Silvermex Announces Positive Results of San Marcial Drill Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/24/10 -- Silvermex Resources Ltd. ('Silvermex') (TSX VENTURE: SMR) is pleased to announce that is has completed a twenty-two hole, 3,706.5 meter diamond drill program on its San Marcial silver property located in southern Sinaloa state, Mexico.
The program was designed to provide in-fill drill hole information in order to increase the degree of confidence in the strike and down dip continuity of the mineralized zone identified in previous drill programs.
Initial assay results have been received for all drill holes and check assaying of all of the mineralized intercepts plus selected other intervals is in progress.
Significant silver mineralization occurs in a broad zone over a strike length of at least 350 meters and to a depth of at least 500 meters. In the current drill program silver mineralization occurred over widths varying from 4.45 meters to over 29.0 meters with grades from 72.9 - 327.0 g/t Ag. A zone of higher grade mineralization with excellent continuity exists with this broader envelope of lower grade material including values of 502.5 g/t Ag over 4.50 meters, 483.2 g/t Ag over 4.50 meters and 335.4 g/t Ag over 5.0 meters.
The mineralization has been closed off to the northwest by a fault but remains open along strike to the southeast where drill hole SM-10-21 encountered 19.45 meters @ 188.5 g/t Ag including 4.70 meters @ 316.7 Ag/t Ag and 5.00 meters @ 335.4 g/t Ag.
Drill hole SM-10-22 was drilled to test the down dip continuation of the mineralized zone. The hole intersected 11.50 meters @ 224.2 g/t Ag including 4.50 meters @ 483.2 g/t Ag at a depth 50 meters deeper than any previous intersection confirming the potential for additional mineralization at depth.
Michael Callahan, Silvermex President, reports, 'We are very pleased with the results of the recent drill program. The program was very successful in fulfilling the objectives we established and the mineralized zone remains open on strike and at depth. It provides the necessary data to complete a new resource block model and comprehensive mine plan. The data will be incorporated into the Preliminary Economic Assessment which is scheduled for completion in Q4 of this year.'
Table 1. San Marcial Assay Results 2010 Drilling
-------------------------------------------------------
Hole No From To Width g/t Ag
-------------------------------------------------------
SM-10-01 60.00 83.10 23.10 90.1
-------------------------------------------------------
including 60.00 61.70 1.70 156.8
-------------------------------------------------------
SM-10-02 107.80 129.50 21.70 91.7
-------------------------------------------------------
including 122.30 128.50 6.20 168.3
-------------------------------------------------------
SM-10-03 46.02 75.30 29.28 95.4
-------------------------------------------------------
including 48.02 53.02 5.00 304.8
-------------------------------------------------------
SM-10-04 100.15 119.50 19.35 104.3
-------------------------------------------------------
including 105.30 108.30 3.00 279.0
-------------------------------------------------------
SM-10-06 154.50 180.00 25.50 132.1
-------------------------------------------------------
including 156.50 161.00 4.50 502.5
-------------------------------------------------------
SM-10-07 138.70 153.28 14.58 131.9
-------------------------------------------------------
including 103.19 104.44 1.25 258.0
-------------------------------------------------------
SM-10-08 101.00 120.00 19.00 112.4
-------------------------------------------------------
including 116.00 120.00 4.00 408.2
-------------------------------------------------------
SM-10-09 114.18 133.50 19.32 72.9
-------------------------------------------------------
including 102.90 104.15 1.25 142.0
-------------------------------------------------------
SM-10-11 118.45 137.00 18.55 94.9
-------------------------------------------------------
including 122.60 125.40 2.80 211.0
-------------------------------------------------------
SM-10-12 118.00 134.00 16.00 89.9
-------------------------------------------------------
including 123.40 127.80 4.40 172.0
-------------------------------------------------------
SM-10-15 53.80 67.25 13.45 327.0
-------------------------------------------------------
including 54.00 55.00 1.00 3720.0
-------------------------------------------------------
SM-10-19 27.00 37.00 10.00 99.8
-------------------------------------------------------
including 31.50 34.00 2.50 237.8
-------------------------------------------------------
SM-10-20 69.85 74.3 4.45 120.1
-------------------------------------------------------
including 69.85 70.85 1.00 159.0
-------------------------------------------------------
including 73.35 74.30 0.95 245.1
-------------------------------------------------------
SM-10-21 23.65 43.10 19.45 188.5
-------------------------------------------------------
including 24.60 29.30 4.70 316.7
-------------------------------------------------------
including 37.50 42.50 5.00 335.4
-------------------------------------------------------
SM-10-22 255.70 267.20 11.50 224.2
-------------------------------------------------------
including 256.70 261.20 4.50 483.2
-------------------------------------------------------
Upon receipt of all of the check assays an updated mineral resource estimate will be prepared.
The San Marcial mineralization is known by previous work to respond well to cyanide leaching. Additional metallurgical test work is planned in particular to refine the cyanide leaching process.
All samples were sent to ALS Chemex Laboratories sample preparation facility in Guadalajara Mexico with final analysis done at their facilities in Vancouver, BC. Certified standards, blank, 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.
The San Marcial property forms part of the Company's recently acquired consolidated Rosario Mining Concession. This 16,279 ha concession includes numerous past producing mines including the Plomosas and San Juan mines which were operated by Grupo Mexico until 2001.
Pursuant to National Instrument 43-101, Robert Fraser, P.Geo., Vice-President Exploration of Silvermex Resources Ltd. is the Qualified Person (QP) responsible for the disclosure in this news release.
About Silvermex
Silvermex Resources is a well funded exploration and development company focused on advancing the recently consolidated Rosario/San Marcial Mining Camp in south eastern Sinaloa, Mexico. This mining concession consists of 2 past producing mines and numerous known high-grade deposits. The project has significant resources and historic reserves with extensive production related infrastructure in place. Silvermex is led by a highly experienced and successful team, comprised of top executives from leading corporations in the silver mining sector.
On Behalf of the Board of Directors of Silvermex Resources Ltd.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Silvermex Resources Ltd.
Duane Nelson
Director, Chief Executive Officer
604-682-4004
604-682-4009 (FAX)
duane@silvermexresources.com
www.silvermexresources.com