Vancouver, British Columbia, Canada -- June 8, 2023 --
InvestorsHub NewsWire -- Defiance Silver
Corp.(TSXV:
DEF) (OTCQX:
DNCVF) (FSE: D4E) (WKN: A1JQW5) ("Defiance" or
the "Company") is pleased to provide an update on
the recently completed drill program. Results from drill holes
DDSA-23-64, DDSA-23-65, DDSA-23-66 and 66A are reported in this
release. The Company is awaiting assay results from DDSA-23-67
through DDSA-23-72, an additional six drill holes.
Drilling encountered the highest-grade and widest-width
mineralization ever drilled at the San Acacio project. Drill hole
DDSA-23-66 returned the widest width drilled to
date: 41.83 m of 157.30 g/t Ag (from
225.60 m to 267.43 m) including 15.96 metres of 379.90
g/t Ag (from 251.47 m to 267.43 m). Within this
interval is a sub-interval grading 5510 g/t
Ag or 6014 g/t AgEq from
265.54 m to 265.80 m. The company is extremely encouraged by these
results, which validate the hypothesis that additional very
high-grade mineralization is present in the Veta Grande camp.
Chris Wright, Chairman & CEO, stated: "We are extremely
encouraged by the continued success of our drilling campaigns at
the San Acacio project. As a result of diligent targeting and
modeling work, leading to multiple successful phases of drilling,
our technical team has been able to further demonstrate the
continued potential to outline a large mineral system within the
historical San Acacio mine area on the Veta Grande vein system. We
look forward to reporting additional results as they become
available to the company."
Highlights:
-
DDSA-23-66 - Returned the widest width and highest
grade that the company has drilled to date at the Zacatecas
District project. Drilling returned an intercept
of 41.83 m (from 225.60 m to 267.43 m)
of 157.30 g/t Ag or 169 g/t
AgEq. This interval returned high-grade sub-intervals
including 15.96 m (from 251.47 m to
267.43 m) of 379.90 g/t
Ag or 407 g/t AgEq. Included in
this intercept is 3.43 m (from 251.47 m
to 254.90 m) of 653.38 g/t
Ag or 684 g/t
AgEq and 1.00 m (from
264.80 m to 265.80 m) of 2350 g/t
Ag or 2500 g/t AgEq with a
very high-grade sub-interval from 265.54 m to 265.80 m
of 5510 g/t Ag or 6014 g/t
AgEq. This hole encountered historical workings in
two locations (from 238.60 m to 240.00 m and 254.90 m to 260.30 m)
for which a zero value was applied to the composited results.
Additional drilling in this area is planned to follow up on these
exceptional results.
-
DDSA-23-66A - Intercepted 9.86 m of
98.52 g/t Ag (from 260.00 m to 269.86 m) or 116 g/t
AgEq, including an interval of 1.54
m of 467.40 g/t Ag (from
264.34 m to 265.88 m) or 529 g/t AgEq.
-
DDSA-23-64 - Encountered two significant zones of appreciable
silver grade: 4.80
m of 349.37 g/t Ag (from
236.72 m to 241.52 m) or 376 g/t
AgEq including 1.32
m of 1264 g/t Ag (from
239.07 m to 240.39 m) or 1358 g/t
AgEq and 3.21
mof 200.05 g/t Ag (from 256.22
m to 259.43 m) or 243 g/t AgEq.
Select table of
results:
Table 1. Silver equivalent is calculated using the following
formula: Silver-Equivalent (AgEq) = [(Au_ppm x 64.18635)+(Ag_ppm x
0.784156)+(Pb_ppm x 20.94389)+(Zn_ppm x 24.69174)]/ 0.784156. Metal
price assumptions are Au: $1996.42, Ag: $24.39, Pb: $0.95, Zn:
$1.12. A 30-day metal price average is used to determine USD metal
prices, and 100% recovery has been assumed for all metals. At this
stage of the project, reliable metallurgy has yet to be completed,
and the reader is cautioned that 100% recoveries are never
achieved. True thickness is assumed to be 50%-80% of downhole
width.
Plan Map of
Drilling at the San Acacio Project:
Figure 1. Plan map of drilling at
the San Acacio project. Holes reported in this release are shown in
yellow. Coordinates are in UTM WGS84 Zone 13N.
