9.63 Million Ounce Silver Mineral Resource
Drilling Also Extends Zone 750 Meters to Southeast
VANCOUVER, British Columbia, Jan. 31 /CNW/ -- Silvermex Resources Ltd.
(TSX-V: SMR) has received the independent mineral resource estimate on the
Penasco Quemado Zone located within the 10,000 hectare Penasco Quemado
Property. The estimate, completed by Jim McCrea, P.Geo., the independent
Qualified Person, was prepared using CIM definitions (August, 2004) for
mineral resources as required by National Instrument 43-101. The mineral
resource estimate is:
Resource Classification Ore Grade Silver
(million (g/t Ag) (million
tonnes) troy oz)
Measured Mineral Resource 0.123 151.9 0.599
Indicated Mineral Resource 2.442 115.0 9.032
Total Measured + Indicated 2.565 116.8 9.631
Inferred Mineral Resource 0.001 41.4 0.001
The mineral resource estimate was prepared using a cut-off grade of 30
g/t Ag with high grade samples capped at 700 g/t Ag. The mineral resource
estimate is based on a total of 3,442.67 meters of core, rotary and reverse
circulation drilling from 45 holes completed by both Silvermex and previous
operators. Silvermex completed approximately 2,210.12 meters of drilling in 4
core and 17 RC holes during its 2005 and 2006 drill campaigns in the PQ Zone.
The infill drilling was combined with historical drilling and the results of
the Company's 2005 reverse circulation drill program.
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. A block density of 2.50 t/cu meter was assigned the ore blocks.
Micon International Limited, of Toronto and Jim McCrae, P.Geo., of
Vancouver has been commissioned to complete a NI 43-101 compliant technical
report supporting the mineral resource estimate. The Company expects the
report to be completed prior to the end of March, 2007.
Extension of Zone:
Outside of the 300 meter zone hosting the resource, 4 holes were
completed. The results from holes PQD-04 and PQD-05 confirmed the continuity
of the mineralization 750 meters along strike with the zone open at depth. The
step-out results allow the Company to proceed with an infill drill program
that management is confident will expand the current Measured and Indicated
Future Programs on the Penasco Quemado Zone:
With the step-out drill program provided valuable information regarding
the extent and structural and depositional history of the Penasco Quemado
Zone. The next phase of exploration, including a geophysical program
consisting of IP, magnetic and electromagnetic methods (NSAMT), is proposed to
better identify specific targets prior to recommencement of infill and step
As part of its QA/QC program the Company uses standard industry practice
in its handling, preparation and processing of samples. This includes but is
not limited to the separation of functions and the use of blanks, standards
and duplicate samples. The Company contracted Acme Analytical Laboratories
Ltd., an ISO 9001:2000 accredited lab, to complete geochemical analysis of the
Pursuant to National Instrument 43-101, Darcy Krohman, P.Geo., C.A,.
Executive Vice-President and CFO of Silvermex Resources Ltd. is the Qualified
Person (QP) responsible for the disclosure in this news release. Field work
has been conducted by Silvermex Resources Ltd. employees and contractors.
The reader is referred to SEDAR for a complete and detailed version of
the January 30, 2007 news release.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. Forward looking
statements are statements which relate to future events. In some cases, you
can identify forward-looking statements by terminology such as "may",
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While these forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect out current judgment
regarding the direction of our business, actual results will almost always
vary, sometimes materially, from any estimates, predictions, projections,
assumptions or other future performance suggests herein. Except as required by
applicable law the Company does not intend to update any forward-looking
statements to conform these statements to actual results.
For further information:
For further information: Arturo Bonillas, B.Sc.(Eng), President & CEO,
Hermosillo, Sonora, Mexico, +011-52-662-262-1132, or
firstname.lastname@example.org, or Darcy Krohman, P.Geo., C.A., Vice-President
& CFO, Vancouver, BC, Canada, +1-604-682-4004, or
email@example.com, or investors, Marco Fiori, Corporate
Development, Vancouver, BC, Canada, +1-604-682-4004, or
firstname.lastname@example.org, all of Silvermex Resources