Tuesday, October 14, 2008
Silvermex Reports Initial NI 43-101 Resource Estimate for La Frazada Project
Silvermex Resources Ltd. (the Company") is pleased to report that it has completed an initial mineral resource estimate on its wholly-owned, La Frazada silver project located in Nayarit, Mexico.
The initial mineral resource estimate includes measured and indicated mineral resources of 4.7 million ozs silver (Ag), 3,189 oz Gold (Au), 31.3 million lbs. of zinc (Zn) and 11.1 million lbs of lead (Pb) and inferred mineral resources of 3.8 million oz Ag, 3,055 oz Au, 30.8 million pounds of Zn and 10.8 million lbs of Pb. The majority (55%) of the silver resources are in the measured and indicated category. Average measured resource grades are 259.75 g/t Ag, 0.88% Pb and 2.35% Zn.
The resource estimate was audited by Mr. William Lewis, B. Sc., P.Geo. (Micon International Inc.) the independent Qualified Person, and was prepared using CIM definitions for mineral resources as required by National Instrument 43-101. The mineral resource estimate is:
|
Category |
Tonnes
000 |
Ag (g/t) |
Au (g/t) |
Pb (%) |
Zn (%) |
Ag (oz)
000 |
Au
(oz) |
Pb (lb)
000 |
Zn (lb)
000 |
|
Measured: |
303.8 |
259.75 |
0.197 |
0.88 |
2.357 |
2,537 |
1,925 |
5,866 |
15,782 |
|
Indicated: |
278.9 |
240.46 |
0.141 |
0.86 |
2.521 |
2,156 |
1,264 |
5,297 |
15,498 |
|
Total M& I: |
582.7 |
250.50 |
0.170 |
0.690 |
2.436 |
4,693 |
3,189 |
11,163 |
31,280 |
|
Inferred: |
533.7 |
224.88 |
0.178 |
0.923 |
2.616 |
3,859 |
3,055 |
10,860 |
30,769 |
The above block model resource estimate is based on a cut-off grade 80 grams of silver per tonne, 0.75% lead and 1% zinc.
The past-producing La Frazada Silver Mine is located approximately 300 km North West of Guadalajara and less than 100 km south of the Company's San Marcial project. The La Frazada project consists of two parallel veins which outcrop intermittently along 3 kilometers of strike length within the property boundaries. The underground workings are accessed from adits located at both the western and eastern extremities of the property. Near the western claim boundary the 1,800 meter La Jabalina adit allows access to at least three ore shoots along the La Jabalina vein on the 100 level. Near the eastern boundary development has occurred along both the La Jabalina East and the La Frazada Veins. The La Jabalina Vein has been developed along at least 250 meters of strike length and between 100 and 150 meters of vertical extent. At present the vein can only be accessed at the 330 and 360 levels. The La Frazada Vein has been developed along over 500 meters of strike length and approximately 180 meters of vertical extent between the 390 and the surface at 570 meters. The recent program concentrated on sampling and mapping along the 3 kilometers of surface outcrops and systematic sampling of the underground workings where the La Jabalina and La Frazada Veins and breccias systems are exposed.
In 1985 Compania Minera Nival completed construction of a 280 tpd mill and development of an extensive series of underground workings including a 1,300 meter tunnel that allowed access to the La Jabalina vein at 6 different levels. These workings were used to access a 900 meter long, 350 meter high ore shoot that appears to be only partially mined. Prior to the mine's abandonment, it appears Nival had been preparing for a more extensive mining program as 5 meter wide ramps had been completed which would have allowed for significantly higher production rates from La Jabalina. Previous owners have reported that exploration results from the La Jabalina tunnel include a one meter channel sample of vein material that assayed 19.3 oz/t silver and 0.19 oz/t gold. The mine closed in 1997 due to low metal prices. The mill was later relocated.
The property lies along the contact between the Upper and Lower Volcanic Series, an unconformity that hosts many of the significant precious metal deposits in the Sierra Madre Occidental. Specifically the geology consists of Tertiary age, Lower Volcanic andesites overlain by Upper Volcanic rhyolites, tuffs, breccias and ignimbrites. All the volcanic rocks have been affected by the intrusions of granodiorite, diorite and andesitic porphyry.
Management is very encouraged with this initial resource update and based the high grade nature of the deposit, extensive geological modeling, detailed underground and surface sampling, and past drill intersections, they are confident that future exploration programs will deliver additional silver resources.
Qualified PersonPursuant to National Instrument 43-101, Mr. William Lewis, B. Sc., P.Geo. (Micon International Inc.) is the independent qualified person responsible for the mineral resource estimate. Mr. Darcy Krohman, P.Geo., C.A,. Executive Vice-President and CFO of Silvermex Resources Ltd. is the Qualified Person (QP) responsible for the disclosure in this news release.
For Further information, contact:
Arturo Bonillas, B.Sc.(Eng)
President
Hermosillo, Sonora, Mexico
Tel: 011-52-662-262-1132
arturo@silvermexresources.comFor Investor Relations, contact:
Jason Leikam
Corporate Development
Vancouver, BC, Canada
604-638-8979
jason@silvermexresources.comDarcy Krohman, P.Geo., C.A.
Executive Vice-President & CFO
Vancouver, BC, Canada
Tel: 604-682-4004
darcy@silvermexresources.comThe TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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