Cross Section of DDSA-23-66 and 66A:
Figure 2. Cross-section showing the
results of holes DDSA-23-66 and 66A.
Discussion of Results:
DDSA-23-64 was drilled near the northwest
boundary of the San Acacio property (Figure 1) to test and better
define hanging wall veinlet zones that typically contain high-grade
silver in this part of the property. Three hanging wall veinlet
zones with silver mineralization, including two with appreciable
width, were intersected in this hole. These intercepts and their
structural data will be used to constrain the mineralized hanging
wall zones for the upcoming resource update.
The upper zone from 218.84 m to 220.47 m returned 136.44 g/t Ag or
152 g/t AgEq, while the lower zones
intersected 4.80
m of 349.37 g/t Ag (from
236.72 m to 241.52 m) or 376 g/t
AgEq including 1.32
m of 1264 g/t Ag (from
239.07 m to 240.39 m) or 1358 g/t
AgEq and 3.21
m of 200.05 g/t Ag (from
256.22 m to 259.43 m) or 243 g/t
AgEq within a wider zone
of 4.65m of 144.63 g/t Ag
or 158 g/t AgEq (from 255.38 m to 260.03
m). The main Veta Grande structure was intersected at 392.54 m, and
while mineralized, contained lower grades than the hanging-wall
splays.
DDSA-23-65 was drilled in the central
zone of the San Acacio resource area and specifically targeted an
apparent high-grade hanging wall structure previously tagged in an
historical underground drill hole (Figure 1). Hole DDSA-23-65
intersected several splay zones, including 1.12
m at 101 g/t
AgEq from 452.95 m to 454.07 m.
Historical drilling appears to have drilled along a narrow splay
zone rather than perpendicular to the splay structure.
Additionally, the Veta Grande structure was encountered below these
splay zones, and intersected a zone of anomalous silver
including 1.50 m at 100 g/t
AgEq.
DDSA-23-66 was drilled in the eastern portion
of the San Acacio resource area near the zone with the deepest
known historical workings (Figures 1 and 2). This hole was designed
as an infill hole within the resource area and a structural hole to
increase the confidence of both the locations and grades of the
hanging wall splays and the Veta Grande structure in this zone.
High grades were encountered in both the hanging wall splays and in
the Veta Grande structure itself. This hole drilled the widest
mineralized interval and the highest silver grade to date in
historical and recent diamond drilling at San Acacio.
Several historical workings within the reported intervals were
encountered in this hole (from 238.60 m to 240.00 m and from 254.90
m to 260.30 m); regardless, the grades and widths intersected in
this hole support the hypothesis that significant mineralized
material and bonanza grades remain within the historical San
Acacio mine area. The reported interval includes 41.83
m (from 225.60 m to 267.43 m) of 157.30
g/t Ag or 169 g/t AgEq, and several sub-intervals, as
highlighted above, including 15.96
m (from 251.47 m to 267.43 m)
of 379.90 g/t Ag or 407 g/t
AgEq, and a very high-grade sub-interval from 265.54
m to 265.80 m of 5510 g/t Ag or 6014 g/t
AgEq. Metal values for the composited intervals that
include the empty historic workings were calculated using zero
grade for the downhole widths that returned no material. The hole
was lost in an old mine tunnel beneath the Veta Grande at 297.10 m
and re-entered as DDSA-23-66A.
DDSA-23-66A is the continuation of
DDSA-23-66, with core drilling started from 260 m down hole,
bypassing the working where DDSA-23-66 was lost. This hole
intersected a similar interval of the main Veta Grande structure
and high-grade footwall veinlets, with 9.86
m of 98.52 g/t Ag (from 260.00 m to 269.86 m)
or 116 g/t AgEq and includes an interval
of 1.54 m of 467.40 g/t Ag (from 264.34
m to 265.88 m) or 529 g/t AgEq.
Collar Information for Reported Drill
Holes:
Table 2. Drill collar details. All coordinates in WGS84 UTM Zone
13N.
Discussion of QAQC and Analytical
Procedure:
Samples were selected based on the lithology, alteration, and
mineralization characteristics; sample size ranges from 0.25 – 2m
in width. All altered and mineralized intervals were sent for
assay. One blank, one standard, and one duplicate were included
within every twenty samples. Standard materials are certified
reference materials [CRMs] from OREAS and contain a range of Ag,
Au, Cu, Pb, and Zn values. Blanks, standards, and duplicates did
not detect any issues with the analytical results.
