2 meters from 69 to 71 meters
depth of 13 g/t Ag
• 2 meters from 85 to 87 meters
depth of 3 g/t Ag
• 2 meters from 93 to 95 meters
depth of 3 g/t Ag
• 1 meter from 162 to 163 meters
depth of 7 g/t Ag
Drill hole V-1 was located approximately 100 meters west-northwest of the
Delores shaft and exhibits multiple zones of anomalous silver
mineralization indicative of metal fluid flow through the host carbonate
horizons.
Assays of interest from drill hole V-2 returned geochemically anomalous
values from multiple zones of thin stratiform mineralization including
(estimated true thicknesses):
• 14 meters from 132 to 146 meters
depth of 1 g/t Ag
• 8 meters from 182 to 190 meters
depth of 1 g/t Ag
• 1 meter from 212 to 213 meters
depth of 4 g/t silver
• 7 meters from 219 to 226 meters
depth of 3 g/t silver
• 10 meters from 244 to 254 meters
depth of 3 g/t silver
Drill hole V-2 was located approximately 150 meters northwest of the
Dolores shaft. This anomalous mineralization indicates low grade
metal fluid flow through a moderate thickness of limestone.
Assays of interest from drill hole V-4 returned geochemically anomalous
values of (estimated true thickness):
• 0.75 meter intercept from 125.5
to 126.25 meters depth: 7 g/t Ag with 0.3% Pb and 2.93% Zn
Multiple one to two grams per ton silver values were also returned from
the interval 131 to 179 meters depth. V-4 was located approximately
400 meters southwest of the Dolores shaft and suggests that fluid
pathways were active throughout this zone of thin breccias/veins and
altered limestones.
Phase Two drilling at Vallecillo in the coming months will target
extensions to these zones of breccias and stratiform replacement
mineralization primarily to the west of the Dolores shaft.
Feisal Somji, President and CEO of Mexican Silver Mines, stated:
"visually we have seen a strong system in the 140 to 170m depth from
observations in all 13 holes drilled at Vallecillo, This mineralization
is observed over an 8 km strike that remains open to the west. We
are now waiting for assay results from the lab on the remaining
holes."
Mexican Silver has recently purchased the Gemcom GEMS Software and is in
the process of inputting data into this program. This software will
enable the Company to properly define a delineation pattern type drilling
program to be initiated at the Vallecillo Project in the coming months.
Additionally, drilling at the Iguana project has now commenced. The
Company has planned a 7 hole drill program for this project located on
the Ral Concession which encompasses an area of 10,160 acres centered on
Iguana. High grade silver-lead-zinc mineralization, found as
replacement mantos and skarns, is localized along the contact zones of
multiple Tertiary granodiorites within Cretaceous limestones. In
some of the mine workings, high grade mineralization extended for
distances over one hundred meters as a replacement of a single limestone
horizon.
ALS Chemex Labs Ltd of North Vancouver, BC, Canada conducted all of the
geochemical analysis for this drilling. Blank samples were inserted
every 15th sample for quality control assurance. Core recoveries
for the reported intervals were considered good and representative of the
interval. Data validation was conducted by Mexican Silver's
Exploration Manager Carlos Escalante, B.Sc. on all drill core logs.
Mr. William Dynes, P. Geol. is the Qualified Person, as defined in NI
43-101, who has reviewed and verified the scientific and technical mining
disclosure contained in this new release.
About Mexican Silver Mines
Mexican Silver Mines is a silver focused junior resource company
developing three former silver producing properties in north-eastern
Mexico. To learn more about Mexican Silver Mines, please visit: www.mexicansilvermines.com.
ON
BEHALF OF THE BOARD OF
MEXICAN SILVER MINES LTD.
Feisal
Somji, B.Sc., MBA
President and Chief Executive Officer
FOR FURTHER INFORMATION, CONTACT:
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this information.
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