Precious Metals

Additional assay results are pending, and the Company is fully funded for 2022

Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) ("Silver Dollar" or the "Company") is pleased to report initial exploration results for the fall and winter drilling program completed at the La Joya Silver Project (the "Property") located in the state of Durango, Mexico (See Figure 1).

Highlights include:

  • Hole NOR-21-002 that returned 131.2 grams per tonne (g/t) silver equivalent (AgEq) over 5.37 metres (m); and

  • Hole NOR-21-004 that returned 1,590 g/t AgEq over 3.00 m, and 2,369 g/t AgEq over 1.01m within a broader intersection of 361.8 g/t AgEq over 8.37 m.

Drilling focused on the underexplored Noria portion of the Property and was successful in identifying possible structural extensions of the known mineralized zones as well as the discovery of a new shallow high-grade gold zone. The next phase of drilling will focus on these new targets and is expected to commence before month-end.

Drill core samples from all 11 holes completed over a total of 2,424 metres of drilling were submitted for analysis, and the results reported below are for the first seven holes.

Holes NOR-21-001 and NOR-21-002 targeted possible westward and downward extensions of the mineralization related to the past-producing Embotelladora mine, one of the historic artisanal mines on the Property.

Hole NOR-21-001intercepted the Embotelladora structure and 27 m of anomalous copper (Cu) and silver (Ag) values which graded 10.7 g/t Ag and 674 ppm Cu starting at 66 m downhole. This hole was successful in confirming the extension of the mineralized structure.

Hole NOR-21-002 intersected the downdip extension of the Embotelladora structure with an intercept of 110 g/t Ag over 5.37 m from a depth of 118.62 m downhole.

Hole NOR-21-003 targeted a historic gold intercept excluded from the database with a short 69 m hole but did not return any significant results.

Hole NOR-21-004 was drilled to test the deep high-grade "San Martin" type mineralization intercepted in historical hole LB96-04. This hole deviated significantly to the south and failed to intercept mineralization at the target depth. However, the hole did encounter unexpected high-grade gold in multiple intervals that have been verified by check assays including 19.2 g/t Au over 3.00 m starting from a depth of 126 m downhole and 29.0 g/t gold over 1.01 m starting from a depth of 164.61 m downhole. This shallow gold zone will be a primary target going forward.

Hole NOR-21-005 was planned to target an extension of mineralization associated with the western intrusive contact of Coloradito. While it failed to reach the contact, it did intercept high percentages of pyrite and 40.44m of 0.28% Zinc (Zn).

Holes NOR-22-006 and NOR-22-007 were drilled outside of the focus area to test conceptual geophysical targets and did not return any significant results.

For a planview of phase 1 drill hole collar locations see Figure 2.

"We are encouraged by these initial results and eagerly await the remaining assays, particularly for the wide interval of 40+ metres of visible sulphide mineralization in hole NOR-22-008. Drill core from this hole, that targeted mineralization along the contact between carbonate rocks and a felsic intrusive, looks very promising," said Mike Romanik, president of Silver Dollar. "The drill rig was left on site, and we expect the next phase of drilling to resume before month-end."

Table 1: A summary of downhole drill intersections received to date.

Drill Hole
#
From
(m)
To
(m)
Length1 (m)Ag
(g/t
Au
(g/t)
Cu
%
Pb
%
Zn
%
AgEQ2
(g/t)
NOR-21-00166932710.70.050.07-0.0216.6
NOR-21-002118.62123.995.37110.50.190.040.250.28131.2
Including121.14123.992.85141.30.060.040.420.44161.1
NOR-21-003No significant values
NOR-21-00478846.002.80.210.060.010.0221.6
"1261293.004919.20.48-0.031,590
"157.25165.628.3716.94.30.10-0.01361.8
Including164.61165.621.015829.00.15-0.012,369
"2042139.005.50.210.11-0.0225.3
NOR-21-005949.4440.444.40.020.010.020.289.8
NOR-21-005144.57157.1112.54160.060.11
0.1525.5
NOR-22-006No significant values
NOR-22-007No significant values
  1. True widths have yet to be determined.
  2. AgEq in results above assumes US$1,750 Au and US$22 Ag per/oz, and US$4.30 Cu, US$1.25 Pb, and US$1.50 Zn per/lb, and 100% metallurgical recovery.

 

Table 2: La Joya Drillhole Details

Drill Hole #Target
Area
Target Depth (m)X
Collar
Y
Collar
AzimuthDipHole
Length (m)
NOR-21-001Noria120609670264083535-45150.0
NOR-21-002Noria225609671264083460-45198.0
NOR-21-003Noria69609695.5264104330-6069
NOR-21-004Noria500609603.1264125160-75558.0
NOR-21-005Noria150608177.2264083245-45159
NOR-22-006Noria1456083172641033150-50168
NOR-22-007Noria1256083102641290025-65150

 

Procedure, Quality Assurance / Quality Control, and Data Verification

The diamond drill core (HQ size) was geologically logged, photographed, and marked for sampling. Core designated for sampling was sawn in half with a diamond blade core saw. One-half of the core was sealed in plastic bags and shipped for analysis. The remaining half is returned to the core trays for storage and/or for metallurgical test work.

The sealed and tagged sample bags were transported to either the ActLabs facility in Zacatecas, Mexico, or the Bureau Veritas facility in Durango, Mexico where the samples were crushed and 200-300-gram pulp samples prepared with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 30-gram charge by fire assay (Code 1A2 and/or FA450) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3 and/or FA550). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).

Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks, and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Dollar's QA/QC protocols.

Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.

About the La Joya Project

The La Joya Project is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Project click on the image below to watch a two-minute video.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7232/117848_00d851c9a4989ace_001.jpg

Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7232/117848_00d851c9a4989ace_001full.jpg

About Silver Dollar Resources Inc.

Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.

For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.

ON BEHALF OF THE BOARD

Signed "Michael Romanik"

Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements:

This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117848

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