VANCOUVER, BRITISH COLUMBIA, Oct. 22, 2009 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/22/09 -- Silver Standard Resources Inc. (NASDAQ: SSRI)(TSX: SSO) is pleased to report the final results of the 2009 exploration program in the Brucejack area of its wholly-owned Snowfield Project. The Brucejack area of the property is located 62 kilometers north of the town of Stewart, and 5 - 7 kilometers south of the company's wholly-owned Snowfield Zone.
The Brucejack area program exceeded expectations in identifying and defining previously unrecognized gold targets, and in intersecting gold mineralization over significant intervals, with several exceeding 500 meters. The program included 17,846 meters of diamond drilling in 37 holes, all of which intersected gold-silver mineralization.
The final eight holes are summarized in the table that follows. Highlights of these holes included:
Bridge Zone
The Bridge Zone is a new discovery made by Silver Standard that has been drilled at roughly 100-meter centers. SU-30, a step-out hole to the west of SU-10 and SU-19 (see the news release dated September 15, 2009), intersected:
- 513 meters of 0.99 grams of gold per tonne (1,683 feet averaging 0.029 ounces of gold per ton), including 77 meters of 1.38 grams of gold per tonne (253 feet averaging 0.040 ounces of gold per ton).
Like holes SU-10 and SU-19, hole SU-30 ended in mineralization. The Bridge Zone is open to the west, south and to depth.
Galena Hill
Drilling at Galena Hill, located 1,200 meters north of the Bridge Zone, continued intersecting significant gold-silver mineralization, including quartz veins with visible gold. Two of the four final holes ended in mineralization. The best intersection was in hole SU-33 which cut two bands of mineralization:
- 71 meters of 2.17 grams of gold per tonne (233 feet averaging 0.06 ounces of gold per ton), and
- 15 meters of 6.27 grams of gold per tonne (49 feet averaging 0.18 ounces of gold per ton).
West Zone
Holes SU-32 and SU-36 tested for extensions to the north and to depth of the historically defined West Zone. Of the two holes SU-32 contained numerous intersections, the best of which was 147.5 meters of 1.32 grams of gold per tonne (484 feet of 0.038 ounces of gold per ton), including 64.5 meters of 2.03 grams of gold per tonne (212 feet of 0.06 ounces of gold per ton). SU-32 ended in mineralization.
There are also over 900 historic diamond drill holes from both surface and underground drilling in the Brucejack area. Most of this data is being incorporated in future resource estimates for the Brucejack area which is scheduled to be completed this year.
Kenneth C. McNaughton, M.A.Sc., P.Eng., vice president, exploration, Silver Standard Resources Inc., is the qualified person responsible for the Snowfield Project.
Silver Standard Resources Inc. is a significant silver and gold resource company making the transition from explorer to producer as well as growing through exploration and development of its own projects.
The company's focus is its wholly-owned Pirquitas silver-tin mine in Argentina that is ramping up to commercial production. Silver Standard also has two other development projects, San Luis in Peru and Pitarrilla in Mexico.
To receive Silver Standard's news releases by e-mail, contact Paul LaFontaine, director, investor relations at invest@silverstandard.com or call (888) 338-0046.
Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of the company's projects, future plans or future revenues, timing of the preparation of mineral resource estimates, development or potential expansion or improvements, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results.
