VANCOUVER, British Columbia, Aug. 8, 2012 /PRNewswire/ -- Silver Bull Resources, Inc. (TSX: SVB, NYSE MKT: SVBL) ("Silver Bull") is pleased to announce the renewal of its 2,000 square kilometer Ndjole license by the Ministry of Mines in Gabon for an additional 3 years. Silver Bull is also pleased to provide the results of the work program on the Ndjole license completed over the last 2 years.
License Renewal: Silver Bull is pleased to confirm it has received confirmation from the Ministry of Mines in Gabon that it has renewed the Ndjole exploration license for an additional 3 years. The Ndjole license lies 120km east of the capital city of Libreville and is accessed via a paved road directly to site. Until recently the license was part of the Ndjole-Mevang Joint Venture Agreement with AngloGold Ashanti ("AngloGold"), under which AngloGold spent over US $5.7M on exploration, assessing the gold potential in the Ndjole area. With the termination of the joint venture announced on August 3, 2012, 100% of the Ndjole license has been returned to Silver Bull.
Ndjole License - Manganese Results: A work program was completed over the last 2 years on the Ndjole license which included 5,300 meters of diamond drilling, a 3,660 line kilometer airborne electro-magnetic survey, 1:20K geological mapping and basin analysis for the Ndjole area, and 20,000 soil samples which identified a very significant manganese soil anomaly >500ppm Mn over 50 square kilometers in area. Three drill holes at the very northern end of the manganese anomaly intersected thick, near surface manganese mineralization. Highlights from the manganese drilling include:
- NDDD0002: 22% Mn over 34.5m from 0m; including 42% over 5m or 33.7% over 9m from surface.
- NDDD0001: +11% Mn over 17m from 33m (detection limit for manganese for analysis is 11% - not analyzed for ore grade manganese)
- NDDD0018: +11% Mn over 7m from 20m (detection limit for manganese for analysis is 11% - not analyzed for ore grade manganese)
(*All intercepts are mineralized lengths of core, true thickness has yet to be determined)
(** holes NDDD0001 & NDDD0002 each had recoveries of < 70%)
Over 90% of the manganese target identified remains untested with drilling and the soil anomaly remains open to the south and west
Key features of the Ndjole Manganese target include:
- Soil sampling has identified a soil anomaly >500ppm Mn with a foot print in excess of 50 square kilometers that remains open to the south and west.
- Within this soils anomaly 3 drill holes have intercepted significant manganese mineralization near surface with the best result being 22% Mn over 34.5 meters – this includes 42% Mn over 5 meters from surface.
- The anomaly is found 25km from the Bembele Manganese Mine (40Mt @ 30%) in the same suite of rocks.
- The anomaly lies 20km from an existing railway, which currently transports manganese ore to the coast from several mines in Eastern Gabon.
- The anomaly also lies 15km from the Ogooue River, which is barge-able to the coast
Figure 1. Location of the high grade drill holes in relation to the manganese soil anomalies (>500ppm Mn) within the Ndjole license. The soil anomaly has a foot print >50 square kilometers and lies within the same suite of rocks as the Bembele Manganese Mine (40Mt @ 30% Mn). The manganese mineralization occurs at or near surface and lies 20km from an existing railway and 15km from the Ogooue River – which is "barge-able" to the coast.
Ndjole License - Gold Results: The Ndjole license also has considerable gold potential. The work program identified three large coherent gold anomalies up to 11 kilometers in length which were followed up with a first pass exploration drill program. Highlights from the drill program include:
- NDDD0017: 7.24 g/t Au over 9m; including 13.2 g/t Au over 4.9m
- NDDD0007: 1.98 g/t Au over 4.5m; including 7.0 g/t Au over 1m
- NDDD0015: 3.3 g/t Au over 3m; including 1m at 4.5 g/t Au
- NDDD0024: 4.7g/t Au over 2m
- NDDD0026: 3.42g/t Au over 1m
- NDDD0030: 1.94g/t Au over 4.5m
- NDDD0028: 4.52g/t Au over 1.5m
- NDDD0031: 5.41g/t Au over 1m
(*All intercepts are mineralized lengths of core, true thickness has yet to be determined.)
