Silver Standard Resources Inc.: Snowfield Infill
Drilling Update
VANCOUVER,
BRITISH COLUMBIA, Oct 01, 2009 (MARKETWIRE via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX: SSO)(NASDAQ: SSRI) reports that infill diamond
drilling at its wholly-owned Snowfield Project continues to deliver
consistently wide intersections of gold-copper mineralization in the
Snowfield Zone. The property is located 65 kilometers north of the town of
Stewart and southeast of Barrick's high-grade gold-silver mine at Eskay
Creek.
The
2009 drill program has been focused on the large block of inferred
mineralization in the northern half of the zone. Drilling was designed to
increase the hole density to approximately 100-meter centers.
Of the
latest 10 Snowfield Zone holes reported here, all were collared in
mineralization at surface. Significant results include:
- MZ-58
intersected 725 meters averaging 0.77 grams of gold per tonne (2,377 feet
averaging 0.022 ounces of gold per ton) and 0.16% copper and included 259
meters averaging 0.93 grams of gold per tonne (850 feet averaging 0.033
ounces of gold per ton) and 0.16% copper.
- MZ-54
intersected 561 meters averaging 0.96 grams of gold per tonne (1,842 feet
averaging 0.028 ounces of gold per ton) and 0.19% copper and included 170
meters averaging 1.31 grams of gold per tonne (558 feet averaging 0.038
ounces of gold per ton) and 0.21% copper.
The
2009 Snowfield Project field program is expected to wind down in early
October and lead to a resource update in Q4/09. The most recent resource
update for the Snowfield Zone (see news release dated February 3, 2009)
reported measured and indicated resources totaling 4.4 million ounces of gold
and inferred resources of 14.3 million ounces of gold based on a cut-off
grade of 0.5 grams of gold-equivalent/tonne.
Selected Snowfield Drill Results(i) - October 2009
----------------------------------------------------
From To Interval Gold Copper
Hole No. (meters) (meters) (meters) (g/tonne) (%)
----------------------------------------------------
MZ-51 4.6 664.5 659.9 0.73 0.17
----------------------------------------------------
MZ-52 19.5 199.5 180.0 0.58 0.05
----------------------------------------------------
404.5 605.5 201.0 0.48 0.12
----------------------------------------------------
MZ-53 4.5 262.5 258.0 0.71 0.13
----------------------------------------------------
MZ-54 1.5 563.0 561.5 0.96 0.19
----------------------------------------------------
Incl. 199.0 369.0 170.0 1.31 0.21
----------------------------------------------------
MZ-55 5.0 440.5 435.5 0.50 0.11
----------------------------------------------------
MZ-56 16.5 534.5 518.0 0.52 0.12
----------------------------------------------------
MZ-57 13.6 256.0 242.4 0.59 0.11
----------------------------------------------------
MZ-58 6.0 730.6 724.6 0.77 0.16
----------------------------------------------------
Incl. 184.0 443.0 259.0 0.93 0.16
----------------------------------------------------
MZ-59 47.0 278.0 231.0 0.67 0.08
----------------------------------------------------
330.5 530.0 199.5 0.54 0.11
----------------------------------------------------
MZ-60 0.0 202.5 202.5 0.59 0.12
----------------------------------------------------
273.5 461.0 187.5 0.66 0.11
----------------------------------------------------
(i) True thickness to be determined. Kenneth C. McNaughton, M.A.Sc.,
P.Eng., and vice president, exploration, Silver Standard Resources
Inc., is the Qualified Person (QP) responsible for the Snowfield
exploration program and has verified the data in the table above.
All samples were submitted for preparation and analysis by ALS Chemex
at its facilities in Vancouver, B.C. All samples were analyzed using
aqua regia 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 20 samples were blind duplicate assayed at
ALS Chemex in Vancouver, B.C.
Kenneth
C. McNaughton, M.A.Sc., P.Eng., vice president, exploration, Silver
Standard Resources Inc., is the qualified person responsible for the
Snowfield Project.
Silver
Standard Resources Inc. is a significant silver and gold resource company
making the transition from explorer to producer as well as growing through
exploration and development of its own projects. (Source: Silver Standard
Resources Inc.)
To
receive Silver Standard's news releases by e-mail, contact Paul LaFontaine,
director, investor relations at invest@silverstandard.com or call (888) 338-0046.
Statements
contained in this news release that are not historical fact, such as
statements regarding the economic prospects of the company's projects, future
plans or future revenues, timing of development or potential expansion or
improvements, are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward looking
statements are subject to risks and uncertainties which could cause actual
results to differ materially from estimated results. Such risks and
uncertainties include, but are not limited to, the company's ability to raise
sufficient capital to fund development, changes in economic conditions or
financial markets, 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 Mexico,
technological and operational difficulties or inability to obtain permits
encountered 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 filings with the Securities and
Exchange Commission.
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.
The TSX
has neither approved nor disapproved of the information contained herein.
Contacts:
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
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
SOURCE: Silver Standard Resources Inc.
mailto:invest@silverstandard.com
http://www.silverstandard.com