Trading Symbol SF.V
Frankfurt Symbol RLQ
VANCOUVER, Nov. 26 /CNW/ - Mr. Chris England, President and CEO of Silver
Fields Resources Inc. ("Silver Fields") is pleased to announce the Company has
planned a 10-hole drill program on the company's Teihsum River Gold property
on Northern Vancouver Island. The program is in the final permitting stages
and plans are to complete the drilling prior to the end of 2007. This project
will be managed by Grande Portage Resources Inc., which also holds the nearby
Merry Widow Mine. The object is to further expand the high-grade gold
mineralization discovered at the Bridge Zone during a 2005 drill program. A
recent airborne geophysical survey has indicated several strong EM conductors
and magnetic anomalies in the target area.
Silver Fields field crews have now completed Phase I and Phase II work
programs on four of its BC properties, namely Tulameen Mountain Silver, Frisby
Ridge, Mt. Copeland, and Argentum. The programs consisted of prospecting,
geological mapping, and reconnaissance soil sampling. Additional claims have
now been staked at Tulameen Mountain, Argentum and Mt. Copeland based on the
initial results of this fieldwork.
Assay results have been received for 35 soil geochemical samples
collected on the north slope of Tulameen Mountain, which show anomalies in
gold, silver, lead and zinc. Values in the 35 samples ranged from less than
0.001 ppm to 395 ppm (0.395 g/t) gold; 0.1 ppm to 3.0 ppm (3.0 g/t) silver;
7 ppm to 216 ppm lead; and from 17 ppm to 1565 ppm zinc. The anomalies tend to
cluster around an area thought to contain the extension of the Treasure
Mountain Fault, which hosts high-grade silver mineralization at the adjoining
Huldra Silver Treasure Mountain Mine.
On the Argentum Property adjoining the Lucky Jim Mine near Sandon in the
Slocan area, 66 soil samples were collected from a grid covering an area with
geology similar to the Lucky Jim Mine. No previous work has been recorded on
this ground. Preliminary plotting of the assay results from the 66 soil
samples revealed several anomalous areas with values ranging from 0.2 ppm to
4.8 ppm (4.8 g/t) silver; 10 ppm to 112 ppm lead; and from 35 ppm to 332 ppm
zinc. A program designed to further explore these anomalies is planned.
The Revelstoke area Frisby Ridge and Mt. Copeland properties were
prospected and soil sampled, with 99 samples taken from north Frisby Ridge and
40 samples taken from the Mt. Copeland area. Several types of mineral deposits
such as a sedex-style silver-lead-zinc massive sulphide layer, a niobium and
light-rare-earth bearing extrusive carbonatite layer, and molybdenum
mineralization are present. The soil samples indicate good continuity of the
sedex and extrusive carbonatite stratigraphy on Frisby Ridge, and indicate
rare-earth, fluorite and molybdenum potential on Mt. Copeland. An airborne
geophysical survey is in the final planning stages and may be completed before
year-end, depending on aircraft availability and weather conditions. All
samples have been assayed by ALS Chemex Labs in North Vancouver and the
company's Qualified Person is Dr. K. Warren Geiger Ph.D., P.Eng., P.Geol..
The Company had previously granted one million two hundred thousand stock
purchase options to directors, officers, employees, advisors and consultants
effective October 10th, 2007. This has been revised to an issuance date of
November 5th, 2007. The stock options have an exercise price of $0.10 cents
per share and will expire in five years.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are "forward
looking statements". The Company intends that such forward-looking statements
be subject to the safe harbours created thereby. Since these statements
involve risks and uncertainties and are subject to change at any time. The
Company's actual results may differ materially from the expected results.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Mr. Chris England, President, Phone: (604)
684-0454, Email: email@example.com, Website: