Vancouver,
BC, Canada - September 28, 2011 - Silvermex
Resources Inc. ("Silvermex") (TSX: SLX)
announces initial underground drill results from its La Guitarra
mine, located in the Temascaltepec Mining
District in the State of Mexico. A total of 37 underground drill holes have
been completed for a total of 2,128 m. The drilling is part of a planned
7,500 m program to test various structures underground throughout the La Guitarra Mine.
Drilling to date has confirmed the presence of significant gold and silver
values in extensions to existing stopes, which
will be mined in the immediate future. Drilling has begun exploring the
down dip exploration potential of the San Rafael Zone with visual
indications of significant quartz veining. Partial assay results are
discussed below.
The drill program is designed to confirm continuity to known mineralized
zones, identify extensions both along strike and down dip, and test for
presence of additional mineralized shoots. Assay results have been received
for 29 of the 37 holes completed. "I am very excited by the positive
results we have seen and our improved understanding of the ore body",
stated Duane Nelson, CEO of Silvermex.
"Drilling was delayed due to various reasons, including development
delays, equipment delays and some mechanical breakdowns of our previous
contractor's equipment. We have since rectified the situation by hiring a
new contractor to complete the development and drill programs, which has
resulted in improved performance and results".
The La Guitarra mine is divided into three
sectors: the Northwest or Los Angeles Zone, the Central or La Cruz Zone and
the Southwest Zone, referred to as San Rafael. Drilling in the Los Angeles
Zone is focused on delineation of mineralized shoots for future production.
Highlights of drilling in this area are intervals of 3.53 g/t Au and 87 g/t
Ag over 1.35 m in hole GMU-99, and 1.29 g/t Au and 219.5 g/t Ag over 1.60 m
in hole GMU-106. Los Angeles historically has had higher gold numbers than
the rest of La Guitarra as there is a general
zonation of higher to lower gold values from northwest to southeast.
At La Cruz, drilling is exploration-oriented looking for downward
continuation of mineralization that had been mined in the past and to test
for recently identified parallel structures. To date, drilling on the La Guitarra Vein itself did not return appreciable values
in this area, however high assay results were returned over narrow widths
from parallel structures in the hanging wall. These structures will be
evaluated further to test continuity of economic mineralization. Elsewhere
in the La Guitarra Mine these narrow parallel
structures have been exploited due to their high gold and silver values and
have made important contributions to the mine. Assays of note in the La
Cruz area include 1.00 g/t Au and 296.3 g/t Ag over 0.8 m from hole LGS-01,
and 68.41 g/t Au and 12,211 g/t Ag over 0.20 meters in hole LGS-02.
At San Rafael, where the majority of mining activity is currently focused,
15 holes have been completed and one is in progress. Assays are available
for 9 holes. This first round of holes, the GMU series, was drilled as stope delineation/definition holes to assist mining.
Two of the holes returned excellent results. GMU-97 returned 1.50 g/t Au
and 401.0 g/t Ag over 0.20 m, and GMU-98 returned 0.90 g/t Au and 591.0 g/t
Ag over 0.35 m. Based on these results, exploration drilling at depth is
currently in progress.
