VANCOUVER, April 27, 2012 /CNW/ - NSX Silver Inc. (TSXV: NSY) is pleased to provide an update on its ongoing drill program at the Dios Padre Silver Project, Sonora, Mexico. A total of nine HQ core holes have been completed to date at the Dios Padre Silver Project as part of the Phase 1 drilling program.
Breccia Zone, Dios Padre Mine Area
Core drilling was planned to test the north and northwest plunge of the mineralized breccia body previously mined in surface cuts and underground workings at the main Dios Padre Mine area. The holes were designed to test the downdip extension of the previously mined mineralized breccia zone after NSX Silver technical personnel analyzed the results of previous drill campaigns by prior explorers. Drill holes completed by Silver Standard Resources in 1996 and by First Majestic Resource Corp. in 2006 were all angled southward. However, NSX Silver geologists noticed compelling evidence for a north and northwest dip to the mineralized zone based on geologic conditions and assay patterns from both of these drill campaigns.
NSX Silver drill holes DP-07-2012 and DP-09-2102 were aimed at downdip extensions of the mineralized breccia body beneath the Santa Gertrudis open cut, and below the limits of the lowest known underground workings, known as the Santa Fe level. The Santa Gertrudis and the Santa Fe zones were reportedly last mined during the period from 1967 to 1971, with operations focusing on areas of high grade silver mineralization.
NSX Silver is pleased to report that both of these drill holes successfully encountered mineralized breccia at depth. Minerals identified in the drill core from this newly discovered breccia zone include chalcopyrite, galena, tetrahedrite, freiburgite, pyrite, and barite. The mineral assemblage is consistent with silver-bearing minerals seen at upper levels of the Dios Padre Mine in pit walls, stockpiles, and accessible underground workings on the property. Assay results from these drill holes are pending.
The Company plans to carry out additional drilling to further define and extend these newly-discovered breccia zones. As well, other geochemically anomalous zones on the Dios Padre property will be drill tested.
Geophysical Anomalies, Dios Padre Claims
The first six drill holes of the Phase 1 drilling program were sited to test a large geophysical anomaly and its offshoots that were identified by a three-dimensional induced polarization/resistivity/magnetomer survey completed in November 2011. Analysis of this drill core is continuing and more work is planned to investigate the mineral potential of the anomalous and coincident zones of high conductivity and high resistivity. The geophysical anomaly is underlain by multiple rhyolite intrusive bodies similar to the main Dios Padre Mine area, and represents new areas that have not been drill tested.
Dios Padre Silver Project
The Dios Padre Property ("Property") covers an area of 285 hectares on three contiguous claims and lies in the Sierra Madre Oriental in a Cretaceous volcanic stratigraphic sequence which is the host environment for significant gold and silver deposits, including those found in the nearby Sahuaripa, Mulatos, Dolores and Ocampo mining districts.
NSX Silver, through its wholly owned subsidiary Cia, Minera Oso Blanco SA de CV ("Oso Blanco") holds an exclusive option on the Property whereby Oso Blanco can acquire a 100% undivided interest in the Property from Cia Minera Pena Blanca SA de CV ("Pena Blanca") by making cash payments totaling US$6 million and issuing an aggregate of 1,250,000 common shares to Pena Blanco over a 5-year period.
Sample Protocol and QA/QC
Drill core from all the drill holes is sawn in half, logged, sampled, catalogued and stored for future reference. One-half of the core is sent to ALS Chemex in Hermosillo for assay preparation, with ICP 61 analysis of the prepared samples conducted by ALS Chemex in Vancouver, Canada.
John E. Hiner, Licensed Geologist and Registered Member of SME,, a qualified person as defined by National Instrument 43-101, recently visited the property and has reviewed and approved the information provided in this news release.
About NSX Silver
NSX Silver Inc. is a mineral exploration company actively exploring for silver and associated metals in Mexico. NSX Silver's principal property is the Dios Padre Project located in Sonora State, Mexico. Additionally the Company holds approximately 5,000 additional hectares of prospective ground in the vicinity of the Dios Padre Project. NSX Silver's shares are listed on the TSX Venture Exchange under the symbol NSY.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Glenn A. Holmes
Chief Financial Officer, NSX Silver Inc.