Silver Fields Resources Receives Data on Teihsum River
Mr. Chris England, President and CEO of Silver Fields Resources Inc. (“Silver Fields” or “The Company”) announces that drill results from the diamond drilling program on the Teihsum River Project located on Vancouver Island have been released by the project operator, Grande Portage Resources Ltd.
The program which was designed and managed by Grande Portage Resources Inc. was completed in late December. The program was designed to explore and expand the Bridge Gold Zone discovered during the 2004/05 drill program by Silver Fields Resources Inc. Three intersections were discovered in the new gold zone in the 2005 program, and drill holes T-04, 05, and 06 provided results showing promising amounts of gold mineralization over potentially economic widths. The weighted average assays/widths of the intersections included: 4.18 g/t gold across 2.86m in drill hole TR-04; 0.976 g/t gold across 3.05m in drill hole TR-05; and 4.10 g/t gold over 4.58m in drill hole T-06. Drill hole T-04 contained a higher-grade intersection of 14.55 g/t gold across 0.5m within the 2.86m intersection noted.
The latest drill program was designed to test the northerly strike extension of the mineralized zone. Due to bad weather in December 2007, drill road construction was halted just west of the 2004/05 drill site, and so the 2007 holes were drilled from the footwall easterly. Four drill holes totalling 516.9 metres of a planned 10-hole drill program were completed. A structurally and geologically complex package of altered limestone, basic and felsic volcanics, and numerous dykes was encountered. Anomalous amounts of zinc, gold and arsenic mineralization were assayed, but the targeted gold-bearing graphitic shear zone was not intersected.
Future plans are to continue with the exploration/delineation drill program during better weather conditions, from the preferred drill locations adjacent to the 2004/05 drill set-up.
A more complete 43-101 compliant report is nearing completion.
La Esperanza The Company is awaiting drill results from the diamond drill program on the La Esperanza project, located in Zacatecas Province, Mexico. Tecmin Servicios, S.A. de C.V., a Canadian-run company with extensive diamond drilling experience in the area, was the drill contractor. The four hole 620 meter program which was completed in late January, tested a ring-shaped silicified zone and related vein-style mineralization with anomalous gold and silver values identified by Silver Field´s exploration team. All four holes cut silicification and brecciation. The core was sawed and samples were submitted to the Inspectorate assay lab. Complete results are expected within the next 2 weeks.
Mr. Michael Douglas Ellington, M.Sc., NCLG is a Qualified Person as defined in NI 43-101 and is responsible for this program.
In September 2007, the Company has received the results of assays done on core from diamond drilling carried out on its JE Silver property, located in Saunders County, in the State of Montana.
The drill hole SN-6 showed potentially important copper and silver values starting at the 1,576 foot level which was defined as the top of the Lower part of the Revett Formation. The entire section of the hole from the top of the Lower Revette to the bottom of the hole (1,900 feet) comprises an interval of 324 feet, with an average grade of 0.216% copper and 0.41 oz per ton silver. (Stockwatch September 20, 2007). The hole was terminated for technical reasons, while still in mineralization, however casing was left in the hole to facilitate a further program.
Management has been presented with a budget of $600,000 (US) for a 2008 drill program which will continue to drill SN-6 plus additional holes. Due to the scarcity of qualified drillers, and the shortage of drilling equipment, the 2008 program has been temporarily placed on hold.
Technical information for this project is being supervised by Dr. K.W. Geiger, Ph.D., P.Eng., P.Geol., a director of the Company and a Qualified Person as defined in NI 43-101. Dr. Geiger, supervised the drilling and the splitting of the core by diamond blade saw. Assays were carried out by ALS Chemex Lab in Sparks, Nevada.
Beacon Light Project
Work on the Beacon Light Project located in Idaho is now being evaluated and budgets have been requested for a 2008 program.
The summer 2008 exploration program is currently being planned for the following projects;
Frisby Ridge Project
The Frisby Ridge Project consists of four claim blocks totalling over 73 claims, located north of Revelstoke in the Kamloops and Revelstoke Mining Divisions of east central British Columbia, Canada. The silver, lead, zinc claims cover over 1500 hectares.
The 507 hectare Copeland Property is situated on the southern side of Mt. Copeland near Revelstoke, BC, adjoining the prospective Jordan River silver, lead, zinc deposit and the past-producing King Resources molybdenum mine. The property hosts a large nepheline syenite intrusion associated with the molybdenum deposits, and has the potential to host silver, lead, zinc, and niobium/light rare-earth element mineralization.
The 290 hectare Argentum property covers and surrounds Crown-Granted mining claims containing the historic Lucky Jim zinc, lead and silver mine located just north of Sandon in the Slocan Mining District. Lucky Jim Mine produced just over 1 millions tonnes of ore containing 599,109 ounces of silver, 175,925,995 pounds of zinc, and 8,150,195 pounds of lead. Four other prospective silver properties in the area have been recently been acquired by staking and will be examined this summer.
The 420 hectare Tulameen Mountain Silver Property is situated on Tulameen Mountain in the Summit City Silver Camp, host to the adjoining Huldra Silver Treasure Mountain Mine. The Treasure Mountain Mine hosts a high-grade silver, lead, zinc vein deposit. Extensive work has been carried out on that property, including diamond drilling, surface bulk sampling, and extensive underground working on four levels.
The 381 hectare Keremeos Silver Property is located midway between Keremeos and Osoyoos on Highway #3. The property covers the western face of Mount Richter and the former Horn Silver Mine. The property is accessible from the east via the range road on Mt. Richter. The present status of the road is assumed to be open to 4×4 and ATV travel. The initial plan is to determine the logistics of using this access point to complete a prospecting/geological assessment of the Woodrow/Silver Glance area, supported by soil and screened talus fines sample lines along the contour elevations below the deposits. A reasonable time to complete this assessment would be two days travel and five days on-site, with a six man crew housed in nearby Keremeos. This project will commence once snow conditions allow.
We seek Safe Harbor.