VANCOUVER, BRITISH COLUMBIA – Silver One Resources Inc. (Symbol: TSX-V: SVE / FSE: BRK1 / OTC: SLVRF) (“Silver One” or the “Company) is pleased to announce it has filed two National Instrument 43-101 (“NI 43-101”) technical reports (the “Reports”) on the La Frazada and Peñasco Quemado silver properties in Mexico.
La Frazada is located approximately 300 km northwest of Guadalajara and hosts silver rich epithermal veins with base metals. The 299 hectare exploration concession lies within the western foothills of the Sierra Madre Occidental. Access is good, being only a few kilometers from the main coastal highway with average elevations less than 200m above sea level. A NI 43-101 Technical Report prepared for Silvermex Resources Ltd. (“Silvermex”) outlined a historical measured resource comprised of 2.54 million ounces, averaging 260 g/t silver, a historical indicated resource comprised of 2.16 million ounces, averaging 241 g/t silver, and a historical inferred resource comprised of 3.86 million ounces of silver, averaging 225 g/t silver. The veins also contain significant lead, zinc and copper contents.
Historical Mineral Resource Estimate
|Total M+ I||0.58||251||0.17||0.87||2.44||4.70||3,200||11.16||31.28||1.18|
Silvermex Resources Limited reported in a technical report titled “Technical Report and Preliminary Resource Estimate for the La Frazada Silver Property, El Zopilote Mining District, Nayarit, Mexico) dated November 24, 2008 (amended January 19, 2009) (filed on SEDAR on February 18, 2009), prepared by William J. Lewis, the above historical mineral resource estimate. The historical mineral resource estimate used “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, which are categories set out in NI 43-101. Accordingly, the Company considers these historical estimates reliable as well as relevant as it represents a target for exploration work by the Company. The data base for the historical resource estimate consisted of 729 samples; 233 belonging to the La Jabalina West vein, 384 to the La Frazada vein and 112 samples corresponding to the La Jabalina East-Tiro Real vein. The mineral resource estimate used a block model method with a cut-off grade of 80 g/t Ag, 0.75% Pb and 1% Zn. The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource therefore the Company is treating these historical estimates as relevant but not current mineral resources.
Peñasco Quemado, is located in northern Sonora, 60 km south of the town of Sasabe on the US-Mexican border and comprises 3,746 hectares in seven concessions. Small scale mining was conducted through a series of pits and shafts up to the Mexican Revolution of 1910. Recorded exploration was not documented again until the 1960’s, when Asarco acquired the rights to the property and completed drilling programs. In the 1970’s, small scale mining was conducted by Sr. Adalberto Ballesteros. Approximately 10,000 tonnes averaging 225 g/t silver were reportedly mined from a small open pit, with the manganese rich material being shipped to the Phelps Dodge smelter in Douglas, Arizona. In the 1980’s, Cerro de Plata acquired the property and drilled 800m in 13 holes, reporting silver intercepts and outlining a shallow, westerly dipping body of mineralization.
Silvermex further drilled the property in 2006 and completed a NI 43-101 Technical report outlining the current historical resource estimate as set forth below.
|Total M + I||Oxides||2.57||117||9.63|
Silvermex Resources Limited reported in a technical report titled “Updated NI 43-101 Technical Report and Resource Estimate for the Penasco Quemado Silver Property” dated March 9, 2007 (filed on SEDAR on March 16, 2007), prepared by William J. Lewis and James A. McCrea, the above historical mineral resource estimate. The historical mineral resource estimate used “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, which are categories set out in NI 43-101. Accordingly, the Company considers these historical estimates reliable as well as relevant as it represents a target for exploration work by the Company. The data base for the historical resource estimate consisted of 24 reverse circulation holes from a 1981/82 program, 17 reverse circulation holes from a 2006 program and 8 diamond drill holes from a 2006 drill program. Assay data was available for all 49 of the drill holes and 12 trenches. The mineral resource estimate used a kriging estimation method to establish ore zones with a cut-off grade of 30 g/t Ag and assay’s capped at 700 g/t Ag. Resource blocks were estimated by ordinary kriging with samples within a search radius of 25 meters classified as a measured mineral resource, within 47 meters classified as an indicated mineral resource and within 70 meters classified as an inferred mineral resource. As required by NI 43-101, CIM definitions (August, 2004) were used to classify mineral resources with the classification of each kriged ore block dependent upon the number of penetrating holes. An in-situ block density of 2.50 t/cu meter was assigned the ore blocks. The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource therefore the Company is treating these historical estimates as relevant but not current mineral resources.
Soil Sampling Program
Silver One is also pleased to announce that it has completed its soil geochemical survey on La Frazada and Peñasco Quemado. Results of the assays will be released in due course.
The technical content of this news release has been reviewed and approved by Greg Crowe, P.Geo, President and CEO of Silver One, and a Qualified Person as defined by National Instrument 43-101.
For more information, please contact:
Silver One Resources Inc.
Greg Crowe, CEO and President
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Silver One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Silver One’s control. Such factors include, among other things: risks and uncertainties relating to Silver One’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Silver One undertakes no obligation to publicly update or revise forward-looking information.
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