Monday, February 11, 2008
Drill Program Completed At Peñasco Quemado Property
Silvermex Resources Ltd ("Silvermex") is pleased to report that a 3,227 meter reverse circulation drill program has been completed at its Penasco Quemado project in Northern Sonora, Mexico. The program consisted of the following:
Fourteen infill and extension drill holes totaling 1,254 meters were completed with the objective of increasing the current resource at the Penasco Quemado zone. Preliminary results from 7 of the holes appear to confirm the down dip and lateral extension of the silver resource along strike to the southeast. Once assay results from the final 7 holes are received, a new resource estimate will be completed.
Six drill holes totaling 540 meters were completed near Hole PQD 5 from the 2007 drill program. Hole PQD 5 intersected 7.5 meters grading 110 g/t Ag. The assay results from holes RCPQ-36 and RCPQ-37 confirm the continuity of the silver mineralization. RCPQ-37 was particularly encouraging as it intersected 27 meters grading 46.1 g/t Ag (including 12 meters grading 83 g/t Ag). Hole 36 intersected very anomalous silver grades that require additional drilling to extend the resource in this area.
Two drill holes totaling 285 meters were completed to test the IP anomalies along the east margin of Guadalupe creek and the eastern edge of cross section 360SE. The objective was to confirm the continuity of the known ore deposit beneath a strong color anomaly located in the small valley.
Nine drill holes totaling 372 meters were completed in the San Luis (pink breccia) Zone where the 2006 drill program intersected 10.4 meters of 734.9 g/t Ag. Assays results are pending.
Four holes totaling 576 meters were completed in the La Fortuna Zone where induced polarization and resistivity surveys confirmed the down dip existence of a mineral structure previously exploited at surface by a number of shallow adits, trenches and open cuts. Assay results are pending.
One drill hole totaling 200 meters was completed on the Loma Negra Zone to test the down dip extent of several strong geochemical anomalies identified in previous programs. Assay results are pending.
The Company is currently compiling and analyzing the significance of those assay results it has received. Once all results have been received and compiled they will be incorporated into an updated mineral resource estimate. The current mineral resource estimate on the Penasco Quemado property as announced on January 30, 2007 is:
Resource Classification |
Ore
(million tonnes) |
Grade
(g/t Ag) |
Silver (million troy oz) |
Measured Mineral Resource |
0.123 |
151.9 |
0.599 |
Indicated Mineral Resource |
2.442 |
115.0 |
9.032 |
Total Measured + Indicated |
2.565 |
116.8 |
9.631 |
Inferred Mineral Resource |
0.001 |
41.4 |
0.001 |
Silvermex has also received the results of a two line NSAMT survey completed to the east of the Penasco Quemado zone. The survey identified an anomaly near the extreme Northeast extension of both lines at a depth of 300 to 500 meters. This zone of very low resistivity has been interpreted as a high chargeability zone between two horizons of high resistivity and probably represents two granite units offset by high angle faulting. The high angle faults have been interpreted to be the conduits for the fluids that have mineralized the upper clastic horizons. The source of this silver and copper mineralization has not been indentified to date. The surface projection of the high chargeability zone coincides with the isolated oxidized outcrops of sedimentary rocks and jasper near the eastern extent of the Penasco Quemado ranch. Most of the area is covered by a thick alluvial cover with anomalous gold soil geochemical values. These results indicate this portion of the claim is an important exploration target to explore by NSAMT and geochemical soil sampling. The Company believes these methods will prove effective in exploring the southern portion of the Penasco Quemado zone as much of the area is covered by alluvium.
Silvermex will be commencing exploration and drill programs on its other properties in March of 2008.
Qualified Person
Pursuant to National Instrument 43-101, Darcy Krohman, P.Geo., C.A,. Executive Vice-President and CFO of Silvermex is the Qualified Person (QP) responsible for the disclosure in this news release. Field work has been conducted by Silvermex employees and contractors.
For Further information, contact:
Bruce Bragagnolo, LLB.
CEO
Vancouver, B.C. Canada
Tel: 604-638-8980
bruce@silvermexresources.com
Darcy Krohman, P.Geo., C.A.
Executive Vice-President & CFO
Vancouver, BC, Canada
Tel: 604-638-8971
darcy@silvermexresources.com
For Investor Relations, contact:
Jason Leikam
Corporate Development
Vancouver, BC, Canada
Tel: 604-638-8979
jason@silvermexresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect out current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.