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    DEF   CA2447672080


Delayed Bourse de Toronto  -  03:59 2022-09-30 pm EDT
0.2350 CAD   +2.17%
09/07Defiance silver announces warrant extension
08/09Defiance Silver Corp. Provides Second Update on 4,750-Metre Maiden Drill Program at the Lucita Property
08/09Defiance Silver : Discovers Blind Silver System At Lucita
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Defiance Silver Returns up to 3,260 gt Silver in Maiden Drilling at Lucita

04/14/2022 | 09:18am EDT

Vancouver - Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) ('Defiance' or the 'Company') is pleased to provide an update on the recently completed 4,750 metre maiden drill program at the Lucita property on the company's Zacatecas silver project, including drilling new zones of high-grade silver mineralization in the Zacatecas mining district.

The drill program is the first ever to be completed at the central Lucita asset (Palenque vein system), which is currently under option from Pan American Silver Corp. First phase drilling has been completed, with further assays pending for an additional 8 holes (DDLU-21-06 to DDLU-21-13). The initial results presented are highly-encouraging and warrant extensive follow-up exploration work.

Chris Wright, Chairman & CEO, commented, 'The recent drill results from Lucita are the first known drill holes into the central Lucita project area and demonstrate the significant exploration potential in the Zacatecas mining district. For a first-pass exploration program, vein-hosted results grading over 3 kilograms per tonne silver highlight the need for continued exploration to define the true potential of the system. These results are the highest-grade silver results Defiance has drilled to date in the Zacatecas district.'


DDSA-21-50 returned a downhole interval of 1.15m of 1,603.90 g/t Ag, within a downhole interval of 3.33m grading 709.04 g/t Ag (from 115.82m to 119.15m).

DDLU-21-05 returned multiple results greater than 100 g/t Ag, including 3.48m of 513.57 g/t Ag (from 152.52m to 156.00m), with a high-grade interval of 1.90m of 940.18 g/t Ag (from 154.10m to 156.00m). Individual intercepts in this interval grade up to 3,260 g/t Ag (from 154.10m to 154.35m).

The inaugural drill program at Lucita central (Palenque vein system) confirmed the presence of high-grade, near surface, Fresnillo-style, low to intermediate-sulfidation epithermal silver mineralization consisting of pyrargyrite (high-level sulfosalt) and silver sulfides that potentially indicate the higher-level setting of a zoned epithermal system.

Discussion of the Lucita Exploration Model

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. The company began a comprehensive surface mapping and sampling program at the central Lucita land package in early 2021, and subsequently completed a first pass 4,750 metre regional drilling program on the Palenque and Tahures vein systems.

Discussion of Results

The dominant silver mineralization consists of pyrargyrite-proustite, acanthite, and argentite hosted in polyphase quartz and calcite veins, breccias, and stockwork veinlet zones. As is common in the Zacatecas and Fresnillo districts, at least two structural events are evident, as well as wide zones of shallow-level alteration with elevated pathfinder element geochemistry. The style of mineralization in the central portion of the Palenque vein system is dominantly silver and gold, with little to no lead and zinc. This metal assemblage differs from the Veta Grande system in Defiance's San Acacio project which has a more polymetallic signature. Initial interpretations are that the central portion of Palenque is a shallow, low-sulfidation epithermal-style vein system. Future exploration and analysis of results will expand on the genesis of the vein systems at the company's Zacatecas district project.

DDSA-21-50 - The first hole of the campaign was drilled at the Tahures vein system. It encountered near-surface, high-grade silver mineralization. Wide zones of hydrothermal alteration and veinlets were also encountered within the holes, indicating significant fluid flow and potentially highlighting a target at depth.

DDSA-21-51 - This hole was the second hole drilled in the Tahures area, designed to follow up on the shallow results encountered in hole DDSA-21-50. However, the hole did not encounter significant mineralization. Updated modelling indicates that the drill hole did not intersect the target structure due to the proximity of high-angle offset faulting, though wide-spread alteration and veining similar to hole DDSA-21-50 were encountered.

DDLU-21-01 - This was the first hole in the central Lucita area, which tested the Palenque vein below historic workings. A mineralized vein was encountered at the predicted projection of the vein structure, as informed from surface mapping, but did not carry adequate grade at this elevation.

DDLU-21-02 & DDLU-21-03 - These holes followed up on early results from DDLU-21-01. A vein system was also encountered here at the predicted vein projection; however, as in DDLU-21-01, it was not well mineralized at this elevation.

DDLU-21-04 - This hole stepped out to the east along strike of the Palenque vein, where historic workings and an interesting cross-structure were mapped at surface. This drill hole encountered several prospective intervals near the projection of the mapped Palenque vein, with the deepest interval yielding the best silver grade.

DDLU-21-05 - Encouraging results from DDLU-21-04 prompted the western and deeper step over for this hole. Targeting under this less-exposed part of the vein and at a slightly deeper target depth yielded the highest-grade silver to date in the Palenque vein system. This hole intersected multiple intervals of silver-bearing quartz-calcite veins, breccias, and stockwork veinlet zones.

About Defiance Silver Corp.

Defiance Silver Corp. (TSXV: DEF) (OTCQX: DNCVF) (FSE: D4E) is an exploration company advancing the district-scale San Acacio Deposit, located in the historic Zacatecas Silver District and the 100% owned Tepal Gold/Copper Project in Michoacan state, Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing and developing several operating mines and advanced resource projects Defiance's corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.


Tel: +1 (604) 343-4677

Email: info@defiancesilver.com

Web: www.defiancesilver.com

This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Defiance Silver Corp. relies upon litigation protection for forward-looking statements.

(C) 2022 Electronic News Publishing, source ENP Newswire

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04/14Defiance Silver Returns up to 3,260 gt Silver in Maiden Drilling at Lucita
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Financials ()
Sales 2021 - - -
Net income 2021 -2,94 M - -
Net cash 2021 20,8 M - -
P/E ratio 2021 -45,7x
Yield 2021 -
Capitalization 53,5 M 39,0 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 97,3%
Duration : Period :
Defiance Silver Corp. Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Mean consensus BUY
Number of Analysts 1
Last Close Price 0,24 CAD
Average target price 1,40 CAD
Spread / Average Target 496%
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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