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VANCOUVER, BC, April 5, 2022 — Silver Sands Resources Corp. (“Silver Sands” or the “Company”) (CSE: SAND) (OTCQB: SSRSF) is pleased to report the commencement of its fully funded Phase IV exploration program at its Virginia Silver Project in Santa Cruz Province, Argentina.
Objectives of the 1,500 metre drill program are:
“We are eager to commence Phase IV drilling at Virginia as we continue progressing towards significantly increasing the 2016 mineral resource estimate,” commented Silver Sands CEO Keith Anderson. “Our successes at Ely Central, Ely North and Martina, coupled with our new discovery at Margarita and the newly developed targets at Patricia and Daniela have the makings for an extremely exciting program. Additionally, we anticipate developing new vein targets as we systematically evaluate the numerous linear IP anomalies to the north and northeast,” he continued.
Figure 1. Virginia Vein Field Phase IV Drilling Ely Central (Figure 2)
The 850 metre gap between the Ely South and Ely North conceptual pits has returned silver intersections in all holes drilled to date. A few more infill drill holes are required for sufficient coverage along the 580 metres to allow for the calculation of a mineral resource block at Ely Central. Highlights from the Silver Sands drilling include:
Figure 2. Ely Central Drill Plan and Drill Results Table*
Ely North Extension (Figure 3)
Silver Sands drilling along the 400m Ely North Extension has intersected silver in all holes. The presence of continuous silver mineralization along the 400m length tested suggests further infill drilling has the potential to define a mineral resource block. The Silver Sands drilling discovered strong veining and silver mineralization in a previously untested lower intensity IP chargeability at Ely North Extension. There are numerous untested lower intensity IP anomalies both throughout the current mineral resource area and in the area to the north and east where Silver Sands completed systematic IP surveying. Previous drill intercepts included:
Figure 3. Ely North Extensions and Drill Results Table*
Martina (Figure 4)
Silver Sands drilling to the north and south of the Martina conceptual open pit has extended the silver mineralization 250m to the northwest (Martina NW) and 350m to the southeast (Martina SE). The presence of continuous silver mineralization along the 250m northwest length and 350m southeast length tested suggests further infill drilling has the potential to expand the current Martina conceptual open pit. Drill highlights include:
Figure 4. Martina NW and Martina SE and Drill Results Table*
Margarita is a 500m long vein in the south of the Virginia Vein Field. Historic channel sampling returned highlights of 1,486 g/t silver over 1.4m with samples ranging from 3,170 g/t silver to 67 g.t silver. Silver Sands Phase III drilling interested 1456 g/t silver over 2.65m. This high-grade intersection will be tested along strike and down dip to extend the mineralization.
Scout drill holes will test the Daniela and Patricia veins as Silver Sands’ systematic exploration continues to the north from the main resource area.
Silver Sands’ preliminary drilling at Santa Rita East confirmed the down dip extension of the gold-silver veins on surface, Deeper drilling will target the veins further down dip for the suspected deeper precious metal horizon.
Finally, Silver Sands will prospect the linear chargeability trends to the north and northeast of the mineral resource area to work up trenching and drilling targets for the subsequent Phase V drilling program.
Figure 5. Gradient Array IP Chargeability North and NorthEast Targets
* All Silver Sand Intersections (xx-DDH-00x) have been reported in their various news releases: January 21, 2021; February 23, 2021; May 17, 2021; December 7, 2021 and February 1, 2022. All Mirasol intersections (VG-xxx) have been reported in “Virginia Silver Project Santa Cruz Province, Argentina NI 43-101 Technical Report on Exploration and Drilling” by Paul G. Lohtka for Mirasol Resources Ltd. and dated February 20, 2014. Note however, that some of the intervals have been expanded as the initial results have been reinterpreted with each subsequent drill program. All reported intervals are drill lengths, not true widths.
The Virginia Project is an advanced exploration stage project. Located in the mineral-rich Deseado massif, lying within the mining-friendly state of Santa Cruz in the Patagonia region of Argentina. Virginia is a low to intermediate sulphidation epithermal silver deposit. 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. The mineral resources are contained within seven conceptual open pits - Naty, Julia North, Julia Central, Julia South, Ely North, Ely South and Martina. Phase I and II drilling identified the potential for four additional conceptual open pits - Ely Central, Ely North Extension, Julia South Extension and Martina NW.
The resource estimate 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 earlier exploration effort on the resource area at the expense of continuing exploration on the underexplored additional veins. Several of these structures have highlight silver values in excess of 1,000 g/t Ag and have a high probability of hosting additional silver resources.
Silver Sands has the option to earn-in 100% of the Virginia Project. Upon completion of the option Mirasol Resources will retain a 3% NSR royalty, of which 1% can be bought back by Silver Sands for US$ 2 million.
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.