Silverstone Discovers Significant Disseminated Silver-Gold
Mineralization in the La Colorada Zone, Copala Project
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 01/23/08 --
Silverstone Resources Corp. ("Silverstone") (TSX VENTURE: SST) is
pleased to report results from the first 15 drill holes (1,302m HQ
core drilling) targeted on a zone of historic workings known as La
Colorada. At present, the company has completed 45 HQ core holes
totaling 4,614 meters. Assays for the additional 30 holes are pending
and will be reported when received. This zone is located about 5.5kms
to the WSW of the Animas-Refugio vein where Silverstone has focused
previous drilling. (Please see property map located below.) The
Copala Project is located 60km ENE of Mazatlan, Sinaloa State,
Mexico.
Highlights
- SCC-07-01 - 14.4 meters grading 0.39 g/t gold and 95 g/t silver
- SCC-07-02 - 5.6 meters grading 2.87 g/t gold and 936 g/t silver
- SCC-07-05 - 8.4 meters grading 1.36 g/t gold and 248 g/t silver
- SCC-07-07 - 16.9 meters grading 0.44 g/t gold and 117 g/t silver
- SCC-07-09 - 2.0 meters grading 10.38 g/t gold and 1,634 g/t silver
- SCC-07-11 - 13.7 meters grading 0.52 g/t gold and 107 g/t silver
The following table presents a summary of the results for drill holes
SCC-07-01 to SCC-07-15.
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INTER- TRUE Ag
FROM TO VAL WIDTH Au Ag Equiv-
HOLE NO. DESCRIPTION mts mts mts (i) g/t g/t alent
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SCC-07-01 Total Intercept 19.00 53.75 34.75 27.80
Core Intercepts 18.00 14.40 0.39 95 117
Old Working Voids 16.75 13.40
Interval Ended in Workings
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SCC-07-02 Total Intercept 59.50 68.00 8.50 7.57
Core Intercepts 6.30 5.61 2.87 936 1,097
Including 62.50 62.75 0.25 0.22 79.90 16,974 21,468
Old Working Voids 2.20 1.96
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SCC-07-03 Hole lost in workings at 22.5m
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SCC-07-04 Core Intercept 21.50 28.25 6.75 4.73 0.36 61 81
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SCC-07-05 Core Intercept 34.25 44.50 10.25 8.41 1.36 248 325
Hole lost in workings at 47.0m
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SCC-07-06 Core Intercept 34.00 45.50 11.50 10.47 0.42 111 135
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SCC-07-07 Total Intercept 29.00 55.00 26.00 20.28
Core Intercepts 21.68 16.91 0.44 117 142
Old Working Voids 4.32 3.37
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SCC-07-08 Core Intercept 33.53 35.50 1.97 1.81 0.29 48 64
Core Intercept 40.00 54.00 14.00 12.88 0.38 56 77
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SCC-07-09 Total Intercept 22.00 53.00 31.00 24.80
Core Intercept 2.50 2.00 10.38 1,634 2,218
Core Intercept 21.00 16.80 assays pending
Old Working Voids 7.50 6.00
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SCC-07-10 Total Intercept 21.00 39.00 18.00 16.02
Core Intercepts 16.48 14.67 0.31 62 79
Old Working Voids 1.52 1.35
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SCC-07-11 Core Intercept 14.75 33.00 18.25 13.69 0.52 107 136
Core Intercept 87.00 88.75 1.75 1.31 2.75 599 754
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SCC-07-12 No significant assay
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SCC-07-13 Total Intercept 8.00 30.00 22.00 18.92
Core Intercepts 11.81 10.16 0.33 37 56
Old Working Voids 10.19 8.76
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SCC-07-14 No significant assay
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SCC-07-15 No significant assay
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- (i) True widths are estimated by correcting for the strike and dip
of the vein and the bearing and inclination of the drill hole.
- Silver equivalent grade is based on the relationship of current
prices of gold ($900 per ounce) and silver ($16 per ounce) and
assumes 100% metallurgical recovery and 100% smelter payable for both
metals.
- Total intercept in meters includes all old working voids and cored
intervals. The individual cored intercepts within a total interval
were composited and presented in this table as one core intercept.
- Drill hole location maps are found on Silverstone's website at
www.silverstonecorp.com.
It is very significant that the individual core intercepts lie within
a thicker zone of manto and feeder vein mineralization that includes
historic workings that were used to extract higher grade material.
Most of the manto mineralization at La Colorada lies within a mesa at
relatively shallow depths. This zone is amenable to open pit
development. Subsequent drilling has pursued the manto
mineralize-ation to the north and northwest.
To view accompanying map, please click on the following link:
http://www.ccnmatthews.com/docs/SST_map.jpg
Currently, Silverstone has one diamond core rig drilling at La
Colorada. A decision to utilize a reverse circulation drill rig for
definition drilling at La Colorada will be made in February.
Samples were assayed by ALS Chemex in Vancouver. Blank, standard and
duplicate pulp samples have also been assayed by ALS Chemex and
duplicate core samples have been sent to SGS in Toronto, Ontario. The
results for these QA/QC samples have been acceptable in the
mineralized intervals and additional QA/QC analyses are in progress.
Hugh Willson, Vice President of Exploration for Silverstone and a
qualified person under NI 43-101, has reviewed the contents of this
news release and supervised the Copala Project for Silverstone since
its inception.
An independent resource study on the Clemens-El Muerto zone is
expected to be completed by the end of March 2008.
ABOUT SILVERSTONE
Silverstone is a growth oriented silver mining company with 100% of
its revenue from silver production. Silverstone expects to have 2008
silver sales of approximately 2 million ounces and increasing to more
than 3 million ounces in 2009. More information is available online
at www.silverstonecorp.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
The TSX Venture Exchange has neither approved or disapproved of the
contents herein.
Contacts:
Silverstone Resources Corp.
Chris Tomanik
(604) 637-8151
Email: ctomanik@silverstonecorp.com
Silverstone Resources Corp.
Mark Patchett
(604) 637-8151
(604) 688-2180 (FAX)
Email: mpatchett@silverstonecorp.com
Website: www.silverstonecorp.com
