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VANCOUVER, BC, December 7, 2021 — Silver Sands Resources Corp. (“Silver Sands” or the “Company”) (CSE: SAND) (OTCQB: SSRSF) is pleased to provide an update on its Phase III drill program at the Virginia Project in Santa Cruz Province, Argentina. Drill crews report the completion of drilling at the Virginia silver vein field and the commencement of drilling at the Santa Rita gold silver targets 15 km north.
"We are happy to report the Phase III silver drill program at Virginia was completed on time and under budget, with fifteen batches of core samples already at the Alex Stewart Laboratory for analysis," commented Silver Sands CEO Keith Anderson. "Drill crews are now at the Santa Rita silver-gold target and have commenced drilling. We’re also very pleased that we were able to increase the planned number of metres drilled through tight budgetary controls and the skill of our drill crew. Following up on our successful Phase II program we were able to complete another 15 holes at Virginia as the Company continues its focus on significantly expanding the current silver mineral resources," he continued.
"Based on a new discoveries at the west side of the Naty vein, and at the Patricia- Daniela trend, and at the Margarita vein trend, we will also complete further trenching and geophysics prior to Christmas shutdown, in preparation for Phase IV drilling in Q1 2022," he concluded.
Expanding the current silver resource is the Company’s primary goal and the fifteen holes totaling 2,520 metres were directed at the gaps between Ely Central and Ely North, the gap to the north of Ely North, and the Martina Vein, where earlier Silver Sand drill programs intersected significant silver mineralization. Exploration holes also tested the Margarita, Maos and Roxanne veins, probing the down dip extensions of surface outcrops/subcrops and floats targeting for suspected mineralized shoots at depth in those veins.
Figure 1. Virginia Vein Field Phase III Drilling
The drill has now been mobilized 15km to the north to Santa Rita, where exploration, trenching and previous drilling in 2005-2007 delivered highlight grades of 340 g/t silver and 5 g/t gold. Re-interpretation of historic data in combination with new 2021 trenching and PDP-IP has highlighted several compelling virgin gold silver targets within 2.7kms of intermittently outcropping epithermal quartz veins within an 8km NW trending fault zone as shown in Figure 2. Sampling details from Santa Rita Central and Santa Rita East are shown in Table 1, while highlights of the sampling can be seen in Figures 2, 3 and 4. A total of 500 metres of drilling is planned for the various Santa Rita targets.
Figure 2. Santa Rita Phase III Drill Targets
Table 1. Santa Rita Surface Sampling
Santa Rita Central
#->20 g/t Ag
% >20g/t Ag
88 g/t Ag
321 g/t Ag
>0.5 g/t Au
% >0.5g/t Ag
1.35 g/t Au
1.77 g/t Au
Santa Rita East
#->20 g/t Ag
% >20g/t Ag
46 g/t Ag
93 g/t Ag
>0.5 g/t Au
% >0.5g/t Ag
1.54 g/t Au
5.86 g/t Au
Figure 3. Santa Rita East
Figure 4. Santa Rita Central
Virginia is a low to intermediate sulphidation epithermal silver deposit located in the mineral-rich Deseado massif, lying within the mining-friendly province of Santa Cruz in the Patagonia region of Argentina. Through initial discovery in 2009 to four drill programs between 2010 and 2012, Mirasol Resources was able to define an initial indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag within seven outcropping bodies. This resource is documented in a Mirasol Resources technical report entitled: "Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina -- Initial Silver Mineral Resource Estimate" with an effective date of Oct. 24, 2014, and a report date of Feb. 29, 2016.
Several additional vein structures within the property package remain highly prospective, as Mirasol concentrated the bulk of its exploration effort on the resource area at the expense of continuing exploration on the underexplored additional veins. Several of these structures have highlight values in excess of 1,000 g/t silver and have a high probability of hosting additional silver resources. These veins structures continue to be the primary focus of the Silver Sands 2021/2022 exploration efforts.
Silver Sands is earning a 100-per-cent interest in Virginia by issuing sufficient shares for Mirasol to end up with 19.9 per cent of the issued and outstanding of Silver Sands and completing $6-million (U.S.) in exploration over three years. Mirasol will retain a 3-per-cent net smelter return royalty with Silver Sands having the option of purchasing one-third of the royalty for $2-million (U.S.).
About Silver Sands Resources Corp.
Silver Sands is a well-financed, Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit. Its key asset is the Virginia silver project, located in the mining-friendly Santa Cruz state of Argentina.
On Behalf of the Board of Directors
Chief Executive Officer, Director
For further information, please contact:
Chief Executive Officer, Director (604) 786-7774
Qualified Person Statement: Silver Sand’s disclosure of technical and scientific information in this press release has been reviewed and approved by R. Tim Henneberry, P.Eng., a director of the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.
QAQC: Silver Sands applies industry standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company’s geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Argentina for analysis. Assay results from channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Silver Sands disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.