All significant drill intercepts (defined as any mineralization grading a
minimum of 150 g/t Ag equivalent) are presented in the following table:
Hole No
|
Azimuth
|
Dip
|
Length
|
From
|
To
|
Width
|
True Width
|
Au (g/t)
|
AG (g/t)
|
Ag Eq
(g/t)
|
Los
Angeles
|
GMU-95
|
196
|
-33
|
23.50
|
13.80
|
15.60
|
1.80
|
1.05
|
1.12
|
79.8
|
152.6
|
GMU-96
|
199
|
-30
|
19.50
|
8.70
|
9.15
|
0.45
|
0.25
|
0.70
|
443.0
|
488.5
|
GMU-99
|
74
|
-4
|
40.00
|
0.75
|
2.10
|
1.35
|
1.35
|
3.53
|
87.0
|
316.5
|
GMU-100
|
346
|
-38
|
14.50
|
3.50
|
4.50
|
1.00
|
0.90
|
1.70
|
51.0
|
161.5
|
GMU-101
|
66
|
0
|
42.00
|
NSV
|
GMU-102
|
174
|
-3
|
16.90
|
NSV
|
GMU-103
|
68
|
-3
|
34.00
|
NSV
|
GMU-104
|
3
|
-1
|
39.00
|
19.45
|
20.30
|
0.85
|
0.81
|
1.31
|
59.9
|
145.1
|
|
|
|
|
21.95
|
22.25
|
0.30
|
0.28
|
0.30
|
161.0
|
180.5
|
|
|
|
|
24.00
|
25.35
|
1.35
|
1.30
|
0.40
|
154.2
|
180.2
|
GMU-105
|
214
|
-32
|
12.40
|
NSV
|
GMU-106
|
257
|
-1
|
62.60
|
45.40
|
47.10
|
1.70
|
1.60
|
1.29
|
219.5
|
303.4
|
|
|
|
|
52.20
|
53.00
|
0.80
|
0.75
|
1.15
|
61.5
|
136.3
|
GMU-107
|
253..91
|
0
|
30.00
|
Assays Pending
|
GMU-108
|
253
|
-32
|
3.00
|
Assays Pending
|
GMU-109
|
260
|
0
|
|
In Progress
|
La
Cruz
|
GMU-88
|
8.00
|
-18.00
|
25.00
|
4.60
|
6.00
|
1.40
|
1.20
|
1.40
|
170.0
|
259.7
|
|
|
|
|
11.40
|
12.00
|
4.00
|
1.00
|
0.80
|
299.0
|
364.0
|
GMU-90
|
336
|
-8
|
26.00
|
NSV
|
GMU-91
|
42
|
-26
|
14.80
|
1.20
|
3.05
|
1.85
|
1.40
|
1.85
|
143.7
|
201.3
|
LGS-01
|
74
|
-48
|
169.00
|
43.50
|
44.45
|
0.95
|
0.80
|
1.00
|
296.3
|
356.3
|
|
|
|
|
57.70
|
58.20
|
0.50
|
0.40
|
0.08
|
287.0
|
291.7
|
|
|
|
|
130.45
|
131.15
|
0.70
|
0.55
|
1.25
|
26.0
|
100.8
|
LGS-02
|
28
|
-60
|
90.00
|
1.35
|
1.65
|
0.30
|
0.20
|
68.41
|
12211.0
|
16315.6
|
|
|
|
|
58.40
|
58.60
|
0.20
|
0.15
|
0.11
|
152.0
|
158.8
|
|
|
|
|
87.10
|
88.15
|
1.05
|
0.90
|
1.58
|
6.0
|
100.7
|
LGS-03
|
42
|
-44
|
125.00
|
47.00
|
47.20
|
0.20
|
0.13
|
0.63
|
348.0
|
385.8
|
LGS-04
|
9
|
21
|
138.00
|
NSV
|
LGS-05
|
6
|
41
|
90.00
|
NSV
|
LGS-06
|
24
|
25
|
90.00
|
43.85
|
44.35
|
0.50
|
0.30
|
2.19
|
14.0
|
145.4
|
LGS-07
|
9
|
16
|
74.00
|
NSV
|
San
Rafael
|
GMU-85
|
194
|
25
|
31.50
|
23.80
|
26.80
|
3.00
|
1.70
|
0.40
|
80.0
|
106.0
|
GMU-86
|
247
|
-58
|
40.00
|
NSV
|
GMU-87
|
267
|
2
|
52.00
|
NSV
|
GMU-89
|
236
|
10
|
31.50
|
NSV
|
GMU-92
|
197
|
-11
|
29.50
|
23.20
|
26.25
|
3.05
|
2.55
|
1.16
|
312.0
|
348.0
|
GMU-93
|
Abandoned
|
GMU-94
|
192
|
-25
|
31.00
|
Abandoned
|
GMU-97
|
244
|
-31
|
50.40
|
37.50
|
37.80
|
0.30
|
0.20
|
1.50
|
401.0
|
498.5
|
GMU-98
|
224
|
23
|
15.60
|
8.40
|
9.00
|
0.60
|
0.35
|
0.90
|
591.0
|
649.5
|
LGS-09
|
26
|
-53
|
80.00
|
Assays Pending
|
LGS-10
|
77
|
-43
|
85.0
|
Assays Pending
|
LGS-11
|
85
|
-29
|
102.0
|
Assays Pending
|
LGS-12
|
71
|
-73
|
105.0
|
Assays Pending
|
LGS-13
|
99
|
-58
|
140.0
|
Assays Pending
|
LGS-14
|
74
|
-43
|
155.0
|
Assays Pending
|
LGS-15
|
77
|
-59
|
|
In Progress
|
Ag eq @ 60:1 NSV No Signficant Values
|
The presence of high grade gold and silver mineralization in parallel
structures to the La Guitarra Vein is highly
encouraging as such zones have been very productive in the past. Follow-up
drilling will investigate the full potential of these structures.