Two styles of gold mineralization were identified in the Ndjole area:
- A pyrite-rich massive sulphide sitting at the contact of a deformed mafic volcano-sedimentary sequence and a thick black shale unit. The massive sulphide hosts the 9m at 7.24 g/t Au intercept.
- Gold-arsenopyrite bearing quartz veins hosted on lithological contacts and within shear zones which are assaying between 2 g/t to 7 g/t Au.
In addition to the gold, intercepts of silver ranging between 5g/t to 85g/t silver and up to 85m in thickness also occur within the weathered saprolites. These intercepts are thought to be the result of supergene processes associated with ground water flow. The source of the silver mineralization in the system has not yet been identified.
Due to both the size of the license - just under 2,000 square kilometers in area, and the size of the gold soil anomalies already identified - over 11km in length, much of Ndjole license area remains untested for its gold potential.
Tim Barry, President and CEO of Silver Bull Resources states: "While the company continues to focus on pushing its flagship silver-zinc Sierra Mojada project in Mexico, we cannot overlook the fact we also have an extremely prospective project in Gabon, which is the second largest producer of manganese in the world with proven world class manganese deposits. Within the Ndjole license, we have a huge manganese soil anomaly over 50 square kilometers in area with three near surface high grade drill holes at the very northern end of the anomaly. When you consider over 90% of the anomaly still needs to be drilled, coupled with the fact that it sits in the same suite of rocks 25km away from a manganese mine that has just gone into production, and that it lies less than 25 kilometers from a functioning railway, we consider this to be an exciting target that now only needs to be tested with drilling. We also remain very positive about the gold potential in the Ndjole area, and the iron ore potential of our Mitzic license. Gabon has some world-class iron ore deposits and we believe it will at some point become a major iron ore producing district as well."
Figure 2. Location of the drill holes on the Ndjole license from the 5,300 meter program completed in relation to gold anomalies identified in the soils
Mitzic License: Silver Bull has also applied to renew the Mitzic exploration license, which lies 50km to the north of the Ndjole license and is extremely prospective for iron ore, and expects this to happen shortly.
About Gabon: Gabon is a French speaking democratic country located in West-Central Africa. It has an area of nearly 270,000 square kilometers (100,000 sq mi) and has an estimated population of 1.5 million people, of which 800,000 live in the Capital city of Libreville. Gabon has the third highest GDP per capita in Africa, is the 2nd largest exporter of manganese in the world, and is the 5th largest producer of oil in Africa. In addition to manganese, Gabon is also extremely prospective for iron ore and has numerous deposits including "Belinga", thought to be one of the largest undeveloped iron ore deposits in Africa.
About Silver Bull: Silver Bull is a US registered mineral exploration company listed on both the NYSE MKT and TSX stock exchanges and based out of Vancouver, Canada. The flag ship "Sierra Mojada" project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico and is highly prospective for silver and zinc.
The technical information of this news release has been reviewed and approved by Tim Barry, MAusIMM, a qualified person for the purposes of National Instrument 43-101.
On behalf of the Board of Directors
Tim Barry, MAusIMM
Chief Executive Officer, President and Director
Cautionary note regarding forward looking statements: This news release contains forward-looking statements regarding future events and Silver Bull's future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding the exploration potential of Silver Bull's mineral interests in Gabon and the renewal of the Mitzic exploration license. These statements are based on current expectations, estimates, forecasts, and projections about Silver Bull's exploration projects, the industry in which Silver Bull operates and the beliefs and assumptions of Silver Bull's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended October 31, 2011 and our other periodic and current reports filed with the SEC and available onwww.sec.gov and with the Canadian securities commissions available on www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Silver Bull Resources, Inc.