BURLINGTON, ON, July 5, 2011 /CNW/ - (TSXV:SSR) - Silver Shield Resources Corp. is pleased to announce that all assays in the recently completed drill program totaling 1,238 metres in ten (10) drill holes have now been received including the re-assays with metallics.
Holes SCL-11-01 to SCL-11-07 were drilled in the SE portion of the property, 700m from the main Welsh Shaft, to test the new high grade veins and extensions of the veining discovered in our Phase II drilling. The area tested is immediately south of the Amador Gold (AGX-V) Silverclaim Lake property. The last 3 holes WSM-11-01 to WSM-11-03 were drilled to the east of the Welsh Mine. The Welsh Silver Mine area is underlain by Nipissing Gabbro that has intruded into sedimentary rocks of the Gowganda Formation similar in style and setting to mines found in Gowganda, Cobalt, Silver Centre and elsewhere in the area. As such these veins are narrow but, as demonstrated by this intersection, can be very rich in silver. At times these high-grade intersections are accompanied by copper, cobalt, nickel, arsenic, bismuth, lead, etc.
While all of the holes intersected mineralized veins, only Drillhole SCL-11-07 returned significant assay values. Previous drilling in the area of SCL-11-07 intersected multiple veins with grades to 2,659.5 g/t Ag over 0.15m (77.6 oz/t). At this time the company is unsure if this is the same high-grade lens or one of the other numerous veins previously intersected. Silver-rich shoots in these settings usually extend for 10's of meters horizontally and vertically, pinch and swell and can mineralize the wall-rock adjacent to the veins with fine native silver or argentite resulting in mining widths much wider than the vein itself. Due to this nugget effect it is difficult to intersect the mineralized lenses by diamond drilling.
The following is a summary of the significant assays from SCL-11-07:
- 1.04 m from 55.58 - 56.62 m grading 710.42 g/t Ag (20.74 opt)
- 1.16 m from 90.91 - 92.07 m grading 532.39 g/t Ag (15.54 opt)
- 0.09m from 109.29- 109.38m grading 96 g/t Ag (2.80 opt)
Included within these intervals are:
- 0.20m @ 3,690g/t Ag, 1.27%Co, 1.14%Ni, 2.86%As, 1.32%Bi (Semi Massive Sulfides) from 56.12- 56.32 m. (including 0.1m @ 6,668 g/t Ag, 2.16% Co, 2.09% Ni, 5.3% As and 2.40% Bi from 56.12- 56.22)
- 0.56m @ 1,102g/t Ag from 91.21- 91.77m (including 0.21m of 1,255 g/t Ag from 91.32- 91.53m and 0.08m of 3,807 g/t from 91.61- 91.69m)
The importance of these intervals is that economically interesting grades over mining widths have been obtained for the first time. These intersections correlate very well with previous drilling and especially with values from the mine workings which are immediately north of the area being drilled. Further exploration work on the property will need to be from the underground access.
The technical information in this press release has been reviewed by Stephen G. Mlot, P.Eng the Qualified person under NI-43-101 for the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined on the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Company Management, which takes full responsibility for content, prepared this news release. In order to proceed fully with the Company's exploration and acquisition plans, additional funding may be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.
