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    DEF   CA2447672080

DEFIANCE SILVER CORP.

(DEF)
  Report
Delayed Bourse de Toronto  -  03:59 2022-10-03 pm EDT
0.2700 CAD   +14.89%
09/07Defiance silver announces warrant extension
AQ
08/09Defiance Silver Corp. Provides Second Update on 4,750-Metre Maiden Drill Program at the Lucita Property
CI
08/09Defiance Silver : Discovers Blind Silver System At Lucita
PU
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Defiance Silver Corp. Provides Second Update on 4,750-Metre Maiden Drill Program at the Lucita Property

08/09/2022 | 05:13pm EDT

Defiance Silver Corp. provided a second update on the 4,750-metre maiden drill program at the Lucita property on the company's Zacatecas silver project, including additional newly-discovered zones of high-grade silver mineralization. This drill program was the first to be undertaken at the central Lucita project which is currently under option from Pan American Silver.

Initial results from this program were released on April 13th, 2022. The current release summarizes the results from an additional 8 holes. The drill holes reported in this release encountered several styles of high-grade silver mineralization, including the classic vein-hosted style and blind, newly-discovered contact-style mineralization at depth.

The encountered mineralization is open along strike and both up and down dip from the released results, which are highly-encouraging and warrant extensive follow-up exploration work, including diamond drilling. DDSA-22-10 discovered several different styles of mineralization, including a new blind high-grade interval at depth. The hole returned multiple results over 100 g/t Ag, and individual intercepts grade up to 737 g/t Ag.

Intercepts include 3.05m of 264 g/t Ag and 0.20 g/t Au 4.01m of 166 g/t Ag and 0.37 g/t Au, and 2.25m of 235 g/t Ag. DDSA-22-10 also returned highly anomalous Ag mineralization from 370.23m to the end of the hole at 420.1m, with a 49.87m interval returning a weighted average of 58.79 g/t Ag. This new zone is open for expansion and will be a key follow up target in future drill programs. DDSA-22-09 was drilled prior to DDSA-22-10 and hit anomalous veins, but was stopped short of the mineralized zones encountered in DDSA-22-10.

Additional targeting work will be completed, and deeper follow up drilling will be planned with the goal of reaching the newly discovered zone of mineralization. DDLU-22-12 returned high-grade Zn-Pb mineralization and moderate grade Ag mineralization over narrow widths and represents a follow-up drill target once additional targeting and modeling work has been completed. Further exploratory drilling in the Palenque central zone encountered narrow zones of high-grade mineralization, including up to 843 g/t Ag & 0.2 g/t Au at from 184.0m to 184.30m.

The inaugural drill program at Lucita central confirmed the presence of high-grade, Fresnillo-style, low to intermediate-sulfidation epithermal silver mineralization, consisting of mainly of pyrargyrite and silver sulfides that potentially indicate the higher-level setting of a zoned epithermal system. Follow-up drilling is planned for later this year at the newly discovered zones of mineralization at Palenque and Tahures. Regional targeting done by Defiance in late 2019 and early 2020 identified the potential for a Fresnillo-style low to intermediate-sulfidation epithermal system on the Lucita land package, which is in a similar crustal-scale setting as the world-class Fresnillo district.

The regional prospectivity of the Lucita project has been historically defined by surface geochemistry, mapped vein structures, and regional drill holes that the company has in its proprietary 1,300 km2 regional database. Since mid-2021, the company has completed a detailed surface mapping program, with targeted re-sampling of veins and surrounding areas. This work has yielded significant surface grab sample results and outlined multiple un-tested vein targets throughout the Lucita land package.

The first pass 4,750 m diamond drilling program on the Palenque and Tahures vein systems were completed earlier in 2022, with the aim of conducting follow-up drilling in this area later in 2022. The dominant silver mineralization at Lucita consists of pyrargyrite hosted in polyphase calcite and quartz veins, breccia veins and stockwork veinlets. As is common in the Zacatecas and Fresnillo districts, mineralization is often hosted in steeply-dipping veins with typical epithermal- style textures.

The main commodity at the level of current drilling is silver with minor gold. This differs from the Veta Grande system at the company's San Acacio project which has a more polymetallic signature. Initial interpretations are that the west-striking Palenque vein system are part of a low-to-intermediate-sulfidation epithermal-style vein system.

New holes reported here, DDLU-22-10 and 11, also encountered two additional styles of silver-dominant mineralization, including a flat-lying faulted contact as well as fine veinlet arrays within underlying shales. Future exploration will target these new styles of mineralization at DEF's Zacatecas projects. DDLU-21-06, DDLU-21-07 & DDLU-21-08 - These holes were designed to step wes along the Palenque vein system from holes DDLU-21-01 to 05.

Holes DDLU-21- 06 and 07 were targeted under mapped outcropping veins with silver grade and historic workings at surface. However, the two shallow holes failed to intersect the vein. This is likely due to displacement from a low-angle structure or steepening of the vein; further structural data collection and interpretation is underway to generate follow-up targets.

DDLU-21-08 was similarly designed to test under mapped veins with historic workings and evidence of mineralization at surface. However, no significant intervals were intersected. DDLU-22-09 - This hole was designed to intercept a mapped calcite-rich but low- grade portion of the Palenque vein system, with old workings nearby.

The vein successfully intersected the steeply dipping veins with anomalous Ag and Au grades, ncluding deep in the hole. Results were encouraging to follow up with a deeper hole, DLU-22-10. DLU-22-10 - Interesting results from DDLU-22-09 prompted a deeper hole nderneath the encountered veins.

Hole DDLU-22-10 successfully encountered multiple calcite and quartz veins with anomalous to high-grade Ag ± Au mineralization. blind intercept in a low-angle fault between the volcanosedimentary package and nderlying black shales also yielded a high-grade Ag ± Au intercept. Several mall but higher-grade Ag intercepts continued further into the black shales.

This new tyle of mineralization related to the black shale, as well as the targeted vein-hosted ntercepts, will be followed up with future exploration effort.


© S&P Capital IQ 2022
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More news
Financials ()
Sales 2021 - - -
Net income 2021 -2,94 M - -
Net cash 2021 20,8 M - -
P/E ratio 2021 -45,7x
Yield 2021 -
Capitalization 61,5 M 45,1 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 97,3%
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Consensus
Sell
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Mean consensus BUY
Number of Analysts 1
Last Close Price 0,27 CAD
Average target price 1,40 CAD
Spread / Average Target 419%
Managers and Directors
Christopher David Wright Chairman, President & Chief Executive Officer
Sherry Roberge Chief Financial Officer & Secretary
Ronald E. Sowerby Independent Director
Paul A. Smith Independent Director
Jamie Russel Bergin Independent Director
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