February 19,
2008
Mexican Silver Mines Ltd. Announces
Positive Exploration Results and
Drill Plan for the Mamulique Project
Mexican
Silver Mines Ltd. ("Mexican Silver" or
"MSM") is pleased to announce new exploration results and plans
for drilling targets within the historic Mamulique mining district.
The Mamulique district is located 30 kilometers northeast of Monterrey,
Mexico at the southernmost tip of MSM's Anillo de Fuego concession and is
an historic zinc-silver-lead mining district in the Eastern Cordillera
Silver Belt of northeastern Mexico. The national highway between
Monterrey, Mexico and Laredo, Texas transects the Mamulique area. Mexican
Silver has identified lead-zinc occurrences in these road cuts where
previously unrecognized structurally controlled and manto-type
mineralization is exposed.
Regional data collected by Mexican Silver shows that at least fifteen
shafts along the crest of the Mamulique anticline are present over a
strike length of 10 km, including the Santo Nino, Victoria, Mina El
Milagro, Mina La Torre and Mina La Paloma. MSM's initial review indicates
that these workings, other than the Santo Nino and La Victoria mines, were
mined to depths of only 10 to 20 meters. No historic production
information is available for these other mines; however, Mexican Silver
has commenced an initial exploration program on these historic mines.
Detailed surface and underground mapping/sampling has been completed over
an area of 120 hectares within the main mining area including the Santo
Nino and Victoria mines. A number of mine adits and declines are
safely accessible and provide MSM with an initial third dimensional
evaluation down to a depth of a few tens of meters. This mapping has
defined a mineralized structural zone approximately 1,400 meters long,
which on the surface, consists of at least 6 parallel veins. The formation that hosts this
mineralization is the Cuesta del Cura Formation. Projected below
this formation, and based on regional stratigraphic interpretation, the
Aurora Formation is thought to be present. The Aurora Formation is
the favorable host formation for significant mineralization at the La
Encantada (First Majestic Silver Corp.) and La Platosa (Excellon
Resources Inc.) mines.
Within the Mamulique district, numerous mining works have been
identified, mapped and sampled. The strongest mineralization has
been observed in the Santo Niño shaft which has a reported mining
depth of 180 meters and the La Victoria shaft with a reported depth of 50
meters.
The largest historic mining operation in the Mamulique district was
reported at the Santo Nino mine which is located on an oblique cross
structure at the crest of the Mamulique anticline. A report by Servicio
Geologico Mexicano (SGM) indicated production from the Santo Nino mine
was reported to be 500 tons per month of high grade zinc ore with
subsidiary silver and lead values when it was in production in the last
century. The grade of historic production from this mine was reported to
be up to 40% zinc and ore was shipped to Cia Zinc National in Monterrey.
Results from the surface sampling at Mamulique are presented as follows:
Sample #
|
Sample type and width
|
Ag g/t
|
Pb %
|
Zn %
|
MM01
|
vein 20 cm
|
185
|
15.9
|
7.52
|
MM02
|
vein 5 cm
|
314
|
>20
|
6.51
|
MM02A
|
vein 11 cm
|
257
|
>20
|
6.98
|
MM03
|
vein 5 cm
|
368
|
>20
|
23.5
|
MM04
|
vein 30 cm
|
49.7
|
6.24
|
0.63
|
MM05
|
vein 10 cm
|
22.7
|
0.76
|
14.85
|
MM06
|
vein 10 cm
|
107
|
17.9
|
14.4
|
MM07
|
tailings Santo Niño
mine
|
30.3
|
0.83
|
4.71
|
MM08
|
tailings Santo Niño
mine
|
11
|
1
|
18.15
|
MM09
|
tailings Santo Niño
mine
|
62.2
|
1.58
|
20.7
|
MM11
|
vein 12 cm
|
381
|
>20
|
2.44
|
MM12
|
vein 13 cm
|
98
|
17.1
|
19.3
|
MM13
|
vein 12 cm
|
125
|
10.8
|
30
|
MM14
|
vein 30 cm
|
4
|
0.5
|
0.23
|
MM15
|
vein 40 cm
|
0.8
|
0.07
|
3.8
|
MM16
|
tailings La Victoria mine
|
64.6
|
6.86
|
0.21
|
MM17
|
vein 20 cm
|
12
|
1.25
|
1.88
|
MM18
|
vein 25 cm
|
44.1
|
8.41
|
10.35
|
Mineralization in these types of veins is interpreted to be associated
with the anticline axis of the Sierra Mamulique. Favorable
structural zones within permissive carbonate horizons are the preferred
hosts for mineralization in veins and mantos. Sulfide mineralogy of
the veins consists primarily of galena (lead sulfide) and sphalerite
(zinc sulfide) associated with calcite and quartz which are observed as
fracture fillings and replacements within the limestone.
