Silver Fields Updates BC Properties
Chris England, President of Silver Fields Resources Inc., (“Silver Fields”) (“the Company”), is pleased to announce it has completed initial soil sample surveys on its 100% owned Keremeos Silver, Argentum, London Ridge Silver, Slocan Silver Properties, Tulameen Mountain Silver, Mount Copeland and Frisby Ridge mineral properties.
Assay results for 203 soil samples and 3 rock samples have been received for the 381 hectare Keremeos Silver Property, which adjoins and over-laps the Horn Silver/Dankoe silver mine, a former high-grade silver producer. An area highly anomalous in silver, gold, and base metals in soil samples was detected in the initial soil survey. An in-fill grid and check soil survey confirmed and extended the high values. Silver values up to 70.9 g/t (averaging 26.8 g/t) and gold values up to 1.87 g/t (averaging 0.685 g/t) in soils occur within an area at least 50 metres in diameter and open to expansion. Prospecting the area located a new shallow-dipping quartz vein system within the soil anomaly. Several parallel veins up to 50 centimetres in thickness occur over a five-metre interval, and can be followed for at least 50 metres along strike. Mineralization noted includes small amounts of malachite, chalcopyrite and sphalerite. A rock sample across 50 centimetres assayed 353 g/t silver and 4.12 g/t gold. A hand-trenching and rock channel sample program on this new discovery is planned for early in 2009.
Results have been received for 83 soil samples and five rock samples taken from the 353 hectare Argentum Property, located in the Slocan Silver Belt, near Sandon, BC. The Argentum Property borders and in part covers the famed Lucky Jim zinc, silver, lead mine, one of the most prolific metal producers in the district. In addition, three old adits with abundant quartz-siderite veins carrying pyrite mineralization were discovered on the Argentum Property this season. In total, five major vein systems were located on the claims and these will require further exploration work.
An additional five Slocan silver properties in the London Ridge, Silverton and New Denver areas were examined as well. 68 soil samples and four rock samples were taken from the 166 hectare London Ridge Silver property. Several soil sample anomalies on London Ridge will require detailed follow-ups in 2009. High-grade silver and copper mineralization occurs within silicified contact zones adjacent to felsic intrusions into Slocan Group limestone and shale.
Tulameen Mountain Silver Property
On the 946 hectare Tulameen Mountain Silver property, adjoining and on strike of the Huldra Silver Treasure Mountain Silver Mine, 298 soil samples and 12 pan concentrate samples were taken. An area showing anomalous gold, silver and base metals in soils on strike from the Treasure Mountain Silver Mine will be prospected, mapped and sampled in detail during the 2009 season.
Frisbee Ridge Property
In the Revelstoke area, 105 soil samples were taken from the 1480 hectare Frisby Ridge massive sulphide/rare-earth property. The Frisby Ridge sedex massive sulphide layer (Ag, Pb, Zn) has been traced for more than 1.6 kilometres in length and is open in all directions. The soil sample program showed several silver/base metal anomalies and a strong rare-earth anomaly which will require detailed follow-up surveys.
Mount Copeland Property
On the nearby 1258 hectare Mount Copeland property, 99 soil samples were taken. The property is strategically located between and on strike of the Silver Phoenix Resources Jordan River Ag, Pb, Zn deposit and Torch River Resources former Copeland Molybdenum Mine. Prospecting and mapping have confirmed the stratigraphic and structural continuity of the molybdenum-bearing nepheline syenite intrusion host to the molybdenum mine persists onto the property. Showings containing copper, fluorite, and industrial minerals (nepheline, biotite and muscovite pegmatite mica) were located on the Mount Copeland property. An area of anomalous molybdenum values in soil samples occurs down-slope from a BCDM-reported molybdenum occurrence; this area will require additional prospecting to relocate the molybdenum showing.
Teihsum River Property
Grande Portage Resources Ltd. has returned the 1,382 hectare Teihsum River Gold Property located on Merry Widow Mountain, Vancouver Island, to Silver Fields, due to Grande Portage’s failure to complete the work requirements. The 41 hectare Cu2 high-grade red-bed copper property located east of Merry Widow Mountain has also been returned to Silver Fields. Budgets are currently being struck for the 2009 exploration season.
Technical information in this news release has been prepared and/or reviewed 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.
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time. The Company’s actual results may differ materially from the expected results.
We seek Safe Harbor.