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Silver Predator Reports Multiple Intercepts including 4.6 m of 767.7 g/t and 45.7 m of 108.7 g/t Silver from Surface at Taylor, Nevada
Vancouver, British Columbia, June 19, 2012: Silver Predator Corp. (TSX:SPD) is pleased to announce results from the first 14 of 25 angled reverse circulation drill holes from its 2012 exploration program at the Taylor Silver Mine development project, located in White Pine County, Nevada. A total of 1,959 m (6,425 ft) were drilled to both infill and expand the existing open pit resource, and test extensions of higher grade veins typical of the historic underground production at Taylor. Significant mineralization was encountered in 12 of the 14 holes. Highlights of the current release include:
Project Geology, Existing Resource and Mill Complex
The Taylor silver deposit is an epithermal, low to high silica, largely oxidized, low-sulfide replacement deposit hosted by folded and faulted Devonian carbonate rocks of the Pilot Shale, Guilmette, and Joana Formations intruded by Tertiary rhyolite dikes and sills.
The Taylor Silver Mine hosts a NI 43-101 compliant resource consisting of 1,123,000 tonnes grading 85.71 g/t silver as a measured mineral resource and 4,713,000 tonnes at 77.83 g/t silver classified as indicated, for a combined total of 14.9 million ounces of silver. In addition, the resource includes another 1.9 million ounces in the inferred category based on 687,000 tonnes grading 87.1 g/t silver. This resource estimate uses a 41.1 g/t silver cutoff grade (Hester, 2010). The Company's Taylor Project includes rights to a 1,320 ton per day mill with flotation and cyanide leach plants, water rights and approximately 3,900 acres of mining claims located near Ely, Nevada.
Subsequent to the 2010 resource calculation, a total of 88 additional holes have been drilled. These drill results are being combined with surface and subsurface geologic mapping to build a new model for updating the current resource and mine plan, planned for late 2012.
Highlights of Reported Results
Hole SPT12-048 returned the most significant of the initial results from the drill program, intersecting high grade underground mineralization of 476.6 g/t silver over 7.6 m (22.4 oz/t over 15 ft). This intercept has shown that the high grade underground material historically mined further to the north in the district may extend to the south, into ground previously untested by drilling and modern exploration. Notably, this zone appears to occur below a newly mapped Argus Fault related structure at the surface. Two other holes, SPT12-047 and SPT12-049, in the south Taylor Shaft area identified lower grade intervals that show the presence of significant silver mineralization within the Argus Fault Zone to the south. Further work is planned to test additional targets in this area as the structural and stratigraphic (fault and rock type) controls to mineralization are being determined via the current mapping program. Other important results include jasperoid hosted mineralization remaining in the central Bishop Pit as demonstrated by SPT12-40, where 45.7 m of 108.7 g/t (150 ft of 3.17 oz/t) silver was intersected from surface.
Summary of 2012 Drill Program Targets
Holes SPT12-036 and SPT12-037 were designed to test for silver mineralization associated with near vertical dikes (igneous intrusives) south of the Monitor Pit.
Holes SPT12-038 and SPT12-039 were drilled though mine waste rock piles to confirm that no significant near surface mineralization exists in that immediate area. This condemnation drilling was successful.
Holes SPT12-040 through SPT12-046 were designed to both confirm and extend the existing resource in and around the Bishop Pit. The drilling helped to extend the southwestern edge of the Bishop resource (SPT12-043) and confirmed the thick section of jasperoid hosted mineralization remaining in the central Bishop Pit.
Holes SPT12-047 through SPT12-054 were designed to test for extensions south of the historic Taylor Shaft area. The first three holes reported here intersected intervals of silver mineralization that confirmed the presence of the Argus Fault Zone including the high grade intercept from Hole SPT12-048. Five additional holes from this area have yet to be reported as well as holes SPT12-055 through SPT 12-060.
Next Phase of Drilling and Geologic Work
The second phase of drilling is planned to build on results from the current mapping and drilling program, with the goal of adding newly discovered mineralization both within and on the periphery of the existing resource, which was calculated based on drill data generated in 2007 and earlier.
Silver Predator is conducting an ongoing detailed surface mapping program at Taylor. Initial mapping over the past 4 weeks has focused on the historic open pits and other exposures around the much older underground workings, as the controls to known mineralization are being delineated. This surface work, when combined with the underground geology compiled from the extensive drill hole database, is expected to create a powerful new exploration tool for finding additional precious metal mineralization in the district.
Drilling and Sampling Methodology, Quality Control and Quality Assurance
All drilling to date in the 2012 Taylor drill program has been conducted by a reverse circulation drill rig, where 1.52m (5 foot) samples are obtained. Sample quality for the project is generally high as all drilling is above the water table and the hole is blown clean after every 20 foot rod change.
ALS Chemex of Elko, Nevada and Vancouver, Canada performed all primary lab analyses. Samples received in the lab were first logged-in and assigned a barcode. The samples were then rotary split prior to crushing to retain a coarse sample for metallurgical work. The remainder was fine crushed to 70% less than 2 mm then split with a riffle splitter with one split pulverized to 85% at less than 75 microns to create the final pulp for assay. All samples were initially analyzed by aqua regia digestion and AAS. Samples exceeding 10 ppm silver were run for silver by four acid digestion using a 2 gram nominal sample (pulp) weight with AA finish. Higher grade results above 750 ppm utilize a 0.5 gram pulp and are periodically checked with a fire assay analysis on a 30 gram pulp. Assay results for silver are reported by the lab in ppm units and all reported results are from the four acid analyses. For public disclosure, ounce per imperial ton (oz/t) and gram per metric tonne (g/t) is used, where 34.2857 ppm is equivalent to 1 oz/t and 1 ppm is equivalent to 1 g/t.
Samples were analyzed by ALS Chemex in Reno and Elko, Nevada. All assays are reported as drilled intervals and are not to be interpreted as true widths. Refer to the Company’s news release dated July 5, 2011 for a complete discussion of sampling methods, quality control and assurance.
Mark Abrams CPG, a Qualified Person as defined under NI 43-101 and employee of the Company, has reviewed and verified the technical Information contained in this news release.
About Silver Predator
Silver Predator’s corporate mandate is to explore and develop commercially viable silver resources in the leading US silver districts of Nevada, Idaho and Alaska, with a developing portfolio in Yukon, Canada. Working within stable geopolitical jurisdictions, Silver Predator is focused on silver-dominant bulk tonnage and high grade exploration and near-term production opportunities. A management team with a demonstrated record of building shareholder value, plus an exploration team with a history of exploration success in the western US and Yukon provide the ability to build on the current foundation established from our quality asset base.
Silver Predator Corp.
William M. Sheriff, Chairman or
Nathan A. Tewalt, Chief Executive Officer
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 Predator's 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.
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