TORONTO– Silver Storm Mining Ltd. (“Silver Storm” or the “Company”) (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR), is pleased to announce that the company has added a second drill rig at the 100% owned La Parrilla Silver Mine Complex (“La Parrilla”), located in Durango, Mexico, and has commenced Phase 2 of the diamond drill program.
Highlights:
- Two underground drill rigs now on-site and operational at La Parrilla
- The Phase 2 diamond drill program will be completed over the next three months following up on the initial holes drilled with the aim of converting inferred mineralization to indicated
– 7,500 metres (“m”) of drilling planned
- Phase 1 of the drill program was completed with 69 drill holes (8,868 m) completed to date
– assays from 16 holes are pending from the San Marcos Mine
- Quebradillas Mine drill results have achieved key successes in each of the zones explored, highlighted by holes Q-23-020 which returned 1,810 g/t Ag.Eq1 over 14.62 m and hole Q-23-022A which returned 911 g/t Ag.Eq over 13.05 m
- Rosarios Mine drill results encountered several intersections of high-grade mineralization outside the current resource envelope including:
– Hole RO-24-15 returned 598 g/t Ag.Eq over 3.91 m including 1,170 g/t over 0.50 m and 1,071 g/t Ag.Eq over 1.87 m
– Hole RO-24-022A returned 900 g/t Ag.Eq over 0.97 m within a broader interval of 682 g/t Ag.Eq over 1.47 m (135 m below the last mined stope)
– Hole RO-24-012 returned 338 g/t Ag.Eq over 1.97 m (95 below last mined stope)
– A new mineralized zone identified in Eastern Rosarios with hole RO-24-007 returning 605 g/t Ag.Eq over 0.31 m and RO-24-009 returning 889 g/t Ag.Eq over 0.44 m and 468 g/t Ag.Eq over 0.44 m
Greg McKenzie, President and CEO, commented: “Our team is excited to be adding a second drill rig at La Parrilla. The Phase 1 results reported to date exceeded initial expectations and confirm our thesis that the mineralized zones at La Parrilla extend well beyond the previous mining areas. The second drill will accelerate following up on the key holes from the Phase 1 program. The work program also has a goal of converting resources from inferred to indicated. This announcement brings us another step closer to our objective of restarting production at La Parrilla.”
Phase 2 Drill Program
A second diamond drill is now operational at La Parrilla supporting the Phase 2 drill program. Over the coming months, the Company plans to complete an additional 7,500 m of follow-up drilling at the Quebradillas, Rosarios, and San Marcos Mines.
The intent of the Phase 2 drill program is to follow-up on the initial holes from the Phase 1 drill program. The aim is to gain a greater understanding of the extensions drilled to date, with the goal of converting mineralization that would be classified as inferred into the indicated category, and in certain instances continue the expansion of the zones at depth.
Phase 1 Drill Program
The Phase 1 drill program at La Parrilla successfully completed 69 drillholes totaling 8,868 m, including 30 drill holes in the Quebradillas Mine, 23 holes in the Rosarios Mine as well as 16 holes in the San Marcos Mine (assays pending) see Figures 1 & 2. The Phase I drill program was designed to increase the inferred resource base at La Parrilla, primarily through testing the extensions of known structures. Drilling has been completed underground in proximity to existing infrastructure and development.
Highlights of Quebradillas Mine Drill Results
The drill results reported to date from the Quebradillas Mine has achieved success in each of the key zones explored (See Figure 2).
C460 Zone was the largest zone mined when Quebradillas was previously in production. The results from Hole Q-23-020 and Q-23-022A extend the high-grade mineralization to at least 74 m below the last mined stope, with higher grades and widths than previously mined in the area. Key results from this area include Hole Q-23-020 returning 1,810 g/t Ag.Eq over 14.62 m including 2,466 g/t Ag.Eq over 9.57 m and 682 g/t Ag.Eq over 4.00 m, as well as Hole Q-23-022A returning 911 g/t Ag.Eq over 13.05 m including 2,361 g/t Ag.Eq over 2.60 m and 1,266 g/t Ag.Eq over 2.15 m.
