Silver
Standard Resources Inc.: Final Snowfield Zone Drilling Update
VANCOUVER, BRITISH
COLUMBIA, Oct 26, 2009 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) reports that all assay results
have been received from diamond drilling at the Snowfield Zone of its
wholly-owned Snowfield Project. The Snowfield Zone is located 65 kilometers
north of the town of Stewart in British Columbia, Canada.
The 2009 Snowfield
Zone exploration program was very successful in defining a higher grade
gold-copper core with silver and molybdenum credits, and proving continuity
of grade in the northern half of the zone. This year's program, which
included 23,778 meters in 42 holes, increased the drill density to 100-meter
centers in the main body of inferred resources outlined in 2008 and extended
the known mineralization to the northwest and southeast.
Of the final 14
Snowfield Zone holes reported here, most were collared in mineralization at
surface. Significant results include:
- MZ-72 intersected
607 meters averaging 0.84 grams of gold per tonne (1,991 feet averaging 0.024
ounces of gold per ton) and 0.19% copper and included 117 meters averaging
1.21 grams of gold per tonne (384 feet averaging 0.035 ounces of gold per
ton) and 0.25% copper.
- MZ-62 intersected
554 meters averaging 0.86 grams of gold per tonne (1,816 feet averaging 0.025
ounces of gold per ton) and 0.15% copper and included 210 meters averaging
0.97 grams of gold per tonne (689 feet averaging 0.028 ounces of gold per
ton) and 0.16% copper.
The most recent
mineral resource update for the Snowfield Zone (see news release dated
February 3, 2009 and Silver Standard's NI 43-101 Technical Report, dated
effective January 31, 2009) reported measured and indicated resources
totaling 4.4 million ounces of gold and inferred resources of 14.3 million
ounces of gold based on a cut-off grade of 0.5 grams of
gold-equivalent/tonne.
Selected Snowfield Zone Drill Results(1) - October 2009
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From To Interval Gold Copper
Hole No. (meters) (meters) (meters) (g/tonne) (%)
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MZ-61 1.5 562.5 561.0 0.67 0.14
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Incl. 1.5 274.5 273.0 0.76 0.15
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MZ-62 44.5 598.0 553.5 0.86 0.15
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Incl. 100.5 310.5 210.0 0.97 0.16
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MZ-63(2) 2.4 633.1 630.7 0.68 0.15
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Incl. 66.8 225.5 158.7 0.88 0.15
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MZ-64 5.1 484.5 479.4 0.66 0.07
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Incl. 325.5 484.5 159.0 0.78 0.07
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MZ-65 13.0 614.0 601.0 0.59 0.13
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MZ-66 24.0 521.5 497.5 0.52 0.12
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MZ-67(2) 1.0 642.2 641.2 0.79 0.17
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Incl. 80.5 248.0 167.5 1.14 0.21
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MZ-68 85.5 659.0 573.5 0.81 0.15
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Incl. 246.0 379.5 133.5 1.16 0.19
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MZ-69 168.0 342.5 174.5 0.86 0.17
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Incl. 216.0 280.5 64.5 1.11 0.21
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MZ-70 1.9 309.0 307.1 0.73 0.05
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Incl. 7.5 93.0 85.5 0.96 0.05
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MZ-71 160.5 509.0 348.5 0.81 0.13
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Incl. 260.0 335.0 75.0 0.95 0.19
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MZ-72 5.3 612.0 606.7 0.84 0.19
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Incl. 139.5 256.5 117.0 1.21 0.25
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MZ-73 258.0 301.5 43.5 0.59 0.04
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354.0 387.0 33.0 0.57 0.04
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MZ-74 31.0 364.5 333.5 0.75 0.20
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Incl. 50.5 129.5 79.0 0.98 0.17
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(1) True thickness to be determined.
(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 Project exploration program and has verified
the data in the table above. The QA/QC program in place that
monitors the chain-of-custody of samples includes the insertion
of blanks, duplicates, and certified reference standards in each
batch of samples. 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.
In the 2009 Snowfield Project field program, which included
drilling in the Brucejack area, a total of 41,624 meters in 79 holes was
completed. Work is underway to prepare an updated NI 43-101 mineral resource
estimate for both the Snowfield Zone and the Brucejack area. These estimates
are expected in Q4/09.
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.
The company's focus is its wholly-owned Pirquitas silver-tin
mine in Argentina that is ramping up to commercial production. Silver
Standard also has two other development projects, San Luis in Peru and
Pitarrilla in Mexico.
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 the
preparation of mineral resource estimates, 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, estimation of mineral reserves and resources and
exploration results, litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments in countries
where the company does business, 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.
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: (888) 338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com