BURLINGTON, ON, Feb. 9, 2012 /CNW/ - Tim D. Towers Reports :
Silver Shield has made strides in its quest to become a producer and we
offer an update on our activities in recent months.
LA CUMBRE GOLD/SILVER MINE
The La Cumbre property consists of 3 concessions totalling 7,000 ha. and
located in Guerrero State. It covers an area of ~4.5 km. wide x 15.5
km. in strike length.
The former producing La Cumbre Gold/Silver Mine has been one of the main
focuses of the Company in recent months. The mine has had an
historical NON 43-101 resource compiled by the Mexican Government of 16,856 tonnes @3.57 g/t
Au, 505.5 g/t Ag and 0.2 % Cu over 1.51m width to the 50 m level. The
mine shaft is accessible to 50 metres with some levels partially
developed. A 17 hole diamond drill program by Silver Shield returned
bonanza values of silver, gold and copper not only confirming the
historical resource model but also locating multiple new veins and
extending the resource model to depth. The company has also
constructed modern work quarters at the site.
For 2012 the company has planned an initial 300 metre development mining
plan from the 50 metre adit level and has arranged for a local Mexican
contract miner to be engaged. It is planned to remove ~3,000 tonnes of
material for processing and metallurgical studies. However before the
mining can be started a mining permit and explosive permit must be
obtained. The company is in the process of garnering these documents.
It is expected the necessary permits will be obtained and work will
commence in three to four months. A contract custom mill has previously
agreed to mill all material from the mine at a reasonable price.
Other work planned for this year include diamond drilling and follow-up
prospecting, mapping and sampling of the numerous soil anomalies (Au,
Ag, Cu, Pb, Zn) on the concessions.
Silver Shield Resources has acquired by denouncing the Temixco
concession in the state of Guerrero, Mexico. The concession totals
1,058 ha in size.
The concession hosts from 350,000 to 500,000 tonnes of Tailings along
with 3 old mines. The ore for the tailings came from a massive sulfide
deposit located ~5 km to the east and was last worked in 1943.
SSR has only performed preliminary work at this stage to evaluate the
potential of the tailings. Four samples taken by the company as part of
its due diligence to substantiate previously reported assays returned
the following average grades:
RANGE OF ASSAYS
VALUE AT TODAYS PRICES
Au- 1.007 g/t
0.399- 1.508 g/t
Au @ $1,730/oz = $50.46/gm $ 50.81
Ag- 145.3 g/t
76.2- 224 g/t
Ag @ $33.50/oz = $0.98/gm $142.39
Cu @ $3.85/lb. $ 6.27
Pb- 5.32% (using 4%avg.)
Pb @ $0.97/lb $ 85.36
Zn @ $0.95/lb $ 10.24
Total Value/ Tonne
The old mines, hosted within Tertiary age rhyodacite and rhyodacite
tuff, are located ~3 km. to the northwest of the tailings area.
Mineralization is located in veins and consists of gold, silver and
copper. No work has been performed by the company at this time on the
old mines. It is not known how many tonnes or the grade of ore that was
removed by previous owners.
Work planned for this year includes metallurgical studies, environmental
study, and a mill designed, procured and erected with production by
year end of 200 tonnes/day.
Welsh Silver Mine Elk Lake Ontario
The company has been working with Mr. Brian Hester to assimilate all
data in the area of the Welsh Silver Mine both current and historical.
The reason for this exercise is the preparation of the first complete
and comprehensive report on the Welsh Mine and the surrounding area
adjacent to it. The company has been unwavering in its belief of the
economic feasibility of this area. The report currently being completed
we believe will show the structures, mineralized zones and past
historical work and mining to aid in Silver Shield's 2012 development
plan for the Welsh Silver Mine . With $33 USD silver we believe the
mine can be again the "Silver Gem" of Northeastern Ontario in 2012.
Lost Dog Gold Property Timmins Ontario
The Lost Dog Property, in close proximity to the Lakeshore Gold Timmins
West Gold Mine, has undergone significant geophysics by the company. We
are extremely pleased with the results. It appears from the IP and Mag
work done that a limb of the Porcupine Destour Fault could be
traversing the centre of the property. Follow up work on these readings
and detailed surface sampling will be performed this summer and fall to
plan for locating drill sites on the property.
Other Timmins Properties
The company has extended the agreement on the Ogden Property in Ogden
Township in close proximity to Explor's (EXS-TSXV) recently announced
high grade gold findings. The extension till December 31, 2012 allows
the company to perform additional surface work this year to determine
the feasibility of a small drill program later in the fall.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined on the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Company Management, which takes full responsibility for content,
prepared this news release. In order to proceed fully with the
Company's exploration and acquisition plans, additional funding may be
necessary and, depending on market conditions, this funding may not be
forthcoming on a schedule or on terms that facilitate the Company's
SOURCE Silver Shield Resources Corp.
For further information:
Tim Towers, President and Chief Executive Officer
www.silvershieldresources.com email: email@example.com
Phone: 289-337-6162 Fax: 289-337-6678