BEDFORD, NS, Sept. 6, 2013 /CNW/ - NSX Silver Inc. (TSXV: NSY) has recently completed a strategic review of its Mexican exploration property portfolio, taking into consideration the exploration results generated to date and an evaluation of the risk-reward profile associated with undertaking further exploration for each of its mining concessions. As a result of this review, the directors of NSX Silver have determined that the Company's future exploration efforts will be best positioned by focusing on its three wholly-owned mining concessions (Oso Blanco, Oso Blanco 2 and Piedras del Norte) comprising approximately 6,000 hectares and located in Sonora State. The work completed on these concessions to date has identified several mineralized zones which NSX Silver's technical consultants consider to have excellent potential for further discoveries.
With respect to the Dios Padre Property, comprised of the Dios Padre, Dos Carlos and Alajandro mining concessions totaling 285 hectares, while the 2012 and 2013 drill campaigns generated multiple high grade silver intercepts, it has not as yet delivered the makings of an economic deposit and accordingly NSX Silver has informed the property owner that it is terminating the option agreement.
Oso Blanco Mining Concession
The highly prospective Huerigo area was first identified by NSX Silver in 2012 and now comprises 8 km2 of highly prospective ground in the western portion of the Oso Blanco 2 concession. A total of five anomalous zones have now been identified in the Huerigo area. Anomalous zones were defined by elevated silver-lead-copper assay values supported by multi-element assay values that exceed the statistical background populations. Background levels for silver, lead, and copper are 1.3, 18, and 20 ppm respectively.
Efforts to date have focussed on two of these zones; the Los Tajos Zone to the south and the Chipahuiri Zone to the north. These zones are located approximately 5 kilometers apart and both have had only limited exploration conducted in the past. Highlight results were press released on June 11, 2013 and are listed below;
Los Tajos Zone:
- 3.41 grams per tonne gold and 95 grams per tonne silver in a 2 meter trench
- 189 grams per tonne silver and 0.174 grams per tonne of gold in a 2 meter trench
- 141 grams per tonne of silver in a 2 meter trench
- 42.2 grams per tonne silver over a continuous channel of 14 meters in close proximity to an old mine working, including one sample grading 190 grams per tonne silver and 0.284 grams per tonne gold and a second of 33.5 grams of silver and 0.347 grams of Gold , each over 2 meters
Further information regarding these two zones is set out in the Company's June 11, 2013 press release.
Oso Blanco 2 and Piedras del Norte Mining Concessions
NSX Silver announced the discovery of two new mineralized zones, the Santa Rosalita Zone and the La Prieta Zone, in its press release dated May 16, 2013.
The Santa Rosalita Zone is located immediately north of the town of Santa Rosa. Mineralization in this zone occurs in a shear zone of indeterminate size that is obscured by heavy overburden in an area with difficult access due to dense vegetation. Initial sampling results returned a high value of 2,030 grams per tonne silver.
At the La Prieta Zone NSX Silver has identified a 700 meter long narrow shear zone, approximately 0.5 to 1.2 meters in width that hosted the old La Prieta polymetallic mine (copper, lead, zinc, gold, and silver). Testing and trenching along this zone indicates that high values of silver and gold occur along much of its length. Of the 41 samples taken along the strike of the shear, 31 samples (76%) exceeded the assigned background silver value of 5 grams per tonne. Anomalous assays along the length of the zone range from trace to a high value of 352 grams per tonne silver and from trace to a high value of 9.4 grams per tonne gold. Of note is the fact that most of the higher grade silver samples also returned significant gold values. Three other anomalous zones have been identified to date in this area.
NSX Silver also announces that it has acquired two new mining concessions totaling approximately 800 hectares in area, by way of application to the Mexican government. These concessions are located in the central portion of Sonora State. The decision to acquire these concessions is based on the favorable geology of the region and the highly anomalous values for silver and gold which occur in vein systems in the area. An initial exploration program for this property is presently being developed.
The Company also continues to evaluate additional acquisition opportunities in Sonora State and adjacent states.
John E. Hiner, Licensed Geologist and Registered Member of SME, a qualified person as defined by National Instrument 43-101, 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 owns three mining concessions (Oso Blanco, Oso Blanco 2 and Piedras del Norte) comprising approximately 6,000 hectares of prospective ground situated in the prolific Sierra Madre Occidental. NSX Silver's shares are listed on the TSX Venture Exchange under the symbol NSY.
This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of NSX Silver Inc. ("NSX Silver"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that NSX Silver or its shareholders will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond NSX Silver's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risks and Uncertainties" in NSX Silver's Management Discussion and Analysis for the Year ended December 31, 2012, which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. NSX Silver does not intend, nor does NSX Silver undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
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
SOURCE: NSX Silver Inc.
For further information:
Glenn A. Holmes
Chief Financial Officer, NSX Silver Inc.