Arian Silver Announces Significant Increase in Mineral Resources at San Jose
20 July 2011 - 4:00PM
Marketwired Canada
Arian Silver Corporation ("Arian" or the "Company") (TSX
VENTURE:AGQ)(AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A), a silver exploration,
development and production company with a focus on projects in the silver belt
of Mexico, today announced the results of its updated Canadian National
Instrument (NI) 43-101 mineral resource estimates for its 100% owned San Jose
Property, located in Zacatecas State, Mexico. The updated mineral resource
estimates have been independently supervised by Mr. Malcolm Titley, BSc, MAIG,
Principal Consultant, CSA Global (UK) Limited.
Highlights:
-- 86% increase in resource tonnage along the San Jose Vein (SJV) from the
August 2008 mineral resource estimate, a copy of which is available under
Arian's SEDAR profile at www.sedar.com;
-- 10% higher average silver grade;
-- 105% increase in contained silver, and;
-- 34% of gross silver mineral content now in the indicated category.
-- Mineral resource estimates based on all Phase-1, 2 and 3 drill holes (152
drill holes totaling over 28,000 metres);
-- Mineralisation remains completely open along the western strike and to
depth, and;
-- Phase-4 drill programme underway with 5 holes for 1,745 metres completed
so far.
The in-situ resources comprises 8,000,000 gross tonnes in the indicated mineral
resource category, containing 30.03 million (M) ounces (oz) silver (Ag), 69.9 M
pounds (lbs) of lead (Pb) and 126.6 M lbs of zinc (Zn) at an average grade of
117 g/t Ag, 0.40% Pb and 0.72% Zn; and 17,000,000 gross tonnes in the inferred
mineral resource category, containing 58.42 M oz Ag, 140.1 M lbs of Pb, and
291.1 M lbs of Zn at an average grade of 107 g/t Ag, 0.37% Pb and 0.78% Zn.
Commenting on today's operations update, Arian's Chief Executive Officer, Jim
Williams, said:
"Today's updated mineral resource confirms the potential for large scale silver
mining at San Jose. Overall contained silver has increased by over 100% from the
Company's resource estimates from August 2008, and with some 34% of the resource
now in the indicated category. As previously announced there are several wide
intercepts of high grade silver and base metal mineralization within the
existing SJV resource envelope, which remain to be fully quantified. Almost 3
kilometres of westerly SJV strike and over 2 kilometres of strike to the east
remain to be drilled and we still have a number of additional targets to drill
within the property. For example, a second vein to the south, the Bety Vein, is
parallel with the SJV and surface samples have returned grades of up to 500 g/t
of silver. We believe this vein also has potential to contain significant silver
mineralization. In addition, stockwork-style mineralization also remains largely
untested within the property and the SJV itself has only been drilled to
approximately 250 metres depth and remains open in this domain as well as to the
west and east.
We believe the San Jose Project still has much more upside to offer and we have
already begun a Phase-4 drill programme to continue evaluation of the various
untested mineral systems."
Update on Phase-4 drill programme
Drilling continues with the Company's recently started Phase-4 programme where
forty drill holes are currently planned. The Phase-3 drill programme, which was
completed after drilling a total of 10,224 meters for 44 holes was concentrated
in the areas between Solidad and Santa Ana (8 holes) and east and then west of
the village of Guanajuatillo (36 holes).
The updated mineral resource estimates are summarized in the table below, and a
schematic plan showing the location of the updated resources in relation to the
San Jose Vein strike is available at the link provided below:
http://www.ariansilver.com/i/pdf/SJ_Schematic.pdf
San Jose Mineral Resource Estimate
----------------------------------------------------------------------------
Gross Tonnage
Resource Contained
Category Metal Average Grade Contained Metal
----------------------------------------------------------------------------
Ag (g/t) Pb (%) Zn (%) Ag (Moz) Pb (Mlbs) Zn (Mlbs)
----------------------------------------------------------------------------
Indicated 8,000,000 117 0.40 0.72 30.03 69.90 126.60
----------------------------------------------------------------------------
Inferred 17,000,000 107 0.37 0.78 58.42 140.10 291.10
----------------------------------------------------------------------------
1. Geological characteristics and +30 ppm grade envelopes used to define
resource volumes
2. Each mineral resource estimate is in accordance with CIM standards
3. The effective date of each mineral resource estimate is 15th July 2011
4. The estimates are based on geological, statistical and geostatistical
data assessment and computerized IDW3, Ag grade wireframe restricted,
linear block modeling.
5. (i) Tonnages have been rounded to reflect this as an estimate
6. (ii) Contained ounces have been calculated using 1 oz = 31.1035 g
7. (iii) Contained pounds have been calculated using 1 T = 2204.6226 lbs
The updated mineral resource estimate does not include any data from the
Company's Phase-4 drill programme. To date the Company has completed 5 holes for
1,745 metres, representing approximately 17.5% of our planned Phase-4 10,000m
programme. This drill programme has been designed with two principal objectives;
firstly, to define additional resources and secondly, to gain additional
information about metals distribution and controls on mineralization that can be
used to further upgrade known resources.
