Please check your inbox and follow the link provided to confirm your subscription.
Join our mailing list to receive news releases and other materials related to Silver Sands Resources Corp.
VANCOUVER, BC, February 1, 2022 — Silver Sands Resources Corp. (“Silver Sands” or the “Company”) (CSE: SAND) (OTCQB: SSRSF) is pleased to release further results from its 2021 Phase III drill program at the Virginia Project in Santa Cruz Province, Argentina.
Drilling at Margarita discovered a new zone of high-grade silver mineralization, confirming the potential of the vein to host silver ounces. In addition, drilling at Martina NW vein confirmed the down dip extension of the silver mineralization. Highlights include:
"The Margarita silver intersection is very exciting as surface sampling and trenching has traced the vein over 100m to the NW and potentially 50m to the SE, following the same north-northwest trend as the bulk of the veins hosting the mineral resource,” commented Silver Sands CEO Keith Anderson. "Margarita will be one of the key veins targeted in the Phase IV drill program, along with the Martina NW, which also has the same north-northwest trend, as we continue to focus on expanding the current resource at Virginia " he continued.
Figure 1. Virginia Vein Field Phase III Drilling
The Phase III drilling program comprised 20 core holes (2,932m) with 14 holes for 2,437m at Virginia and 6 holes for 495m at Santa Rita, located in the north of the property package. Results reported today are for 7 holes from the Margarita, Martina, Roxanne and Maos veins at Virginia.
Table 1. Virginia Phase III Drill Results
No interval above cut-off
No interval above cut-off
No interval above cut-off
No interval above cut-off
(1) Reported interval lengths are downhole widths and not true widths.
(2) Reported intervals are at the stated cut-off grades of 63 g/t Ag and 150 g/t Ag. Reported intervals may include up to a maximum of two m individual section below cut-off grade and Silver grades are uncapped.
(3) The intervals were selected using the 63 g/t cut-off grade used in the National Instrument 43-101 resource estimate.
Significant New Results (see Table 1)
A new mineralized section of vein was discovered at the Margarita target. Hole MR-DDH-003 intersected 2.65m at 1,456 g/t Ag at a shallow depth of 43.65m downhole, within a 3m wide banded epithermal vein and a peripheral hydrothermal breccia halo. This silver mineralization is also associated with values above maximum detection limit (10,000pm) for lead over the entire 2.65m section and for zinc in two 0.3m samples. These samples have all been re-submitted to the laboratory for ICP-Ore analysis to obtain accurate results and results are pending. This high-grade Margarita intersection confirms the prospectivity of this target and opens a new mineralized trend to be aggressively explored along strike and at depth from MR-DDH-003. To the northwest, rock chips and trench samples completed to date have delineated the Margarita vein trend for more than 100m, while hole MR-DDH-001 (reported January 21, 2021) drilled 50m to the southeast, may have only intercepted the peripheral silicified halo of the main silver bearing structure, which may have been displaced to the west based on the current structural interpretation. The mineralized vein at Margarita exhibits classic epithermal textures that are very similar to the veins drilled at the Julia trend, which hosts the majority of the mineral resource at Virginia. In addition, the structural orientation (north-northwest) is comparable for both the Margarita and the Julia trends, and is interpreted to be most attractive orientation for developing economic silver mineralization within the Virginia vein field.
 The mineral resource estimate was reported by the vendor, Mirasol Resources Ltd., in a report titled "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, by D. Earnest and M. Lechner.
At the Martina NW target, holes MNW-DDH-005A and MNW-DDH-005 were collared to test the depth extent of the mineralized polymictic hydrothermal breccia structure that was previously drilled in MNW-DDH-001 (reported May 17, 2021 – 5.9m at 190 g/t Ag). Hole MNW-DDH-005 was targeting the Martina NW structure at 107m below surface and intercepted the same breccia structure. Unfortunately, core recovery in this drill hole was poor (<50%) within the mineralized zone. Hole MNW-DDH-005A, was drilled at a shallower dip and intersected 4.75m at 242 g/t Ag, including 2.45m at 404 g/t Ag, 68m vertically below surface. A deeper hole will be required to verify the extent of the mineralization further at depth. The results from Martina NW are considered very encouraging as the current Martina deposit holds the smallest resource on the property to date, and these new intersections support the potential to increase the mineral resource along this trend. Martina NW also exhibits the preferred structural orientation (north-northwest) as seen at Julia and Margarita which is considered very encouraging. Further work is planned to continue extending the mineralization along the Martina NW structure both to the northwest and southeast.
The IP surveying in the northeast area in preparation for a Phase IV drill program continues.
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 Silver and a further inferred 3.1 million ounces of silver at 207 g/t Silver 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.