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Silverstone
Discovers Significant Disseminated Silver-Gold Mineralization in the La
Colorada Zone, Copala Project
January 23, 2008
Vancouver, B.C. - Silverstone Resources Corp. ("Silverstone")
is pleased to report results from the first 15 drill holes (1,302 m HQ core
drilling) targeted on a zone of historic workings known as La Colorada.
At present, the company has completed 45 HQ core holes totaling 4,614
meters. Assays for the additional 30 holes are pending and will be
reported when received. This zone is located about 5.5kms to the WSW of
the Animas-Refugio vein where Silverstone has focused previous drilling. (Please
see property map located below.) The Copala Project is located 60km ENE
of Mazatlan, Sinaloa State, Mexico.
Highlights
- SCC-07-01 - 14.4 meters grading 0.39 g/t gold and 95 g/t silver
- SCC-07-02 - 5.6 meters grading 2.87 g/t gold and 936 g/t silver
- SCC-07-05 - 8.4 meters grading 1.36 g/t gold and 248 g/t
silver
- SCC-07-07 - 16.9 meters grading 0.44 g/t gold and 117 g/t silver
- SCC-07-09 - 2.0 meters grading 10.38 g/t gold and 1,634 g/t
silver
- SCC-07-11 - 13.7 meters grading 0.52 g/t gold and 107 g/t silver
The following table presents a summary of the
results for drill holes SCC-07-01 to SCC-07-15.
|
HOLE NO.
|
DESCRIPTION
|
FROM
|
TO
|
INTERVAL
|
TRUE
|
Au
|
Ag
|
Ag
|
|
|
|
mts
|
mts
|
mts
|
WIDTH*
|
g/t
|
g/t
|
Equivalent
|
|
SCC-07-01
|
Total Intercept
|
19.00
|
53.75
|
34.75
|
27.80
|
|
|
|
|
|
Core Intercepts
|
|
|
18.00
|
14.40
|
0.39
|
95
|
117
|
|
|
Old Working Voids
|
|
|
16.75
|
13.40
|
|
|
|
|
|
Interval Ended in Workings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-02
|
Total Intercept
|
59.50
|
68.00
|
8.50
|
7.57
|
|
|
|
|
|
Core Intercepts
|
|
|
6.30
|
5.61
|
2.87
|
936
|
1,097
|
|
|
Including
|
62.50
|
62.75
|
0.25
|
0.22
|
79.90
|
16,974
|
21,468
|
|
|
Old Working Voids
|
|
|
2.20
|
1.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-03
|
Hole lost in workings at 22.5m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-04
|
Core Intercept
|
21.50
|
28.25
|
6.75
|
4.73
|
0.36
|
61
|
81
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-05
|
Core Intercept
|
34.25
|
44.50
|
10.25
|
8.41
|
1.36
|
248
|
325
|
|
|
Hole lost in workings at 47.0m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-06
|
Core Intercept
|
34.00
|
45.50
|
11.50
|
10.47
|
0.42
|
111
|
135
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-07
|
Total Intercept
|
29.00
|
55.00
|
26.00
|
20.28
|
|
|
|
|
|
Core Intercepts
|
|
|
21.68
|
16.91
|
0.44
|
117
|
142
|
|
|
Old Working Voids
|
|
|
4.32
|
3.37
|
|
|
|
|
SCC-07-08
|
Core Intercept
|
33.53
|
35.50
|
1.97
|
1.81
|
0.29
|
48
|
64
|
|
|
Core Intercept
|
40.00
|
54.00
|
14.00
|
12.88
|
0.38
|
56
|
77
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-09
|
Total Intercept
|
22.00
|
53.00
|
31.00
|
24.80
|
|
|
|
|
|
Core Intercept
|
|
|
2.50
|
2.00
|
10.38
|
1,634
|
2,218
|
|
|
Core Intercept
|
|
|
21.00
|
16.80
|
assays pending
|
|
|
Old Working Voids
|
|
|
7.50
|
6.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-10
|
Total Intercept
|
21.00
|
39.00
|
18.00
|
16.02
|
|
|
|
|
|
Core Intercepts
|
|
|
16.48
|
14.67
|
0.31
|
62
|
79
|
|
|
Old Working Voids
|
|
|
1.52
|
1.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-11
|
Core Intercept
|
14.75
|
33.00
|
18.25
|
13.69
|
0.52
|
107
|
136
|
|
|
Core Intercept
|
87.00
|
88.75
|
1.75
|
1.31
|
2.75
|
599
|
754
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-12
|
No significant assay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-13
|
Total Intercept
|
8.00
|
30.00
|
22.00
|
18.92
|
|
|
|
|
|
Core Intercepts
|
|
|
11.81
|
10.16
|
0.33
|
37
|
56
|
|
|
Old Working Voids
|
|
|
10.19
|
8.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-14
|
No significant assay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCC-07-15
|
No significant assay
|
|
|
|
|
|
|
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- *True widths are estimated
by correcting for the strike and dip of the vein and the bearing and
inclination of the drill hole.
- Silver equivalent grade is
based on the relationship of current prices of gold ($900 per ounce) and
silver ($16 per ounce) and assumes 100% metallurgical recovery and 100%
smelter payable for both metals.
- Total intercept in meters
includes all old working voids and cored intervals. The individual
cored intercepts within a total interval were composited and presented
in this table as on
e core intercept.
It is very
significant that the individual core intercepts lie within a thicker zone of
manto and feeder vein mineralization that includes historic workings that
were used to extract higher grade material. Most of the manto mineralization
at La Colorada lies within a mesa at relatively shallow depths. This zone is
amenable to open pit development. Subsequent drilling has pursued the
manto mineralize-ation to the north and northwest.
Currently,
Silverstone has one diamond core rig drilling at La Colorada. A
decision to utilize a reverse circulation drill rig for definition drilling
at La Colorada will be made in February.
Samples were
assayed by ALS Chemex in Vancouver. Blank, standard and duplicate pulp
samples have also been assayed by ALS Chemex and duplicate core samples have
been sent to SGS in Toronto, Ontario. The results for these QA/QC
samples have been acceptable in the mineralized intervals and additional
QA/QC analyses are in progress.
Hugh
Willson, Vice President of Exploration for Silverstone and a qualified person
under NI 43-101, has reviewed the contents of this news release and
supervised the Copala Project for Silverstone since its inception.
An
independent resource study on the Clemens-El Muerto zone is expected to be
completed by the end of March 2008.
ABOUT
SILVERSTONE
Silverstone is a growth oriented silver mining
company with 100% of its revenue from silver production. Silverstone
expects to have 2008 silver sales of approximately 2 million ounces and
increasing to more than 3 million ounces in 2009. More information is
available online at www.silverstonecorp.com .
For further information about the Company, please
contact:
Chris Tomanik or Mark Patchett, Telephone: (604) 637.8151 / Facsimile: (604)
688-2180
Email: ctomanik@silverstonecorp.com or mpatchett@silverstonecorp.com
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR
DISAPPROVED OF THE CONTENTS HEREIN.
This news release does not constitute an offer to
sell or a solicitation of an offer to sell any of the securities in the United States.
The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or sold within
the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such
registration is available.
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