RENO, Nevada--(BUSINESS WIRE)--Silver Predator Corp. (TSX.V:SPD) (the “Company”) is pleased to announce that it has received permits for 14 drill sites designed to test newly identified gold targets to the east and southeast of the existing 1,320 tpd mill and silver resource at its 100% owned Taylor Project, located in White Pine County, Nevada. This is the first time the previously unrecognized gold targets will be drill tested.
The drill program will commence immediately to test the new “Carlin type” gold target areas identified at South Taylor, Antimony Pit, Crescent and Enterprise. Surface alteration and mineralization mapped and sampled in the Enterprise – Crescent area covers a larger footprint than the current silver resource and has yielded high grade surface results with soil samples up to 1.7 g/t gold (Au) and 58.0 g/t silver (Ag). The Company anticipates receiving initial assay results in the second quarter of this year.
Discussion of New Gold Targets
In 2012, a detailed mapping program covering eight square miles was completed that included the existing silver resource area and newly developed targets shown on the attached map. Initial mapping in the open pit areas found that silver mineralization was confined to specific, but predictable host rocks and fault zones. In fact, the best silver grades were found at the convergence of north-south and northwest-orientated fault zones; structural controls that are repeated at Taylor and typical of other gold districts in Nevada, including the northern Carlin Trend. In addition, the Company found that silty carbonate rock types, as in other Nevada sediment hosted precious metals mines, are key host rocks in the Taylor resource area. Extensive intrusive igneous rocks mapped as dikes and sills are also closely associated with the higher silver grades at Taylor and represent a third characteristic common to other Nevada sediment hosted deposits.
As the mapping was expanded outward from the resource area, silica alteration, intrusives, and antimony prospects related to N-S and NW faulting were found to the east and southeast of the resource area. This mapping was the first indication that previous mining was focused on only a minor portion of a much larger District-scale precious metals system. In the newly mapped areas, however, the highly favorable silty carbonate host rocks of the upper Guillmette Formation are not exposed at the surface as they are in the resource area and require drilling to test.
In order to prioritize and rank the newly identified target areas, a soil geochemistry program was designed and implemented in late 2012. This soil sample grid consisted of 1,166 samples and provided broad overall coverage with additional detail over some of the better areas as defined by the mapping program. The soil program identified highly anomalous gold, silver, antimony, arsenic and mercury in mapped areas coincident with favorable host rocks, intrusives, jasperoid silica and the patterned N-S/NW fault sets. The soil results include the following:
- Five samples assaying over 1 g/t gold (Au), including values of 1.3, 1.5 and 1.7 g/t Au;
- 126 samples (11%) assaying greater than 0.2 g/t Au;
- 224 samples (19%) assaying greater than 0.1 g/t Au; and
- The 1.3 g/t soil sample was located approximately 15 feet from a small outcrop of Pilot Shale that was weakly silica altered, but assayed 5 g/t Au and 12 g/t Ag.
The combined mapping and soil geochemistry programs confirmed that Taylor is a newly recognized classic Carlin-type precious metals system with a significant gold component. The upcoming reverse circulation drilling program is designed to test some of these target areas that combine mapped faults, intrusives and alteration, and favorable soil results at surface, with a deeper projection of the upper Guillmette host rocks. This upper Guillmette silty carbonate horizon varies in depth from one area to another, but is expected to average approximately 300-750 feet below surface.
For a complete discussion of QA/QC methods, refer to the March 18, 2013 news release. Qualified Person and consultant to the Company Mark J. Abrams, CPG, has reviewed and approved the contents of this news release for disclosure.
Silver Predator Corp.
Silver Predator’s corporate mandate is to advance the previously operated Nevada-based Taylor project. The Taylor project hosts a current resource estimate, is open to expansion, and is located in a district that has identified the potential for discovery of additional silver and gold deposits. With quality assets in a world-class jurisdiction, and an exploration team with a history of success in Nevada, Silver Predator is positioned to advance new and existing discoveries.
For additional information:
William M. Sheriff, Chairman
(208) 635 5415
Nathan A. Tewalt, Chief Executive Officer
(775) 284 1271
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Silver Predators’ plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Silver Predator assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.