Silver Bear Resources Inc. (
TSX: T.SBR,
Stock Forum) has identified three prominent high-grade silver zones averaging greater than 1,000 grams per tonne silver near surface on its Vertikalny deposit, located in Yakutia, Russia.
Combined, the zones have a total of approximately 5.7 million ounces at 2,041 grams per tonne silver of estimated inferred mineral resources and 5.1 million ounces at 1,569 grams per tonne silver of estimated indicated mineral resources.
According to the
Silver Bear Resources press release, following up on this opportunity, the company has initiated near surface drilling on its Vertikalny deposit.
Drilling commenced in October of this year with a total target of 3,000 meters of drilling planned.
During this past summer, the Silver Bear team completed over 11,000 cubic meters of trenching. Trenching was focused in areas around the Vertikalny prospect and in the Mangazeisky North zone within the exploration license area. Mineralization was uncovered in all of the 25 trenches, which were excavated.
Of the 25 trenches completed, five trenches were located in areas where no previous veins or mineralized zones had been mapped. Within these five trenches, the mineralization appears to be similar to that elsewhere on the property, which contain high levels of galena minerals containing silver.
These samples have typically returned some of the highest concentrations of silver on the property. More detailed mapping of the trenching is being prepared.
The primary business of the company is the evaluation, acquisition, exploration, and development of silver properties in the Russian Federation.
On Tuesday morning, Silver Bear rose 20% and was trading at $0.12 a share. The company had a market cap of $7.5 million, based on 62.1 million shares outstanding.