Silver
Standard Resources Inc.: Snowfield Drilling Reveals New Zone
VANCOUVER, BRITISH
COLUMBIA, Aug 20, 2009 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report that
diamond drilling at its wholly-owned Snowfield Project continues to deliver
wide intersections of gold-copper mineralization in the Snowfield Zone and,
in the southern part of the large property, the discovery of the Bridge Zone
and expansion of previously defined gold mineralization.
As a result of the
continuing success of the program, a seventh diamond drill has been added to
the project. The property is located 40 kilometers north of the town of
Stewart and 15 kilometers southeast of Barrick's high-grade gold-silver mine
at Eskay Creek.
Bridge Zone
The Bridge Zone,
located in the Brucejack area six kilometers south of the Snowfield Zone, is
a new discovery made by Silver Standard. Highlights from SU-10 include:
- 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-10 ended in
mineralization and at least six new holes are planned in the vicinity to
begin defining the size of the new discovery.
Galena Hill Zone
Drilling at the Galena
Hill Zone, located 1,200 meters north of the Bridge Zone and referenced in
the news release dated August 5, 2009, continues to intersect gold mineralization
with some intervals encountering visible gold. 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.
A new highlight from
the Galena Hill Zone is:
- SU-08, which intersected
two intervals of mineralization, the first with 34 meters averaging 0.85
grams of gold per tonne (110 feet averaging 0.025 ounces of gold per ton),
the second interval with 83 meters averaging 0.76 grams of gold per tonne
(272 feet averaging 0.022 ounces of gold per ton).
SU-08 is collared 350
meters east 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).
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 on the property.
Snowfield Zone
The Snowfield Zone is
the subject of an infill and exploration drilling program with four drills
onsite and a minimum of 20,000 meters planned. The primary goals are to
upgrade previously reported inferred gold resources and to better define the
extent of the mineralization discovered to date.
A highlight from the
latest assay results from the Snowfield Zone is hole MZ-38, which intersected
479 meters averaging 0.94 grams of gold per tonne (1,571 feet averaging 0.027
ounces of gold per ton) and 0.18% copper and included 186 meters averaging
1.17 grams of gold per tonne (610 feet averaging 0.034 ounces of gold per
ton) and 0.19% copper. The hole, located in the centre of the zone, ended in
mineralization.
MZ-37, collared
approximately 100 meters to the south of the MZ-38, intersected 428 meters
averaging 0.74 grams of gold per tonne (1,403 feet averaging 0.022 ounces of
gold per ton) and 0.15% copper and included 93 meters averaging 1.00 grams of
gold per tonne (305 feet averaging 0.029 ounces of gold per ton) and 0.16%
copper. This hole also ended in mineralization.
The most recent
resource update for the Snowfield Zone (see news release dated February 3,
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 Drill Results(i) - August 2009
Brucejack Area
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From To Interval Gold Silver
Hole No. (meters) (meters) (meters) (g/tonne) (g/tonne)
-----------------------------------------------------------------
Bridge Zone
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SU-10 (2) 7.0 489.8 482.8 0.70 8.0
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Incl. 346.0 395.5 49.5 1.26 16.1
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Incl. 457.0 489.8 32.8 1.25 7.8
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Galena Hill Zone
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SU-05 (1) 39.2 51.5 12.3 0.61 13.3
-----------------------------------------------------------------
323.5 478.5 155.0 1.26 20.4
-----------------------------------------------------------------
Incl. 466.5 478.5 12.0 5.37 26.3
-----------------------------------------------------------------
SU-06 (1) 40.0 84.5 44.5 1.83 20.3
-----------------------------------------------------------------
Incl. 56.7 68.0 11.3 4.65 55.2
-----------------------------------------------------------------
146.0 225.5 79.5 1.01 10.5
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278.9 356.5 77.6 1.01 5.5
-----------------------------------------------------------------
SU-07 162.5 207.5 45.0 0.61 6.1
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SU-08 100.0 133.5 33.5 0.85 6.6
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202.5 286.0 83.5 0.76 11.5
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SU-09 106.5 124.5 18.0 1.04 34.0
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250.5 262.5 12.0 0.67 19.7
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363.5 384.5 21.0 0.85 20.6
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Snowfield Zone
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From To Interval Gold Copper
Hole No. (meters) (meters) (meters) (g/tonne) (%)
-----------------------------------------------------------------
MZ-32 (1) (2) 0.0 522.7 522.7 0.73 0.16
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Incl. 249.0 318.0 69.0 1.04 0.20
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MZ-34 (1) 11.0 104.5 129.5 0.55 0.06
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MZ-36 54.9 119.0 64.1 0.58 0.09
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179.0 444.5 265.5 0.51 0.14
-----------------------------------------------------------------
MZ-37 (2) 0.0 427.5 427.5 0.74 0.15
-----------------------------------------------------------------
Incl. 75.0 168.0 93.0 1.00 0.16
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MZ-38 (2) 0.0 479.2 479.2 0.94 0.18
-----------------------------------------------------------------
Incl. 110.0 296.0 186.0 1.17 0.19
-----------------------------------------------------------------
MZ-39 (2) 3.4 393.5 390.1 0.73 0.14
-----------------------------------------------------------------
MZ-40 (2) 173.5 444.4 270.9 0.52 0.11
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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.
A map of the 2009 Snowfield drilling program is available on
Silver Standard's web site: www.silverstandard.com/projects/snowfield.cfm.
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
seeking growth 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. The TSX has neither approved nor disapproved of the
information contained herein.
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
invest@silverstandard.com
www.silverstandard.com