BEDFORD, NS, Aug. 21, 2012 /CNW/ - NSX Silver Inc. (NSY: TSXV) is pleased to report on results obtained from a property-wide rock-chip geochemical survey being carried out on its Oso Blanco II concession located in the State of Sonora, Mexico approximately 270 kilometers east of Hermosillo. Silver values up to 545 grams per tonne were returned from the samples and four large poly-metallic anomalies have also been delineated.
NSX Silver has completed a Phase 1 geochemical survey on a portion of its wholly-owned Oso Blanco II concession, which is located 5 kilometers from the Company's Dios Padre Silver Project. The geochemical survey covered a 5 km2 portion of part of the Oso Blanco II concession known as the Wierigo Zone. An additional 3 km2 of the Huerigo Zone remains to be sampled.
The Company was attracted to the previously unexplored Huerigo Zone by alteration in surface rocks that is similar to that seen at the Dios Padre Project. A total of 677 rock chip surface samples were taken at approximate intervals of 100 meters and shipped to ALS Chemex for assay. Of the total samples taken, 201 samples (29% of the total samples) contain anomalous values for one or more metals. Anomalous zones are defined by multi-point silver assays that in many cases are supported by anomalous multi-element assay values that exceed the background populations.
Of the 201 anomalous samples, 71 samples or 35% exceeded 5 grams of silver per tonne. Forty-seven samples reported in excess of 10 grams of silver per tonne of which 17 samples were greater than 30 grams of silver per tonne including 4 samples that were greater than 100 grams of silver per tonne.
Lead values as high as 2.05% and copper values as high as 1.56% were also returned, as well as, anomalous values for molybdenum (0.66% and 0.3%).
The geochemical survey identified four large anomalies that have been determined to be targets warranting further exploration. These targets are hosted in the lower volcanic sequence that commonly hosts mineral deposits in the Sierra Madre Occidental. Metals such as lead, zinc silver, copper, and molybdenum may occur coincident with other metals in the same anomaly, but not all metals occur in all the metal anomalies. Silver is associated with lead and appears in three of the four anomalous zones. Copper is found in two of the anomalous zones and to a lesser extent in a third anomaly, whereas molybdenum appears only in one anomaly. Zinc is coincident with lead.
Phase II of the geochemical program will involve detailed sampling on a 50 meter grid at 25 meter spacing between samples or at any change in lithology. At least 5 trenches are planned to test the anomalous zones of silver and lead as well as an as yet undetermined number of test pits.
Sample Protocol and QA/QC
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, B.C. for testing using the ICP-61 protocols. A selection of 10% of the samples in the anomalous zones and 2% of those outside the anomalous zones has been resubmitted for quality control testing.
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. Additionally the Company holds approximately 5,000 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.
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, 2011, 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.