In the C460B Zone, mineralization was intersected 110 m below the last stope mined in this area and over a strike length of 100 m. Holes Q-23-001, Q-23-003 and Q-23-005 were drilled downdip below and along strike to the north of the C460B Zone, an area that was mined and channel sampled by First Majestic at a historical grade of approximately 260 g/t Ag.Eq. The drilling validated the FM historical grades and widths.
Results in the Norte Sur Zone, through Hole Q-23-007, showed that the high-grade mineralization extends down-dip 97 m below the last mined stope in the area. This hole returned 436 g/t Ag.Eq over 4.46 m and 330 g/t Ag.Eq over 2.26 m within a broader interval grading 324 g/t Ag.Eq over 8.72 m.
Within the C1524 Zone, mineralization appears to strengthen at depth, exceeding the previously mined grades at the nearest two mining levels. The Q-23-010 intercept is located 37 m below the last mine development in the area and returned 650 g/t Ag.Eq over 7.14 m and 607 g/t Ag.Eq over 4.36 m, including 1,251 g/t Ag.Eq over 1.51 m, all within a broader interval grading 500 g/t Ag.Eq over 14.8 m.
In the Quebradillas Zone, mineralization was extended 31 m below the last mined stope in the area at double the grade (Hole Q-23-019 returning 523 g/t Ag.Eq over 1.22 m). Hole Q-23-017 also intercepted mineralization approximately 16 m above the last mine development in this area, with similar high-grade mineralization.
At San Nicolas, because of the drilling and surface mapping conducted by the Company, high-grade silver mineralization can now be traced with continuity from surface down to approximately 370 m. This continuity is demonstrated by excellent drill intercepts above and below previously mined stopes. Hole Q-23-024 returned 689 g/t Ag.Eq over 9.39 m including 1,000 g/t Ag.Eq over 5.25 m and is located 18 m above the last mining development in the area.
The strong returns from the La Estrella, San Rafael and C1940 Zones show that mineralization extends beyond prior mining development in this area. Of particular note, Hole Q-23-030 returned 455 g/t Ag.Eq over 4.13 m including 1,617 g/t Ag.Eq over 0.6 m, which was intercepted 87 m above the closest developed stope in the area. These zones were not modelled in the August 10, 2023 Mineral Resource Estimate for La Parrilla, prepared by SRK Consulting.
Highlights of Rosarios Mine Drill Results
Drilling at the Rosarios Mine targeted the east, central, and west strike and down-dip extensions of known mineralization. The Rosarios zone has a known strike length of approximately 2,000 m with mineralization that extends vertically for 900 m with true width varies up to 14 m. Refer to news release dated May 27, 2024 for additional information, See Figure 3.
Central Rosarios had several drill holes intercept high-grade mineralization outside the resource envelope, and when combined with the historical drill holes, are expected to have a positive impact on Mineral Resources within this area:
- RO-24-015 returned 598 g/t Ag.Eq over 3.91 m including 1,170 g/t Ag.Eq over 0.50 m and 1,071 g/t Ag.Eq over 1.35 m
- RO-24-014 returned 431 g/t Ag.Eq over 0.69 m and 285 g/t Ag.Eq over 1.02 m
- RO-24-020 returned 300 g/t Ag.Eq over 1.87 m including 588 g/t Ag.Eq over 0.46 m
- RO-24-018 returned 928 g/t Ag.Eq over 0.50 m
Western Rosarios drillholes intersected high-grade mineralization 135 m downdip from the last mined stope in the area, demonstrating the potential of extending the zone further downdip and to the west:
- RO-24-001 returned 283 g/t Ag.Eq over 3.84 m, including 542 g/t Ag.Eq over 1.19 m and 868 g/t Ag.Eq over 0.39 m
- RO-24-022A returned 900 g/t Ag.Eq over 0.97 m within a broader interval of 682 g/t Ag.Eq over 1.47 m
Eastern Rosarios drilling had two key accomplishments:
- RO-24-012 returned 338 g/t Ag.Eq over 1.97 m extending the zone approximately 95 m downdip from the last mined stope in this area
- A new mineralized zone was identified with RO-24-007 returning 605 g/t Ag.Eq over 0.31 m and RO-24-009 returning several intercepts the most notable being 889 g/t Ag.Eq over 0.44 m and 468 g/t Ag.Eq over 0.44 m
