| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2009) - Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) is pleased to report that diamond drilling in the Brucejack Area of its wholly-owned Snowfield Project continues to intersect significant values of gold-silver mineralization. The property is located 65 kilometers north of the town of Stewart and 15 kilometers southeast of Barrick's high-grade gold-silver mine at Eskay Creek. Galena Hill Zone Drilling at the Galena Hill Zone, located five kilometers south of the Snowfield Zone and referenced in the news releases dated August 5 and August 20, 2009, continues to intersect gold mineralization with significant intervals encountering visible gold. A new highlight from the Galena Hill Zone is hole SU-12 which intersected four bands of mineralization. The best intersection included: - 1.5 meters with uncut grades of 16.95 kilograms of gold and 8.7 kilograms of silver per tonne (4.9 feet averaging 494.3 ounces of gold and 254 ounces of silver per ton). - This intersection ocurred within a wider interval of 20.6 meters with cut grades of 5.33 grams of gold and 159 grams of silver per tonne (68 feet averaging 0.15 ounces of gold and 4.6 ounces of silver per ton). For the quoted average gold assays, any assay in excess of 31.1 grams of gold per tonne was cut to 31.1 grams of gold per tonne. SU-12 is collared approximately 100 meters southwest of SU-05 which intersected 155 meters averaging 1.26 grams of gold per tonne (509 feet averaging 0.04 ounces of gold per ton), including 12 meters averaging 5.37 grams of gold per tonne (39 feet averaging 0.16 ounces of gold per ton). Bridge Zone The Bridge Zone, located 1,200 meters south of the Galena Hill Zone, is a new discovery made by Silver Standard. Highlights from SU-19, collared approximately 100 meters southwest of SU-10, include: - 552 meters of 0.87 grams of gold per tonne (1,811 feet averaging 0.025 ounces of gold per ton), including 260 meters of 1.19 grams of gold per tonne (852 feet averaging 0.034 ounces of gold per ton). Previously reported hole SU-10 intersected 483 meters of 0.70 grams of gold per tonne (1,585 feet averaging 0.02 ounces of gold per ton), including two higher grade intervals of 50 meters of 1.26 grams of gold per tonne (162 feet averaging 0.037 ounces of gold per ton) and 33 meters of 1.25 grams of gold per tonne (108 feet averaging 0.036 ounces of gold per ton). SU-19 ended in mineralization and at least 10 holes are planned in its vicinity to begin defining the size of the new discovery. SU-11 was collared approximately 500 meters northwest of SU-10 and intersected three bands of mineralization summarized in the table below. There are also over 900 historic diamond drill holes from both surface and underground drilling in the Brucejack area. Silver Standard anticipates being able to incorporate a portion of this data in future resource estimates. A minimum of 8,000 meters of diamond drilling is planned to test targets in the Brucejack area, and three drills are currently at work on various targets. Selected Brucejack Area Drill Results(i)
September 2009
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Hole No. From To Interval Gold Silver
(meters) (meters) (meters) (g/tonne) (g/tonne)
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Bridge Zone
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SU-10(1)(2) 346.0 395.5 49.5 1.26 16.1
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457.0 489.8 32.8 1.25 7.8
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SU-11 18.0 72.0 54.0 1.51 11.1
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108.0 124.5 16.5 1.05 13.3
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345.0 387.0 42.0 0.52 3.4
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SU-19(2) 4.0 556.3 552.3 0.87 5.7
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296.5 556.3 259.8 1.19 6.78
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Galena Hill Zone
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SU-05(1) 39.2 51.5 12.3 0.61 13.3
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323.5 478.5 155.0 1.26 20.4
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Incl. 466.5 478.5 12.0 5.37 26.3
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SU-06(1) 40.0 84.5 44.5 1.83 20.3
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Incl. 56.7 68.0 11.3 4.65 55.2
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146.0 225.5 79.5 1.01 10.5
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278.9 356.5 77.6 1.01 5.5
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Hole No. From To Interval Gold Silver
(meters) (meters) (meters) (g/tonne) (g/tonne)
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Galena Hill Zone (cont'd)
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SU-12 258.0 278.6 20.6 5.33 158.8
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Incl. 273.0 274.5 1.5 16,949 8,696
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301.0 323.8 22.8 1.02 10.2
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354.4 373.5 19.1 2.64 9.7
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460.0 502.0 42.0 1.59 8.4
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SU-17(2) 113.0 203.4 90.4 1.13 12.6
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Mammoth Zone
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SU-13 147.0 161.0 14.0 0.98 1.7
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238.5 295.5 57.0 1.21 3.0
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SU-14 41.0 45.5 4.5 5.42 5.8
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304.4 323.0 18.6 1.98 2.0
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SU-15 407.5 449.0 41.5 1.01 19.1
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493.0 518.0 25.0 1.24 4.1
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(i) True thickness to be determined. (1) Previously reported. (2) Ended
in mineralization. Kenneth C. McNaughton, M.A.Sc., P.Eng., and vice
president, exploration, Silver Standard Resources Inc., is the Qualified
Person (QP) responsible for the Snowfield exploration program and has
verified the data in the table above. All samples were submitted for
preparation and analysis by ALS Chemex at its facilities in Vancouver, B.C.
All samples were analyzed using aqua regia digestion with ICP finish.
Samples over 100 ppm silver were reanalyzed using four acid digestion with
an ore grade AA finish. Samples over 1,000 ppm silver were fire assayed
with a gravimetric finish. Samples with over 10 ppm gold were fire assayed
with a gravimetric finish. One in 20 samples were blind duplicate assayed
at ALS Chemex in Vancouver, B.C.
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. (Source: Silver Standard Resources Inc.) 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 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. Such risks and uncertainties include, but are not limited to, the company's ability to raise sufficient capital to fund development, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in the company's filings with the Securities and Exchange Commission. Cautionary note to U.S. investors: The terms "measured mineral resource", "indicated mineral resource", and "inferred mineral resource" used in this news release are Canadian geological and mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves. We advise U.S. investors that while such terms are recognized and permitted under Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in the measured and indicated categories will ever be converted into reserves. "Inferred mineral resources" in particular have a great amount of uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules estimates of inferred mineral resources may not generally form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of contained metal expressed in ounces is in compliance with NI 43-101, but does not meet the requirements of Industry Guide 7 of the SEC, which will only accept the disclosure of tonnage and grade estimates for non-reserve mineralization. |