Silver Standard
Resources Inc.: Brucejack Drilling Concludes for 2010; Significantly Expanded
Gold-Silver Zones
VANCOUVER, BRITISH COLUMBIA, Oct 20, 2010 (Marketwire via COMTEX
News Network) -- Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) (the
"Company") is pleased to report the results from the final 20 holes
of the 33,100-meter diamond drill program at its wholly-owned Brucejack
Project. The latest results have defined a new area of mineralization in the
West Zone, encountered further high-grade gold and silver mineralization in
the Galena Hill Zone and expanded the known mineralization in the West, Galena
Hill, Bridge and Shore Zones.
West Zone
Drilling has defined a new area of mineralization in the
footwall of the West Zone. A highlight is SU-98:
-- SU-98, a metallurgical hole which was not sampled in the top 275 meters,
intersected 130 meters averaging 1.40 grams of gold and 16.6 grams of
silver per tonne, including 3.0 meters averaging 876.75 grams of gold
and 597.55 grams of silver per tonne. This intersection is less than 50
meters from the historical West Zone which was defined by over 750
surface and underground drill holes and over 5,000 meters of underground
workings.
Intersections in holes SU-63, SU-66, SU-67, SU-98 and SU-100
define the footwall mineralization measuring approximately 120 by 500 meters.
The close proximity of these intersections to an area extensively studied in
the past exemplifies the continued exploration potential of the West Zone and
the Brucejack Project as a whole.
Galena Hill Zone
The Galena Hill Zone, located 500 meters south of the West Zone,
is host to disseminated gold-silver mineralization together with
structurally-controlled high-grade veins. Drilling has continued to confirm
the location of the high-grade structures intersected in 2009 and 2010. The
highlight from the latest holes is SU-106:
-- SU-106 intersected three bands of mineralization including 0.69 meters
of 1,710 grams of gold per tonne and 1,080 grams of silver per tonne.
This intersection encountered the same zone as defined by the high-grade
intercepts in holes SU-12, SU-29, SU-40 and SU-84 previously reported
from the 2009 and 2010 programs and included in Table 1.
Drilling in 2010 has expanded the Galena Hill Zone by 100 meters
to the northeast and 250 meters to the southwest. Galena Hill is open to the
east and to depth.
Bridge Zone
The Bridge Zone, which exhibits porphyry-style gold-silver
mineralization, measures approximately 600 meters by 900 meters, roughly
three times the area defined in the 2009 drill program.
Holes SU-92, SU-94 and SU-95 have expanded the zone 200 meters
further south than the area defined in 2009 drilling. Holes SU-64, SU-87 and
SU-90 show that the zone remains open to the east. The highlight was hole
SU-87:
-- SU-87 intersected 168 meters averaging 1.09 grams of gold per tonne and
4.04 grams of silver per tonne and ended in mineralization.
Shore Zone
Eight holes completed on the Shore Zone expanded it to the
northwest, where the zone remains open and to depth.
The 31,000-meter program at Brucejack is part of the total
51,100-meter program including the Company's adjacent Snowfield Project,
located 65 kilometers north of the town of Stewart in British Columbia. A new
Brucejack Project map has been posted in the Projects section of Silver
Standard's web site which shows both 2009 and 2010 drill hole locations. In
addition to work completed on these four zones, other targets have been
defined on the property that will require future follow-up sampling and
drilling. A new resource update for the Brucejack Project is anticipated in
the first half of 2011.
Kenneth C. McNaughton, M.A.Sc.,
P.Eng., Senior Vice President, Exploration, Silver Standard Resources Inc.,
is the Qualified Person responsible for Silver Standard's exploration
programs.
Silver Standard Resources Inc. is a silver mining company that
seeks growth through discovery, the development of its project pipeline, and
accretive acquisition opportunities.