Drilling is ongoing with two drill rigs, one from a contractor and the
second owned by the mine. A third drill rig has been requested and will be
on site as soon as it is available from the contractor. As the program
continues there will be an increased emphasis on exploration drilling,
which will greatly assist in future mine planning.
Sampling of the drill core was overseen by one of the La Guitarra geologists who marked off the drill core at
appropriate intervals based upon the geology and mineralization present.
Sample intervals normally vary from 0.2 -- 1.0 m in length. No sample
exceeded 1.5 m in overall length. All core samples were sent to Activation
Laboratories Ltd. ("ActLabs")
facilities in Zacatecas, Mexico. Assays for gold were done by 1 Assay Tonne Fire Assay AA Finish and 4 Acid ICP-AES for
silver and other elements. Gold assays that exceed 5 g/t by AA are redone
using a gravimetric finish. Silver assays in excess of 100 g/t are redone
using Fire Assay Gravimetric. Four acid ICP analyses were conducted at the
main laboratory of Actlabs in Ancaster,
Ontario, Canada. Some work was completed at La Guitarra's
own laboratory (Fire Assay Gravimetric Finish) with check assaying
completed by ActLabs. Certified standards,
blanks, and duplicate samples were inserted in every batch of 20 samples to
ensure laboratory QA-QC performance.
Pursuant to National Instrument 43-101, Robert Fraser, P.Geo., Vice-President
Exploration of Silvermex Resources Inc. is the
Qualified Person (QP) responsible for the disclosure in this news release.
Mr. Fraser has supervised the drill program contained in this news release
and verified the data supporting such disclosure.
Company Profile
Silvermex Resources Inc. is a publicly traded
mining company focused in Mexico and led by a highly qualified team of
professionals from some of the most notable companies in the silver mining
sector. The Company's portfolio of projects ranges from advanced stage
exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to increase production
at the mine to full capacity and is conducting extensive exploration to
further develop the district. Silvermex is well
financed to further develop resources organically from its multiple
projects as well as from the acquisition of additional assets that will
drive production growth.
ON BEHALF OF THE BOARD
"Duane Nelson"
Duane Nelson
CEO & Director
For more information please visit the Company's website at www.silvermexresources.com or
contact Fiona Grant, Manager, Investor Relations
at 604-682-4004.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Exchange) accepts
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 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. Management has assumed that
these will be our major projects going forward. Risks include that we are
unable to satisfy environmental or other regulators, that we determine that
our resources are not commercially viable, or that we have difficulties due
to unavailability of labour or equipment.
While these
forward-looking statements, and any assumptions upon which they are based,
are made in good faith and reflect our 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.
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