Silvermex Resources Inc. ("Silvermex") (TSX:SLX) announces initial
surface drill results from its producing La Guitarra property,
located in the Temascaltepec mining district, in the State of
Mexico. To date, 35 holes totalling 5,443 m of the 7,500 m surface
diamond drilling program, announced in September 2011, have been
completed. Assay results have been received for eight holes in the
Jessica zone and are reported below.
The Jessica/Coloso system has been acknowledged as one of three
potential satellite production centers, which have been identified
in near proximity to the Company's existing operation. The current
drilling is a follow up to earlier drill programs totalling 8,175 m
of diamond drilling in 27 holes, which were successful in
identifying these zones. The current program includes in-fill
drilling and step-out drilling to test the extension of the
structure along strike and at depth with the goal of defining
sufficient resources to advance the area towards becoming a new
production center for the company.
The drill holes tested the Jessica, Joya Larga, Comales and
Comales 2 structures within the Coloso Area, located approximately
4 km northwest of the La Guitarra Mine. These structures are known
to extend between 250 and 900 m in length. A subsequent round of
drilling is currently underway on the Jessica Vein to test
additional potential along strike and down dip. A second diamond
drill rig has been added to the program and will concentrate on
drilling targets in the Nazareno Area, situated approximately 500 m
to the west of Jessica.
"Management is pleased with the initial results of the current
surface drill program," commented Duane Nelson, CEO of Silvermex.
"This program has been very successful in complementing the results
of previous drilling and has helped to improve confidence in vein
continuity and grade, as many of the previous holes were widely
spaced. Additional drilling is justified both along strike and to
depth and is currently in progress." The program confirms that
significant mineralization at Jessica continues to be encountered
over a strike length of at least 300 m.
Highlights from the drill results include 1.69 m of 4.32 g/t Au
and 424.6 g/t Ag in Hole CO-14, 0.88 m of 7.99 g/t Au, 424.2 g/t Ag
and 1.05 m of 2.00 g/t Au, 813.9 g/t Ag in hole CO-16. Significant
drill intercepts are presented in the following table:
Jessica Zone Assay Results
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True Ag Eq
Hole-ID Target From To Width Width Au g/t Ag g/t g/t Remarks
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CO-14 Jessica 70.74 72.78 2.04 1.69 4.32 424.6 673.7 HW vein
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including 71.43 72.31 0.88 0.74 9.10 677.0 1,223.0 HW vein
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Jessica 96.45 96.75 0.30 0.25 1.94 98.4 210.1 Main vein
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CO-15 Jessica 13.96 15.23 1.27 1.07 0.06 1.3 4.5 HW vein
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Jessica 45.00 48.38 3.38 2.84 0.50 229.7 258.2 Main vein
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CO-16 Jessica 103.15 104.33 1.18 0.88 7.99 424.2 884.6 HW vein
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Jessica 152.50 153.90 1.40 1.05 2.00 813.9 929.2 Main vein
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including 153.70 153.90 0.20 0.15 1.14 2,470.0 2,538.4 Main Vein
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CO-17 Jessica 58.96 60.40 1.44 1.17 0.23 199.4 212.8 Main vein
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CO-18 Jessica 121.00 122.05 1.05 0.70 1.64 91.2 185.9 HW vein
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Jessica 194.66 195.34 0.68 0.45 1.08 68.8 130.8 Main vein
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CO-19 Jessica 126.97 129.91 2.94 2.03 1.10 91.3 154.8 HW vein
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Jessica 181.86 184.50 2.64 1.82 0.36 308.6 329.1 Main vein
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CO-21 Jessica 89.70 90.60 0.90 0.78 0.13 30.2 37.5 HW vein
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Jessica 132.95 135.60 2.65 2.29 0.38 92.1 104.8 Main vein
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CO-23 Jessica 152.20 153.20 1.00 0.89 0.14 61.5 69.8 Main vein
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Ag:Au 60 :1
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The Company is continuing with a program of surface geological
mapping and soil geochemical sampling on the La Guitarra property.
This program has been very successful in identifying new structures
and extensions of existing structures. The soil geochemical program
has also defined several previously unknown targets that will be
drilled in 2012. To date results have been received for 1,716
samples, which were collected in the Coloso Area and over the La
Guitarra Mine. Strong multi-element (Au, Ag, As, Sb, Hg, Tl),
anomalies are associated with the La Guitarra structure and with
the other structures in the Coloso Area. The geochemical results in
conjunction with geological mapping has helped prioritize and
assist in drill hole planning.
The host rocks for the Jessica zone are volcaniclastic breccias
and tuffs. The Main Jessica Vein illustrates typical epithermal
characteristics: banding, gray quartz, pyrite, pyrargarite and
argentite. The pyrargarite and argentite often occur as a
disseminated coating on drusy quartz crystals. The sulphides mostly
occur as fracture filings. A second vein occurs in the hanging wall
to the Main Jessica Vein. Known as the HW Vein, it has similar
characteristics as the Main Vein with strong banding and
disseminated pyrite and pyrite in fractures. The results from
drilling of the Jessica structures indicate that there are high
grade gold and silver values in both the Main Jessica Vein and the
HW Vein.
Drilling tested the HW Vein to a vertical depth of approximately
125 - 150 m and the Main Vein to a depth of approximately 175 m.
Mineralization is still open along strike to the southeast and at
depth. Based on the intercepts from the HW Vein and the Main Vein,
the Jessica structures have average true widths of 1.28 and 1.35 m,
respectively, but have been observed to exceed 4 m in some
holes.
Multi-element analysis indicates that there are no deleterious
elements of consequence associated with the mineralization
intercepted at Jessica and that the material should be compatible
with the mineralization being mined from La Guitarra, however,
metallurgical testing will be required to confirm
compatibility.
The veining associated with the other structures, Joya Larga,
Comales 2 and Comales, all have similar epithermal
characteristics.
Assay turnaround is averaging 30 days from delivery to the
preparation lab to final reporting due to very high sample volumes
experienced by the laboratory.
All samples from the current diamond drill program were sent to
ALS Laboratories' sample preparation facility in Guadalajara,
Mexico with final analysis done at their facilities in Vancouver,
BC. Certified standards, blanks and duplicate samples were inserted
in every batch of 20 samples to ensure laboratory QA-QC
performance. Assaying for gold and silver was by fire assay and
other elements by four acid ICP-AES.
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.
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
early 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
identify future production centers through extensive exploration
programs 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, CEO & Director
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.
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.
Contacts: Silvermex Resources Inc. Fiona Grant Manager, Investor
Relations 604-682-4004www.silvermexresources.com