Table 1 - Selected Brucejack Project Drill Results(1)
October 2010
---------------------------------------------------------------------------
Gold Gold Silver Silver
From To Interval Grade Grade Grade Grade
Hole Number (meters) (meters) (meters) (g/t) (oz./ton) (g/t) (oz./ton)
---------------------------------------------------------------------------
Galena Hill
---------------------------------------------------------------------------
SU-12(2) 273.00 274.50 1.50 16,949 494.36 8,696 253.64
---------------------------------------------------------------------------
SU-29(2) 560.80 561.30 0.50 5,344 155.87 3,740 109.08
---------------------------------------------------------------------------
SU-40(2) 348.63 349.13 0.50 430 12.54 174 5.08
---------------------------------------------------------------------------
464.45 465.03 0.58 536 15.63 175 5.10
---------------------------------------------------------------------------
648.81 650.45 1.64 5,850 170.63 720 21.00
---------------------------------------------------------------------------
SU-84(2) 198.08 198.52 0.44 5,480 159.83 2,140 62.42
---------------------------------------------------------------------------
SU-91(4) 43.00 102.98 59.98 1.64 0.05 11.02 0.32
---------------------------------------------------------------------------
SU-93(4) 73.10 88.05 14.95 0.52 0.02 27.61 0.81
---------------------------------------------------------------------------
105.80 146.10 40.30 1.26 0.04 6.50 0.19
---------------------------------------------------------------------------
164.00 191.00 27.00 1.17 0.03 10.44 0.30
---------------------------------------------------------------------------
205.79 232.43 26.64 1.32 0.04 6.66 0.19
---------------------------------------------------------------------------
SU-96(3) 138.00 164.00 26.00 0.57 0.02 18.41 0.54
---------------------------------------------------------------------------
226.00 249.02 23.02 0.87 0.03 10.30 0.30
---------------------------------------------------------------------------
SU-97(3) 125.41 199.50 74.09 0.49 0.01 4.75 0.14
---------------------------------------------------------------------------
219.50 266.12 46.62 1.30 0.04 8.77 0.26
---------------------------------------------------------------------------
289.71 325.00 35.29 1.83 0.05 6.18 0.18
---------------------------------------------------------------------------
SU-102 133.00 208.50 75.50 0.64 0.02 6.88 0.20
---------------------------------------------------------------------------
231.00 277.50 46.50 0.59 0.02 6.53 0.19
---------------------------------------------------------------------------
SU-106(4) 83.00 155.47 72.47 1.37 0.04 15.00 0.44
---------------------------------------------------------------------------
192.50 241.12 48.62 1.06 0.03 25.75 0.75
---------------------------------------------------------------------------
incl 240.43 241.12 0.69 1,710 49.88 1,080 31.50
---------------------------------------------------------------------------
269.58 294.00 24.42 0.77 0.02 7.31 0.21
---------------------------------------------------------------------------
SU-108 116.00 137.00 21.00 0.56 0.02 7.18 0.21
---------------------------------------------------------------------------
West Zone
---------------------------------------------------------------------------
SU-63(2) 4.20 28.50 24.30 0.72 0.02 9.25 0.27
---------------------------------------------------------------------------
143.00 166.50 23.50 0.92 0.03 34.02 0.99
---------------------------------------------------------------------------
319.00 487.49 168.49 0.80 0.02 4.81 0.14
---------------------------------------------------------------------------
SU-66(2) 26.89 64.55 37.66 0.88 1.49
---------------------------------------------------------------------------
358.34 444.00 85.66 1.16 5.39
---------------------------------------------------------------------------
SU-67(2) 114.00 177.55 63.55 0.76 0.02 4.45 0.13
---------------------------------------------------------------------------
250.00 324.42 74.42 2.17 0.06 16.56 0.48
---------------------------------------------------------------------------
SU-98(5) Metallurgical hole, unsampled from 0 to 275 meters
---------------------------------------------------------------------------
275.00 339.00 64.00 0.75 0.02 5.79 0.17
---------------------------------------------------------------------------
359.00 488.50 129.50 1.40 0.04 16.60 0.48
---------------------------------------------------------------------------
incl 427.00 430.00 3.00 876.75 25.57 597.55 17.43