QA/QC
All technical information for the San Jose Project is obtained and reported
under a formal quality assurance and quality control (QA / QC) programme. The
core is logged and photographed by Arian staff and then split using a diamond
saw. Half the core is stored on-site in a secure core shed and the other half is
labelled, bagged and secured before transporting to Stewart Group's sample
preparation facility in Zacatecas, Mexico. Each sample has its own unique sample
number. The entire half-core is crushed to minus 10 mesh and a half kilogram
riffle split is pulverized and homogenized to minus 200 mesh. The pulp samples
are then air freighted to Stewart Group's analytical laboratory in Canada for
analysis. Systematic assaying of duplicates, blanks and certified reference
material is performed for precision and accuracy; quality procedures and
processes are continually reviewed and monitored with protocols in place to deal
with any non-conformity. Stewart Group's laboratories in Zacatecas, Mexico, and
Kamloops, BC Canada are ISO 9001:2000 accredited.
Approximately 5% of the analysed samples are re-sampled and sent to ALS Chemex
preparation facility in Guadalajara, Mexico. The samples consist of both coarse
reject samples as well as pulp samples. The coarse material is crushed and
pulverised according to the same protocol, and the pulp samples are air
freighted to ALS Chemex's analytical laboratories in Vancouver, Canada, for
analysis. Results from all duplicate analyses are compared to identify potential
analytical or sampling errors.
Stewart Group and ALS Chemex Laboratories are independent of Arian.
The samples were analysed for a multi element scan by aqua regia digestion and
ICP (inductively coupled plasma) finish. High-grade samples (greater than 200
g/t Ag) were re-analysed by fire assay with a gravimetric finish.
About the Company
Arian is a silver exploration and development company and is listed on London's
AIM; trades on London's "PLUS" market; is listed on Toronto's TSX Venture
Exchange and on the Frankfurt Stock Exchange. Arian is active in Mexico, the
world's largest silver producing country. The Company's main project is the San
Jose project in Zacatecas State. Part of Arian's forward-looking strategy lies
in the envisaged use of large scale mechanized mining techniques over wider
mineralized structures, which reduces the overall unit operating cost of metals,
and to build up NI 43-101 compliant resources.
Further information can be found by visiting Arian's website:
www.ariansilver.com or the Company's publicly available records at
www.sedar.com.
Qualified Person
The "Qualified Person" (as such term is defined in Canadian National Instrument
43-101) who supervised the preparation of the updated resource estimates for the
San Jose Project, is Mr. Malcolm Titley, who is an employee and Principal
Consultant and Director of independent consultants CSA Global (UK) Limited. Mr.
Titley has reviewed, verified and approved the contents of this release.
Mr. Jim Williams, Eur Ing, Eur Geol, BSc, MSc, D.I.C., FIMMM, the Chief
Executive Officer of Arian, is a "Qualified Person" as defined in the AIM
guidelines of the London Stock Exchange, and a "Qualified Person" as such term
is defined in Canadian National Instrument 43-101 ("NI 43-101"). This press
release has been prepared under Mr. Williams' supervision. Mr. Williams has
verified the data disclosed in this release including sampling, analytical and
test data underlying the technical information included herein, and the mineral
resource estimate disclosed herein.
Forward-Looking Information
This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation statements relating to
the San Jose Project with respect to estimates in respect of mineral resource
quantities, mineral resource qualities, the potential scope and context of the
mineralized area, the potential for upgrading the mineral resource estimate and
the Company's exploration and drilling targets, goals, objectives and plans.
These forward-looking statements reflect the current expectations or beliefs of
the Company based on information currently available to the Company.
Forward-looking statements are subject to a number of significant risks and
uncertainties and other factors that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking statements, and
even if such actual results are realized or substantially realized, there can be
no assurance that they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to differ materially
from current expectations include, but are not limited to: failure to establish
estimated mineral resources, the grade, quality and recovery of mineral
resources varying from estimates, risks related to the exploration stage of the
Company's properties, the possibility that future exploration results will not
be consistent with the Company's expectations (including identifying additional
and/or deeper mineralization), changes in the price of silver, changes in equity
markets, political developments in Mexico, uncertainties relating to the
availability and costs of financing needed in the future, changes to regulations
affecting the Company's activities, delays in obtaining or failures to obtain
required regulatory approvals, the uncertainties involved in interpreting
drilling and exploration results and other geological data and other factors
(including exploration, development and operating risks).
Any forward-looking statement speaks only as of the date on which it is made
and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements are not
guaranteed of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.
The mineral resource figures disclosed in this press release are estimates and
no assurances can be given that the indicated levels of silver and other
minerals will be produced. Such estimates are expressions of judgment based on
knowledge, mining experience, analysis of drilling results and industry
practices. Valid estimates made at a given time may significantly change when
new information becomes available. While the Company believes that the mineral
resource estimates disclosed in this news release are well established, by their
nature mineral resource estimates are imprecise and depend, to a certain extent,
upon statistical inferences which may ultimately prove unreliable. If such
estimates are inaccurate or are reduced in the future, this could have a
material adverse impact on the Company.
Mineral resources are not mineral reserves and do not have demonstrated economic
viability. Inferred mineral resources are estimated on limited information not
sufficient to verify geological and grade continuity or to allow technical and
economic parameters to be applied. Inferred mineral resources are too
speculative geologically to have economic considerations applied to them to
enable them to be categorized as mineral reserves. There is no certainty that
mineral resources can be upgraded to mineral reserves through continued
exploration.
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