BEDFORD, NS, June 14, 2012 /CNW/ - NSX Silver Inc. (TSXV: NSY) is pleased to report on its recently completed Phase 1 drilling program at the Dios Padre Silver Project located in Sonora State, Mexico. The Phase 1 drilling program was expanded to sixteen diamond drill holes totaling 3,530 meters and assay results have been received for the first twelve holes.
Phase 1 drilling encountered multiple intercepts of silver in a number of drill holes with the most significant being a 50 meter intercept in hole DP- 12-2012 that assayed 74.2 grams per tonne of silver and 0.685 grams per tonne gold. This mineralized zone is located within 20 meters of surface and could represent a bulk tonnage target and will be the subject of additional drilling.
Additionally drill hole DP-9-2012 returned a 7.5 meter intercept that assayed 573 grams per tonne silver including a section of 1.5 meters that graded 1,410 grams per tonne silver.
The following table includes details for the significant drill intercepts to date from the Phase 1 program:
| Dios Padre Silver Project
Significant Drill Intercepts - Phase 1 Drill Program
To Hole DP-12-2012
|Drill Hole #||From||To||Intercept||Au||Ag|
As previously press released (see press release dated April 27, 2012) the first six holes of the Phase 1 Program targeted a large geophysical anomaly. The subsequent ten holes then targeted in and beneath the area of historic mining. These ten holes encountered mineralized zones that contained silver mineralization intermixed with a variety of sulfide minerals. Of these, three holes were drilled into the old mine workings, and seven holes were focused on new prospective targets below the historic workings. Assay results from these deeper holes reported anomalous silver and gold values throughout much of their length and as well they encountered thicker zones of higher grade material. Of significance is the fact that silver mineralization occurs in both the rock matrix and within vugs (cavities) and fractures in rhyolite and rhyolite breccia host rock rather than in discrete veins. This reinforces expectations of the potential for additional higher grade mineralized zones below the known historic mine workings and within the feeder stock that appears to trend to the north-northeast of the Dios Padre Breccia zone.
Assays results for holes DP-13-2012 through DP-16-2012 are pending.
NSX Silver has quartered and submitted for re-assaying selected core sections from the earlier drilling by First Majestic (2006) and Silver Standard (1996). Additionally NSX Silver has twinned First Majestic drill hole FMR-11 with DP-16-2012.
All data generated from this initial exploration phase, together with the relevant historic data, will be analyzed and evaluated with a view to preparing a comprehensive geological model that will assist in planning the Phase 2 exploration program which will include additional drilling. This program is expected to commence in the fourth quarter 2012.
NSX Silver also reports that it has initiated a geochemical sampling survey over much of the 6,000 hectares of ground that it holds in the vicinity of the Dios Padre Project. This is an early stage reconnaissance survey focusing on specific target areas that exhibit anomalous geological features that may present as future exploration targets.
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.