---------------------------------------------------------------------------
SU-100(3) 69.50 89.00 19.50 0.49 0.01 1.74 0.05
---------------------------------------------------------------------------
398.10 427.71 29.61 1.56 0.05 7.03 0.21
---------------------------------------------------------------------------
561.00 605.34 44.34 0.85 0.02 3.02 0.09
---------------------------------------------------------------------------
incl 582.00 605.34 23.34 1.05 0.03 3.50 0.10
---------------------------------------------------------------------------
SU-103 Metallurgical Hole - no assays
---------------------------------------------------------------------------
Bridge Zone
---------------------------------------------------------------------------
SU-64(2) 170.2 318.8 148.6 0.72 0.02 7.50 0.22
---------------------------------------------------------------------------
290.29 318.78 28.49 1.07 0.03 9.76 0.28
---------------------------------------------------------------------------
SU-87(2)(3) 175.50 343.20 167.70 1.09 0.03 4.04 0.12
---------------------------------------------------------------------------
SU-89(2)(3) 99.50 161.50 62.00 1.17 0.03 2.96 0.09
---------------------------------------------------------------------------
188.56 229.00 40.44 0.84 0.02 2.45 0.07
---------------------------------------------------------------------------
304.00 638.25 334.25 1.02 0.03 4.76 0.14
---------------------------------------------------------------------------
SU-90(2) 69.00 160.00 91.00 0.83 0.02 6.82 0.20
---------------------------------------------------------------------------
241.00 353.00 112.00 0.91 0.03 22.66 0.66
---------------------------------------------------------------------------
371.00 408.50 37.50 0.56 0.02 5.20 0.15
---------------------------------------------------------------------------
SU-92 135.76 154.00 18.24 0.72 0.02 3.73 0.11
---------------------------------------------------------------------------
230.00 275.00 45.00 0.72 0.02 7.07 0.21
---------------------------------------------------------------------------
SU-94 191.50 240.00 48.50 0.61 0.02 4.77 0.14
---------------------------------------------------------------------------
269.00 270.50 1.50 34.70 1.01 18.60 0.54
---------------------------------------------------------------------------
298.50 324.00 25.50 0.84 0.02 12.45 0.36
---------------------------------------------------------------------------
SU-95 316.50 387.00 70.50 0.67 0.02 21.76 0.63
---------------------------------------------------------------------------
387.00 410.50 23.50 0.76 0.02 25.01 0.73
---------------------------------------------------------------------------
Shore Zone
---------------------------------------------------------------------------
SU-99 91.50 112.00 20.50 1.52 0.04 45.76 1.33
---------------------------------------------------------------------------
158.50 193.50 35.00 0.73 0.02 22.80 0.66
---------------------------------------------------------------------------
212.00 240.50 28.50 0.65 0.02 10.14 0.30
---------------------------------------------------------------------------
SU-101 135.04 142.50 7.46 3.58 0.10 177.68 5.18
---------------------------------------------------------------------------
190.00 205.00 15.00 0.57 0.02 11.95 0.35
---------------------------------------------------------------------------
221.65 229.50 7.85 0.86 0.03 46.71 1.36
---------------------------------------------------------------------------
SU-104 38.70 79.50 40.80 0.63 0.02 7.80 0.23
---------------------------------------------------------------------------
94.50 117.00 22.50 0.70 0.02 10.83 0.32
---------------------------------------------------------------------------
SU-105 87.50 137.00 49.50 0.71 0.02 3.06 0.09
---------------------------------------------------------------------------
198.50 212.00 13.50 2.65 0.08 63.34 1.85
---------------------------------------------------------------------------
SU-107 103.00 125.93 22.93 0.70 0.02 24.31 0.71
---------------------------------------------------------------------------
147.50 174.12 26.62 1.25 0.04 23.56 0.69
---------------------------------------------------------------------------
SU-109 54.00 66.00 12.00 0.89 0.03 7.43 0.22
---------------------------------------------------------------------------
173.74 200.80 27.06 0.92 0.03 20.87 0.61
---------------------------------------------------------------------------
SU-110 15.00 58.00 43.00 1.34 0.04 35.05 1.02
---------------------------------------------------------------------------
(1) True thickness to be determined. See cautionary note to U.S. investors.
