Silver Standard Cuts 331 Feet of 2.9 Oz/Ton Silver at Bowdens, Options High-Grade Silver Prospect in Northern Territory.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Aug. 15, 2001 Silver Standard Resources Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SSRI SSRI selective serotonin reuptake inhibitor. SSRI n. Selective serotonin reuptake inhibitor; a class of drugs that inhibit the reuptake of serotonin in the central nervous system, used to treat depression and other ) (CDNX CDNX See Canadian Venture Exchange (CDNX). :SSO See single sign-on and CSO. SSO - single sign-on ) is pleased to report that at the Bowdens Silver Deposit the second phase of a two-phase 2001 drilling program of 19 holes totalling 2,711 metres intersected thick sequences of mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. in both the northeast and northwest quadrants of the deposit (Main Zone North and Bundarra North, respectively). The wholly-owned Bowdens Silver Deposit is located in New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. approximately 200 kilometers northwest of Sydney, Australia. The second phase of the 2001 program included seven holes totalling 1,178 metres of reverse circulation drilling. In the northeast quadrant quadrant, in analytic geometry quadrant. 1 In analytic geometry, one of the four regions of the plane determined by two lines, the x-axis and the y-axis. , the best results in this program were from BGR BGR Bundesanstalt für Geowissenschaften und Rohstoffe (in Federal Republic of Germany) BGR Bulgaria (ISO Country code) BGR Blue Green Red (uncommon variant of RGB) 171 which intersected 331 feet of 2.9 ounces of silver per ton (101 metres of 101 grams of silver per tonne) plus lead and zinc credits. Within this intercept is a high-grade section of 68.9 feet of 6.2 ounces of silver per ton (21 metres of 211 grams of silver per tonne). BGR 171 which terminated in mineralization is located in an area of Main Zone North where other holes have intersected thick zones of silver mineralization and where there is excellent potential for further additions to the overall tonnage and grade of the Bowdens deposit. The best hole of the second phase drilled in Bundarra North was BGR 166 which intersected 138 feet of 1.2 ounces of silver per tonne (42 metres of 43 grams of silver per tonne), plus 2.3% combined lead and zinc. Included in the 138-foot intersection were 72 feet of 2.2 ounces of silver per ton (75 grams of silver per tonne over 22 metres) plus 3.47% combined lead and zinc. BGR 166 was collared in an area of Bundarra North where phase one 2001 drilling (see accompanying table, holes BGR 153 to BGR 164) had identified substantial lenses of silver mineralization with significant base metal values. Silver mineralization at Bundarra North has tended to be lower grade than the deposit's average grade but base metal values are substantially higher than elsewhere at Bowdens. With results from drilling in 2000 and 2001, Silver Standard will now undertake a new block model calculation of silver resources at Bowdens that is expected to be completed in September. In other Australian news, Silver Standard is pleased to report the signing of an agreement with Imperial Granite and Minerals Pty Limited whereby Silver Standard may earn a 51% joint venture interest in the Bluey's Silver Prospect and the surrounding tenement A comprehensive legal term for any type of property of a permanent nature—including land, houses, and other buildings as well as rights attaching thereto, such as the right to collect rent. by repaying staking and tenement costs (to a maximum of A$10,000) and incurring exploration expenditures over time totalling A$750,000. Silver Standard may increase its interest to 90% on completion of a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. . The 20.7 square mile (53.5 km2) exploration licence which includes the Bluey's Silver Prospect is located 58 miles (93 kilometres) east of Alice Springs Alice Springs, town (1991 pop. 20,448), Northern Territory, Australia. It lies in a pastoral area surrounded by desert near the center of the continent and is a stop on the Adelaide Darwin Railway. in the Northern Territory. The Bluey's Silver Prospect has the potential to host a significant high-grade silver resource exploitable by open pit mining. Of 12 rock samples taken within an area measuring 410 feet by 375 feet (125 metres by 115 metres), seven samples assayed 14.3 ounces of silver per ton (490 grams of silver per tonne) or better, and up to 347 ounces of silver per ton (11,900 grams of silver per tonne). Significant copper values ranging up to 13.2% were also reported in sample assays. As part of the company's assessment of Bluey's, Silver Standard is undertaking a 13-hole program of shallow reverse circulation drilling totalling 540 metres. Drilling is expected to be completed in early September with assays to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report when available. Silver Standard is a significant silver resource company with over $4.0 million in working capital and advanced projects located in Argentina, Australia, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Bolivia. To receive Silver Standard's news releases by e-mail, contact Paul LaFontaine, manager, investor relations Investor relations The process by which the corporation communicates with its investors. at invest@silverstandard.com or (604) 484-8212. Some of the statements contained in this release may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. such as resource estimates and the company's future plans, objectives and goals. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties which could cause actual results to vary considerably from these statements. The risks and uncertainties include general and economic conditions as well as those described in Silver Standard's SEC Form 20F as amended.
BOWDENS SILVER PROJECT - SELECTED DRILL RESULTS, MAY-AUGUST 2001
Drill Grid Coordinates Interval Length Silver Length Silver
(metres) (metres) Grade (feet) Grade
Hole Northing Easting From To (g/t) (oz./ton)
BUNDARRA NORTH ZONE
BGR 153 No significant values above 10 g/t BGR 154 No significant
values above 10 g/t
BGR 155# 10600N 15100E 48 72 24 119 78.7 3.5
incl. 48 50 2 822 6.6 24.0
BGR 156# 10350N 14900E 28 35 7 73 23.0 2.1
109 124 15 171 49.2 5.0
incl. 116 122 6 340 19.7 9.9
BGR 163# 10500N 15000E 77 96 19 100 62.3 2.9
BGR 164 10350N 15150E Anomalous values in multiple zones
BGR 165+# 10300N 14900E 107 109 2 73 6.6 2.1
115 120 5 91 16.4 2.7
BGR 166+# 10505N 14975E 47 89 42 43 137.8 1.2
incl. 58 80 22 75 72.2 2.2
incl. 73 77 4 190 13.1 5.5
BGR 167+ 10550N 14885E Anomalous values
MAIN ZONE SOUTH
BGR 157# 10125N 15415E 9 88(a) 79 86 259.1 2.5
incl. 9 45 36 130 118.1 3.8
BGR 158# 10175N 15400E 7 47 40 152 131.2 4.4
incl. 19 32 13 298 42.7 8.7
MAIN ZONE NORTH
BGR 159# 10550N 15470E 22 25 3 64 9.8 1.9
BGR 160# 10450N 15500E 82 100 18 270 59.0 7.9
BGR 161# 10650N 15350E 224 238(a) 14 106 45.9 3.1
BGR 162# 15300N 10690E 122 168 46 306 150.9 8.9
incl. 127 138 11 854 36.1 24.9
incl. 128 133 5 1,566 16.4 45.7
BGR 168+ 10475N 15450E 84 105 21 42 68.9 1.2
BGR 169+ 10700N 15215E Anomalous values in multiple zones
BGR 170+ 10680N 15268E Anomalous values in multiple zones
BGR 171+# 10625N 15350E 103 204(a) 101 101 331.4 2.9
incl. 103 124 21 211 68.9 6.2
# High-grade intervals re-assayed by neutron activation analyses +
Second phase 2001 results
(a) Ended in mineralization
The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has neither approved nor disapproved of the information contained herein. |
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