NSX Silver reports further encouraging results from Oso Blanco 2 mining concession in Mexico

BEDFORD, NS, June 11, 2013 /CNW/ - NSX Silver Inc. (TSXV: NSY) is pleased to report results from its ongoing geochemical sampling and mapping program on the Huerigo area of the wholly-owned Oso Blanco 2 mining concession located in the municipality of Yecora, in Sonora State, Mexico. The Huerigo area comprises 8 km2 of highly prospective ground in the western portion of the Oso Blanco 2 concession and is located approximately 5 kilometers west-southwest of the Company's Dios Padre Silver Project.

A total of five highly prospective areas (i.e. 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.  Recent efforts 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 from the recent program are listed below;

Los Tajos Zone:

  • 3.41 grams per tonne gold and 95 grams per tonne silver and 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

Chipahuiri Zone:

  • 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

Los Tajos Zone

The current extent of the Los Tajos Zone as defined by geochemical sampling is 200 meters by 200 meters. The recent sampling program completed at Los Tajos was comprised of continuous chip sampling taken from 12 hand dug trenches each 2 meters in length, 1 meter wide and 1 meter deep into bedrock.   These trenches were relatively broadly spaced and designed to provide a better understanding of the geology and mineralization in an area covered by dense vegetation and overburden.

The results of the trench sampling program are detailed in the following table.

LOS TAJOS ZONE - TRENCH RESULTS
Trench
Sample
Interval
(meters)
Gold
(ppm)
Silver
(ppm)
Copper
(ppm)
Lead
(ppm)
Zinc
(ppm)
             
170689 2.0 0.093   72.7 217 3,410 77
170690 2.0 0.020   69.7 151 3,800 61
170692 2.0 0.069 141.0 69 1,510 31
170695 2.0 0.767   76.4 80 3,330 70
170696 2.0 3.410   95.6 22   676 11
170697 2.0 0.023   40.5 56   850 19
170698 2.0 0.174 189.0 72 1,335 26
170699 2.0 0.237 107.0 38 1,150 19

Chipahuiri Zone

At the Chipahuiri Zone, work focused on an area containing numerous mine workings in a zone of highly altered intrusive rocks. Six continuous rock chip channel samples on 2 meter intervals over a width of 14 meters each were taken in an altered diorite that intrudes a granodiorite mass.  All six channel samples returned anomalous precious and base metal assay results of interest as detailed in the table below. Previous samples taken exposed bedrock in the wall of a creek bed 30 meters below the old mine adit yielded results ranging from 6.7 grams per tonne to 24 grams per tonne silver, confirming the presence of anomalous mineralization. Recently acquired data combined with previous assay information suggests the mineralized zone measures approximately 30 meters by 40 meters.

CHIPAHUIRI ZONE - CHANNEL RESULTS
Channel
Sample
Interval
(meters)
Gold
(ppm)
Silver
(ppm)
Copper
(ppm)
Lead
(ppm)
Zinc
(ppm)
             
170927 14.0 0.284 190.0 3,080 15,850 3,900
170928 14.0 0.219   76.4    113   1,230     90
170930 14.0 0.113   75.2    360   1,640 1,015
170933 14.0 0.112   33.0     99   5,870    859
325141 14.0 0.011   24.3    394   1,025 3,340
325167 14.0 0.347   33.5    796   5,640 2,030

Geological Setting

Both the Los Tajos and Chipahuiri zones occur in altered diorite.  All of the mineralization encountered to date is either disseminated or occurs in small veinlets of sulfides within the diorite.  No structural controls have been identified based on the limited geology seen to date.  The intrusive rocks in these zones are believed to be part of the lower volcanic sequence of the eastern Sierra Madre gold belt which hosts a number of precious metals deposits, including two multi-million ounce gold deposits which occur approximately 50 kilometers north of the Huerigo area;  Mulatos Mine (Alamos Gold) and La India Mine (Agnico Eagle).  The diorite occurs along a 5 kilometer long northwest trend that cuts across the Huerigo area.  Geochemical sampling results have identified anomalous silver, supported by multi-element anomalies, in several locations between Chipahuiri to the northwest and Los Tajos to the southeast and across the axis of this formation.  The anomalous mineralized zones strike perpendicular to the northwest trend for as much as one kilometer or more.

Close examination of samples from test pits and trenches at Los Tajos and Chipahuiri suggests that mineralization identified to date is broadly disseminated.  The association of potentially disseminated mineralization in altered intrusive rock suggests that one or more bulk-mineable mineral targets might be developed. Accordingly the Company will focus its exploration efforts in the Huerigo area with more test pits and trenching in selective areas to define potential mineralized zones and to delineate drill targets.

Other Anomalous Zones

Results from the 2012 geochemical sampling program carried out on the Oso Blanco 2 concession identified three other anomalous zones of interest. As with the Los Tajos and Chipahuiri zones, these three other zones were defined by elevated silver-lead-copper assay values supported by anomalous multi-element assay values that exceed the statistical background populations.  These zones represent priority exploration targets for the Company and additional geochemical sampling is planned for later this year.

Sample Protocol

Rock chip samples were taken and bagged, sealed and numbered on site. The sealed samples were transported by Company personnel to ALS Chemex's preparation lab in Hermosillo then forwarded to ALS labs in Vancouver BC for testing using the ICP-61 protocols.

Other

NSX Silver also announces that its Board of Directors has approved an increase in the maximum number of shares that may be issued under the 2011 Stock Option Plan from 3 million shares to 4 million shares, subject to approval of the TSX Venture Exchange.  Furthermore, the Board of Directors has granted stock options under the 2011 Stock Option Plan to three of NSGold's directors in respect of an aggregate of 750,000 common shares, and to six consultants in respect of an aggregate of 470,000 common shares.  The exercise price of the stock options is $0.10 and the stock options expire ten years from the date of grant.

Qualified Person

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's principal property is the Dios Padre Project located in Sonora State, Mexico which is held under option agreement. Additionally, the Company owns three mining concessions (Oso Blanco, Oso Blanco 2 and Piedras del Norte) comprising approximately 6,000 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.

Forward-Looking Statements

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.
(902) 798-1148
glenn.holmes@nsgoldcorp.com

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