(2) Previously reported.
(3) Ended in mineralization.
(4) One sample cut to 31.1 grams of gold per tonne.
(5) Two samples cut to 31.1 grams of gold per tonne.
Kenneth C. McNaughton, M.A.Sc.,
P.Eng., and Senior Vice President, Exploration, Silver Standard Resources
Inc., is the Qualified Person (QP) responsible for the Brucejack Project
exploration program and has verified and supervised the preparation of the
data in the table above. All samples were submitted for preparation and
analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were
analyzed using multi-digestion with ICP finish. Samples over 100 ppm silver
were reanalyzed using four acid digestion with an ore grade AA finish.
Samples over 1,000 ppm silver were fire assayed with a gravimetric finish.
Samples with over 10 ppm gold were fire assayed with a gravimetric finish.
One in 10 samples was blank, one in 20 was a standard sample, and differing
one in 20 samples was a field duplicate one-quarter split core assayed at ALS
Chemex in Vancouver, B.C.
Forward Looking Statements: Certain statements in this news
release are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and forward-looking information
within the meaning of Canadian securities laws (collectively,
"forward-looking statements"). Forward-looking statements are
statements that are not historical facts and that are subject to a variety of
risks and uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements.
Forward-looking statements include, without limitation, the estimation of
mineral reserves and resources, the timing and amount of estimated future
production, costs of production, and costs and timing of development of new
deposits. Such risks and uncertainties include, but are not limited to, the
timing to complete drilling programs at the Company's exploration projects;
differences in U.S. and Canadian practices for reporting mineral resources
and reserves; risks and uncertainties relating to the interpretation of drill
results and the geology, grade and continuity of our mineral deposits; the
Company's ability to raise sufficient capital to fund development; changes in
economic conditions or financial markets; uncertainty of production and cost
estimates; the Company's history of losses and expectation of future losses;
changes in prices for the Company's mineral products or increases in input
costs; litigation, legislative, environmental and other judicial, regulatory,
political and competitive developments in Argentina, Australia, Canada,
Chile, Mexico, Peru, the United States and other jurisdictions in which the
Company may carry on business; technological and operational difficulties or
inability to obtain permits or land use agreements in connection with
exploration and development activities; labour relations matters; and
changing foreign exchange rates, all of which are described more fully in the
Company's most recent Form 20-F and other filings with the Securities and
Exchange Commission. The Company does not intend, and does not assume any
obligation, to update any forward-looking statements, other than as required
by applicable law.
Cautionary note to U.S. investors: The terms "measured
mineral resource", "indicated mineral resource", and
"inferred mineral resource" used in this news release are Canadian
geological and mining terms as defined in accordance with National Instrument
43-101, Standards of Disclosure for Mineral Projects ("NI 43-101")
under the guidelines set out in the Canadian Institute of Mining, Metallurgy
and Petroleum (the "CIM") Standards on Mineral Resources and
Mineral Reserves. We advise U.S. investors that while such terms are
recognized and permitted under Canadian regulations, the SEC does not
recognize them. U.S. investors are cautioned not to assume that any part or
all of the mineral deposits in the measured and indicated categories will
ever be converted into reserves. "Inferred mineral resources" in
particular have a great amount of uncertainty as to their economic
feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian rules
estimates of inferred mineral resources may not generally form the basis of
feasibility or other economic studies. U.S. investors are cautioned not to
assume that any part or all of an inferred mineral resource exists, or is
economically or legally mineable. Disclosure of contained metal expressed in
ounces is in compliance with NI 43-101, but does not meet the requirements of
Industry Guide 7 of the SEC, which will only accept the disclosure of tonnage
and grade estimates for non-reserve mineralization.
(Source: Silver Standard Resources Inc.)
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. toll-free: (888) 338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com