Vancouver, British Columbia--(Newsfile Corp. - April 12, 2021) - Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF) ("Silver Sands" or the "Company") is pleased to provide an update on the on-going Phase II exploration program at its Virginia Silver Project in Santa Cruz Province, Argentina. The Phase two program of IP and diamond drilling commenced in late January.
"We just completed the drilling component of Phase II with 3,100 metres drilled in 20 holes, and all samples are now at the lab. The primary objective of the Phase II program is to build on the success of Phase I and continue to increase the mineralized footprint at Virginia," commented Silver Sands CEO Keith Anderson.
"We are also very excited with the results from the IP work completed directly to the north east. These new IP results are very similar to the results that encompass the known conceptual open pits, suggesting the north east area of the Virgina project has the potential for new resource expansion. We see similar chargeability anomalies and responses to the existing veins on the property," he continued. "Longer term, we are targeting an updated resource estimate late H2 2021. We are currently sufficiently funded to complete a Phase III drilling program and complete the resource estimate,"
Figure 1. Drilling Plan
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The drilling plan (Figure 1) shows the success to date with 6 newly identified areas for anticipated resource expansion:
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New mineralized zone expanding the existing Martina mineralized zone along strike at Martina SE;
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Identification of new mineralized zone along the Ely Vein at Ely North and Ely Central;
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Identification of new mineralized zone along the Julia Vein at Julia South Extension;
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Identification of new mineralized zone along the Martina Vein at Martina NW and Martina SW
These targets were the primary focus of the current drill campaign. Twenty holes totaling 3104 metres were drilled in Phase II, as shown in Figure 1. All samples have been dispatched to the laboratory for analysis.
Figure 2. IP
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The Pole DiPole Induced Polarization (PDP IP) program (Figure 2) identified several linear anomalies yielding chargeability responses similar to those of the known veins:
The IP chargeability clearly shows the faulted nature of the potential vein structures, mirroring the faulted nature of the Naty, Julia and Ely vein structures.
Field crews continue to evaluate these linear anomalies through mapping and sampling in preparation of trenching and subsequent drilling. The Company anticipates further resource expansion to be developed within a number of these targets.
In addition, the potential series of parallel and convergent veins in a yet to be named area in the northeast corner of the map will surveyed with PDP IP to pinpoint targets for subsequent exploration.
Figure 3. IP and Vein Structures
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The Virginia hosts an epithermal vein field, meaning the silver deposits within the veins formed at a relatively consistent depth, approximately 1000 metres below the paleosurface, or the earth's surface at the time of deposition. In an ideal situation, erosion through time would bring the silver deposits to surface, where they would be discovered as they were at Julia Central and Julia Norte. However, faulting of the rock units hosting the veins, as clearly shown in the vein geology and the IP, has disturbed the veins along strike and to the east. Recent drilling has shown Julia South has been faulted and dropped, meaning the silver deposits at Julia South are deeper than those at Julia Central and Julia Norte. Folding or faulting has also dropped the rock units to east of Julia and Ely, meaning silver deposits in those veins (Martina, Margarita, Magi are deeper than those at Julia Central and Norte.
About Virginia
Virginia is a low to intermediate sulphidation epithermal silver deposit located in the mineral-rich Deasado massif, lying within the mining-friendly state of Santa Cruz in the Patagonia region of Argentina. Through initial discovery in 2009 to four drill programs between 2010 and 2012, Mirasol Resources was able to define an initial indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag within seven outcropping bodies. This resource is documented in a Mirasol Resources technical report entitled: "Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina -- Initial Silver Mineral Resource Estimate" with an effective date of Oct. 24, 2014, and a report date of Feb. 29, 2016.
Several additional vein structures within the property package remain highly prospective, as Mirasol concentrated the bulk of its exploration effort on the resource area at the expense of continuing exploration on the underexplored additional veins. Several of these structures have highlight silver values in excess of 1,000 g/t Ag and have a high probability of hosting additional silver resources. These veins structures will be the primary focus of the Silver Sands 2020/2021 exploration efforts.
Silver Sands is earning a 100-per-cent interest in Virginia by issuing sufficient shares for Mirasol to end up with 19.9 per cent of the issued and outstanding of Silver Sands and completing $6-million (U.S.) in exploration over three years. Mirasol will retain a 3-per-cent net smelter return royalty with Silver Sands having the option of purchasing one-third of the royalty for $2-million (U.S.