Samples were analyzed by ALS Chemex Laboratories. Sample
preparation was performed at the Zacatecas, Mexico, prep facility,
and analyses were performed at the Vancouver, Canada, analytical
facility. All elements except Au and Hg were analyzed by a
multi-element geochemistry method utilizing a four-acid digestion
followed by ICP-MS detection [ME-MS61m]; mercury was analyzed after
a separate aqua regia digest by ICP-MS. Overlimit assays for Ag,
Pb, and Zn were conducted using the OG62 method (multi-acid digest
with ICP-AES/AAS finish). Gold was measured by fire-assay with an
ICP-AES finish [50g sample, Au-ICP22].
About Defiance Silver Corp.
Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTCQX;
A1JQW5 | Frankfurt) is an exploration company advancing the
district-scale San Acacio Deposit, located in the historic
Zacatecas Silver District and the Tepal Gold/Copper Project in
Michoacán state, Mexico. Defiance is managed by a team of proven
mine developers with a track record of exploring, advancing, and
developing several operating mines and advanced resource projects.
Defiance’s corporate mandate is to expand the San Acacio and Tepal
projects to become premier Mexican silver and gold deposits.
Mr. George Cavey, P. Geo, is a Qualified Person within the meaning
of National Instrument 43-101 and has approved the technical
information concerning the Company’s material mineral properties
contained in this press release.
On behalf of Defiance Silver Corp.
“Chris Wright”
Chairman of the Board
For more information, please contact: Investor Relations at +1
(604) 343-4677 or via email at info@defiancesilver.com.
www.defiancesilver.com
Suite 2900-550 Burrard
Street
Vancouver, BC V6C 0A3
Canada
Tel: +1 (604) 343-4677
Email: info@defiancesilver.com
Disclaimer
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.
Caution Regarding Forward-Looking
Information
Information contained in this news
release which are not statements of historical facts may be
“forward-looking information” for the purposes of Canadian
securities laws. Such forward-looking information
involves risks, uncertainties and other factors that could cause
actual results, performance, prospects, and opportunities to differ
materially from those expressed or implied by such forward looking
information. The words “believe”, “expect”,
“anticipate”, “contemplate”, “plan”, “intends”, “continue”,
“budget”, “estimate”, “may”, “will”, “schedule”, “understand” and
similar expressions identify forward-looking
information. These forward-looking statements relate to,
among other things: the Company’s expectations regarding the
ability of the Mining Bureau of Mexico City to reinstate ownership
of the concessions to the Company, cooperation with the Mining
Bureau relating to such reinstatement and the potential for any
successful solution resulting therefrom.
Forward-looking information is
necessarily based upon a number of estimates and
assumptions that, while considered reasonable by Defiance, are
inherently subject to significant technical, political, business,
economic and competitive uncertainties and contingencies. Known and
unknown factors could cause actual results to differ materially
from those projected in the forward-looking information. Factors
and assumptions that could cause actual results or events to differ
materially from current expectations include, among other things:
the inability of the Company to regain possession of its
concessions; political risks associated with the Company’s
operations in Mexico; the failure of the Mining Bureau in Mexico
City to take any coercive action to reinstate ownership of the
concessions to the Company; and the inability of the Company and
its subsidiaries to enforce their legal rights in certain
circumstances. For additional risk factors, please see the
Company’s most recently filed Management Discussions & Analysis
for its quarter ended March 31, 2021 available on SEDAR at
www.sedar.com.
There can be no assurances that
forward-looking information and statements will prove to be
accurate, as many factors and future events, both known and unknown
could cause actual results, performance or achievements to vary or
differ materially from the results, performance or achievements
that are or may be expressed or implied by such forward-looking
statements contained herein or incorporated by reference.
Accordingly, all such factors should be considered carefully when
making decisions with respect to Defiance, and prospective
investors should not place undue reliance on forward looking
information. Forward-looking information in this news release is
made as at the date hereof. The Company assumes no obligation to
update or revise forward-looking information to reflect changes in
assumptions, changes in circumstances or any other events affecting
such forward-looking information, except as required by applicable
law.
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