Vancouver, BC, Canada -- March 14, 2012 -- Silvermex Resources
Inc. ("Silvermex") (TSX: SLX) announces underground
drill results from its La Guitarra mine, located in the
Temascaltepec Mining District in the State of Mexico. A total
of 91 underground drill holes have been completed for a total
of 7,636 m. This drilling completes the 7,500 m drill program
proposed in 2011, which was designed to test the continuity of
various structures underground throughout the La Guitarra Mine.
Drilling is ongoing by two contractor rigs and two rigs owned
by the mine.
Recent drilling continues to extend the limits of gold and
silver mineralization in existing stopes and ore chutes, which
will be mined in the immediate future. "As was reported in
a news release on November 3, 2011, our underground program has
been very successful in identifying the largest ore chute to
date in the La Guitarra mine," commented Michael Callahan,
Silvermex's President "Our most recent drilling
continues to extend this zone both laterally and vertically.
This program has been very successful in extending the life of
the La Guitarra mine and we will continue with an aggressive
drill campaign into 2012."
The La Guitarra mine is divided into three sectors: the
Northwest Zone, the Central Zone and the Southeast Zone.
Drilling in the Northwest Zone is focused on delineation of
mineralized shoots for future production, in up to four
distinct ore shoots within the broad La Guitarra vein.
Delineation drilling in the Northwest zone has identified
mineralized structures within the broader La Guitarra vein
structure, which will aid in guiding future mine development.
The presence of high grade gold and silver mineralization in
parallel structures to the La Guitarra Vein is highly
encouraging as such zones have been very productive in the
past. Follow-up drilling will investigate the full potential of
these structures.
In the Southeast Zone, a total of 57 holes have been completed.
Drilling has focused on extending the Southeast Zone down dip
and defining the strike length and plunge of the ore shoot.
Highlights of the results include hole LGS-10, which
intercepted 2.0 m of 509.1 g/t Ag and 1.71 g/t Au, hole LGS-13,
which intercepted 0.9 m of 586.3 g/t Ag and 0.14 g/t Au, hole
LGS-16, which intercepted 1.1 m of 476.1 g/t Ag and 2.32 g/t
Au, LGS-17 which intercepted 2.1 m of 406.2 g/t Ag and 1.09 g/t
Au , and hole LGS-44, which intercepted 0.15 m of 1,154 g/t Ag
and 8.9 g/t Au. All widths are true widths. As shown in the
table below, widths and grades for the LGS series of holes in
the Southeast zone are consistent.
Assays for 29 of the 91 holes are reported in the table below.
Previous results were reported on September 28, 2011 and
November 3, 2011 and can be viewed on the Company website
www.silvermexresources.com.
All significant drill intercepts (defined as any mineralization
grading a minimum of 150 g/t Ag equivalent using factor of 1
gram Au = 56 gram Ag) are presented in the following table:
|
Hole No
| |
From (m)
| |
To (m)
| |
Width (m)
| |
True Width (m)
| |
Au (g/t)
| |
Ag (g/t)
| |
Ag Eq (g/t)
|
|
Northwest Zone
|
GMU-09
|
37.90
|
38.60
|
0.70
|
0.60
|
3.700
|
60.00
|
267.20
|
GMU-110
|
29.00
|
30.00
|
1.00
|
0.85
|
4.300
|
115.00
|
355.80
|
GMU-112
|
2.35
|
3.60
|
1.25
|
1.20
|
0.700
|
169.00
|
208.20
|
GMU-113
|
10.80
|
12.20
|
1.40
|
1.20
|
0.250
|
156.00
|
170.00
|
GMU-115
|
13.50
|
14.15
|
0.65
|
0.60
|
1.292
|
161.62
|
233.98
|
|
Southeast Zone
|
Sampling of the drill core was overseen by a Minera La Guitarra
geologist who marked off the drill core at appropriate
intervals based upon the geology and mineralization present.
Sample intervals normally vary from 0.2 - 1.0 m in length. No
sample exceeded 1.5 m in overall length. All core samples were
sent to Inspectorate Labs sample preparation in Durango,
Mexico. Assays for gold were done by 1 Assay Tonne Fire Assay
AA Finish and 4 Acid ICP-AES for silver and other elements.
Gold assays that exceed 5 g/t by AA are redone using a
gravimetric finish. Silver assays in excess of 100 g/t are
redone using Fire Assay Gravimetric. Four acid ICP analyses
were conducted at the main laboratory of Inspectorate in Reno,
Nevada, USA. The GMU series of drill holes were assayed at La
Guitarra's own laboratory (Fire Assay Gravimetric Finish)
with check assaying of pulps from intercepts with significant
intercepts completed by Inspectorate. Certified standards,
blanks, and duplicate samples were inserted in every batch of
20 samples sent to all laboratories. Pursuant to National
Instrument 43-101, Douglas Blanchflower, P. Geo., Geological
Consultant to Silvermex, is the Qualified Person ('QP')
responsible for the disclosure in this news release. Silvermex
Resources Inc. is a publicly traded mining company focused in
Mexico and led by a highly qualified team of professionals from
some of the most notable companies in the silver mining sector.
The Company's portfolio of projects ranges from early stage
exploration to production. Its core asset is the producing La
Guitarra silver-gold mine located in the Temascaltepec Mining
District of Mexico. Silvermex is currently working to identify
future production centers through extensive exploration
programs to further develop the district. Silvermex is well
financed to further develop resources organically from its
multiple projects as well as from the acquisition of additional
assets that will drive production growth. or contact Fiona
Grant, Manager, Investor Relations at 604-682-4004. Neither the
Toronto Stock Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Exchange)
accepts responsibility for the adequacy or accuracy of this
release.