Underground rock chip sampling from the Victoria mine at depths to 20 to
30 meters beneath the surface gave the following results:
Sample #
|
Sample type and
width
|
Ag g/t
|
Pb %
|
Zn %
|
MM21
|
vein 22 cm
|
47.2
|
3.52
|
>30.0
|
MM22
|
vein 30 cm
|
37.4
|
0.73
|
25.6
|
MM23
|
vein 40 cm
|
18.5
|
>0.41
|
19.1
|
MM24
|
vein 25 cm
|
34.9
|
1.58
|
27.2
|
MM25
|
vein 33 cm
|
21.2
|
0.17
|
24.9
|
MM26
|
vein 20 cm
|
46.8
|
3.11
|
28.2
|
MM27
|
vein 25 cm
|
35.9
|
0.02
|
28.0
|
MM28
|
vein 25 cm
|
20.2
|
0.03
|
23.3
|
MSM has
prepared its first phase drill program at Mamulique consisting of 13
holes for an approximate 2,300 meters of drilling. Both structural
and stratigraphic targets will be tested with both short and deep holes
to test longitudinal and depth continuity. No previous drilling has
ever been carried out in the Mamulique district or mine areas. Drilling
at Mamulique will commence immediately following the completion of the
current drilling at the Company's Iguana Property.
While initial exploration on the Anillo de Fuego concession is focused on
the Santo Nino and La Victoria mine areas, other occurrences of
silver-rich base metal mineralization are present in the surrounding
mountain ranges exhibiting anticlinal structures. Two of these other
areas known as El Cedral and El Mortero and will be explored by Mexican
Silver in due course.
Photos and long sections from the Mamulique project are available for
review on the MSM website noted below.
All hand samples were shipped to ALS Chemex Laboratory ("Chemex")
for analyses. Chemex has an International Standard Organization rating of
ISO 9001:2000 and is independent of Mexican Silver. Mexican Silver
follows a rigorous Quality Assurance/Quality Control program consisting
of inserting standards and duplicates into the sample stream submitted to
Chemex for analyses. Mr. William Dynes, P. Geol., the project
supervisor of Mexican Silver's program on the Mamulique Property, is the
Corporation's nominated Qualified Person responsible for monitoring the
supervision and quality control of the programs completed within the its
properties. Mr. Dynes has reviewed and verified the technical information
contained in this news release.
This news release contains forward-looking information including but not
limited to comments regarding the timing and content of upcoming work
programs, geological interpretations and potential mineral recovery
processes. Forward-looking information includes disclosure regarding
possible future events, conditions or results of operations that is based
on assumptions about future economic conditions and courses of action,
and therefore, involves inherent risks and uncertainties. When used in
this news release. The words "estimated", "plan",
"anticipated", "expected", "intend",
"believe", and similar expressions are intended to identify
forward-looking statements. These statements involve known and unknown
risks, uncertainties and other factors that may cause the actual results,
performance or achievements of Mexican Silver to be materially different
from any future results, performance or achievement expressed or implied
by such forward-looking statements. For any forward-looking information
given, management has assumed that the analytical results it has received
are reliable, and has applied geological interpretation methodologies
which are consistent with industry standards. Although management has a
reasonable basis for the conclusions drawn, there can be no assurance
that forward-looking statements will prove to be accurate and actual results
may differ materially from those currently anticipated in such
statements. For such statements, we claim safe harbour.
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:
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responsibility for the adequacy and accuracy of this information.
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