Silver Standard Resources Inc.: Brucejack Drilling
Cuts Bonanza Grades
VANCOUVER,
BRITISH COLUMBIA, Sep 15, 2009 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report that
diamond drilling in the Brucejack Area of its wholly-owned Snowfield Project
continues to intersect significant values of gold-silver mineralization. The
property is located 65 kilometers north of the town of Stewart and 15
kilometers southeast of Barrick's high-grade gold-silver mine at Eskay Creek.
Galena
Hill Zone
Drilling
at the Galena Hill Zone, located five kilometers south of the Snowfield Zone
and referenced in the news releases dated August 5 and August 20, 2009,
continues to intersect gold mineralization with significant intervals
encountering visible gold.
A new
highlight from the Galena Hill Zone is hole SU-12 which intersected four
bands of mineralization. The best intersection included:
- 1.5
meters with uncut grades of 16.95 kilograms of gold and 8.7 kilograms of
silver per tonne (4.9 feet averaging 494.3 ounces of gold and 254 ounces of
silver per ton).
- This
intersection ocurred within a wider interval of 20.6 meters with cut grades
of 5.33 grams of gold and 159 grams of silver per tonne (68 feet averaging
0.15 ounces of gold and 4.6 ounces of silver per ton). For the quoted average
gold assays, any assay in excess of 31.1 grams of gold per tonne was cut to
31.1 grams of gold per tonne.
SU-12
is collared approximately 100 meters southwest of SU-05 which intersected 155
meters averaging 1.26 grams of gold per tonne (509 feet averaging 0.04 ounces
of gold per ton), including 12 meters averaging 5.37 grams of gold per tonne
(39 feet averaging 0.16 ounces of gold per ton).
Bridge
Zone
The
Bridge Zone, located 1,200 meters south of the Galena Hill Zone, is a new
discovery made by Silver Standard. Highlights from SU-19, collared
approximately 100 meters southwest of SU-10, include:
- 552
meters of 0.87 grams of gold per tonne (1,811 feet averaging 0.025 ounces of
gold per ton), including 260 meters of 1.19 grams of gold per tonne (852 feet
averaging 0.034 ounces of gold per ton).
Previously
reported hole SU-10 intersected 483 meters of 0.70 grams of gold per tonne
(1,585 feet averaging 0.02 ounces of gold per ton), including two higher
grade intervals of 50 meters of 1.26 grams of gold per tonne (162 feet
averaging 0.037 ounces of gold per ton) and 33 meters of 1.25 grams of gold
per tonne (108 feet averaging 0.036 ounces of gold per ton).
SU-19
ended in mineralization and at least 10 holes are planned in its vicinity to
begin defining the size of the new discovery. SU-11 was collared
approximately 500 meters northwest of SU-10 and intersected three bands of
mineralization summarized in the table below.
There
are also over 900 historic diamond drill holes from both surface and underground
drilling in the Brucejack area. Silver Standard anticipates being able to
incorporate a portion of this data in future resource estimates.
A
minimum of 8,000 meters of diamond drilling is planned to test targets in the
Brucejack area, and three drills are currently at work on various targets.
Selected Brucejack Area Drill Results(i)
September 2009
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Hole No. From To Interval Gold Silver
(meters) (meters) (meters) (g/tonne) (g/tonne)
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Bridge Zone
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SU-10(1)(2) 346.0 395.5 49.5 1.26 16.1
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457.0 489.8 32.8 1.25 7.8
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SU-11 18.0 72.0 54.0 1.51 11.1
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108.0 124.5 16.5 1.05 13.3
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345.0 387.0 42.0 0.52 3.4
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SU-19(2) 4.0 556.3 552.3 0.87 5.7
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296.5 556.3 259.8 1.19 6.78
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Galena Hill Zone
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SU-05(1) 39.2 51.5 12.3 0.61 13.3
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323.5 478.5 155.0 1.26 20.4
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Incl. 466.5 478.5 12.0 5.37 26.3
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SU-06(1) 40.0 84.5 44.5 1.83 20.3
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Incl. 56.7 68.0 11.3 4.65 55.2
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146.0 225.5 79.5 1.01 10.5
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278.9 356.5 77.6 1.01 5.5
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Hole No. From To Interval Gold Silver
(meters) (meters) (meters) (g/tonne) (g/tonne)
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Galena Hill Zone (cont'd)
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SU-12 258.0 278.6 20.6 5.33 158.8
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Incl. 273.0 274.5 1.5 16,949 8,696
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301.0 323.8 22.8 1.02 10.2
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354.4 373.5 19.1 2.64 9.7
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460.0 502.0 42.0 1.59 8.4
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SU-17(2) 113.0 203.4 90.4 1.13 12.6
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Mammoth Zone
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SU-13 147.0 161.0 14.0 0.98 1.7
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238.5 295.5 57.0 1.21 3.0
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SU-14 41.0 45.5 4.5 5.42 5.8
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304.4 323.0 18.6 1.98 2.0
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SU-15 407.5 449.0 41.5 1.01 19.1
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493.0 518.0 25.0 1.24 4.1
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(i) True thickness to be determined. (1) Previously reported. (2) Ended
in mineralization. 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.
SOURCE:
Silver Standard Resources Inc.
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212
Email: invest@silverstandard.com
Website: www.silverstandard.com