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Silver Sands Resources Updates Phase III Drilling Progress at the Virginia Silver Project

Silver Sands Resources (CSE: SAND) (OTCQB: SSRSF) is pleased to provide an update on its Phase III drill program at the Virginia Project in Santa Cruz Province, Argentina.

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Vancouver, British Columbia–(Newsfile Corp. – December 7, 2021) – Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF)  (“Silver Sands” or the “Company”) is pleased to provide an update on its Phase III drill program at the Virginia Project in Santa Cruz Province, Argentina. Drill crews report the completion of drilling at the Virginia silver vein field and the commencement of drilling at the Santa Rita gold silver targets 15 km north.

“We are happy to report the Phase III silver drill program at Virginia was completed on time and under budget, with fifteen batches of core samples already at the Alex Stewart Laboratory for analysis,” commented Silver Sands CEO Keith Anderson. “Drill crews are now at the Santa Rita silver-gold target and have commenced drilling. We’re also very pleased that we were able to increase the planned number of metres drilled through tight budgetary controls and the skill of our drill crew. Following up on our successful Phase II program we were able to complete another 15 holes at Virginia as the Company continues its focus on significantly expanding the current silver mineral resources,” he continued.

“Based on a new discoveries at the west side of the Naty vein, and at the Patricia- Daniela trend, and at the Margarita vein trend, we will also complete further trenching and geophysics prior to Christmas shutdown, in preparation for Phase IV drilling in Q1 2022,” he concluded.

Expanding the current silver resource is the Company’s primary goal and the fifteen holes totaling 2,520 metres were directed at the gaps between Ely Central and Ely North, the gap to the north of Ely North, and the Martina Vein, where earlier Silver Sand drill programs intersected significant silver mineralization. Exploration holes also tested the Margarita, Maos and Roxanne veins, probing the down dip extensions of surface outcrops/subcrops and floats targeting for suspected mineralized shoots at depth in those veins.

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Figure 1. Virginia Vein Field Phase III Drilling

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The drill has now been mobilized 15km to the north to Santa Rita, where exploration, trenching and previous drilling in 2005-2007 delivered highlight grades of 340 g/t silver and 5 g/t gold. Re-interpretation of historic data in combination with new 2021 trenching and PDP-IP has highlighted several compelling virgin gold silver targets within 2.7kms of intermittently outcropping epithermal quartz veins within an 8km NW trending fault zone as shown in Figure 2. Sampling details from Santa Rita Central and Santa Rita East are shown in Table 1, while highlights of the sampling can be seen in Figures 2, 3 and 4. A total of 500 metres of drilling is planned for the various Santa Rita targets.

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Figure 2. Santa Rita Phase III Drill Targets

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Table 1. Santa Rita Surface Sampling

Santa Rita Central          
Metal #-Samples #->20 g/t Ag % >20g/t Ag Range g/t Average g/t Max-Value
Ag 90 9 10% 20-321 88 g/t Ag 321 g/t Ag
             
    >0.5 g/t Au % >0.5g/t Ag      
Au 90 5 5% 0.83-1.77 1.35 g/t Au 1.77 g/t Au
             
Santa Rita East          
Metal #-Samples #->20 g/t Ag % >20g/t Ag Range g/t Average g/t Max-Value
Ag 97 12 12% 20-93 46 g/t Ag 93 g/t Ag
             
    >0.5 g/t Au % >0.5g/t Ag      
Au 97 31 32% 0.51-5.86 1.54 g/t Au 5.86 g/t Au

 

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Figure 3. Santa Rita East

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Figure 4. Santa Rita Central

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About Virginia

Virginia is a low to intermediate sulphidation epithermal silver deposit located in the mineral-rich Deseado massif, lying within the mining-friendly province of Santa Cruz in the Patagonia region of Argentina. Through initial discovery in 2009 to four drill programs between 2010 and 2012, Mirasol Resources was able to define an initial indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag within seven outcropping bodies. This resource is documented in a Mirasol Resources technical report entitled: “Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina — Initial Silver Mineral Resource Estimate” with an effective date of Oct. 24, 2014, and a report date of Feb. 29, 2016.

Several additional vein structures within the property package remain highly prospective, as Mirasol concentrated the bulk of its exploration effort on the resource area at the expense of continuing exploration on the underexplored additional veins. Several of these structures have highlight values in excess of 1,000 g/t silver and have a high probability of hosting additional silver resources. These veins structures continue to be the primary focus of the Silver Sands 2021/2022 exploration efforts.

Silver Sands is earning a 100-per-cent interest in Virginia by issuing sufficient shares for Mirasol to end up with 19.9 per cent of the issued and outstanding of Silver Sands and completing $6-million (U.S.) in exploration over three years. Mirasol will retain a 3-per-cent net smelter return royalty with Silver Sands having the option of purchasing one-third of the royalty for $2-million (U.S.).

About Silver Sands Resources Corp.

Silver Sands is a well-financed, Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit. Its key asset is the Virginia silver project, located in the mining-friendly Santa Cruz state of Argentina.

On Behalf of the Board of Directors

Keith Anderson
Chief Executive Officer, Director

For further information, please contact:

Keith Anderson
Chief Executive Officer, Director (604) 786-7774

Qualified Person Statement: Silver Sand’s disclosure of technical and scientific information in this press release has been reviewed and approved by R. Tim Henneberry, P.Eng., a director of the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.

QAQC: Silver Sands applies industry standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company’s geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Argentina for analysis. Assay results from channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.

Forward Looking Statements: The information in this news release contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Silver Sands disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Author: NXT_mine

Precious Metals

Berenberg Bank Lowers Fresnillo (LON:FRES) Price Target to GBX 700

Fresnillo (LON:FRES) had its target price dropped by equities researchers at Berenberg Bank from GBX 1,000 ($13.49) to GBX 700 ($9.44) in a note issued…

Fresnillo (LON:FRES) had its target price dropped by equities researchers at Berenberg Bank from GBX 1,000 ($13.49) to GBX 700 ($9.44) in a note issued to investors on Wednesday, Price Targets.com reports. The brokerage currently has a “hold” rating on the stock. Berenberg Bank’s price target suggests a potential upside of 9.99% from the company’s previous close.

A number of other equities research analysts have also issued reports on FRES. Peel Hunt reiterated a “buy” rating and issued a GBX 1,340 ($18.08) target price on shares of Fresnillo in a research note on Wednesday, October 27th. Peel Hunt reiterated a “buy” rating and issued a GBX 1,340 ($18.08) target price on shares of Fresnillo in a research note on Wednesday, October 27th. Morgan Stanley reiterated an “equal weight” rating and issued a GBX 850 ($11.47) target price on shares of Fresnillo in a research note on Thursday, November 11th. Barclays lowered their target price on Fresnillo from GBX 880 ($11.87) to GBX 860 ($11.60) and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Royal Bank of Canada lowered Fresnillo to a “sector perform” rating and lowered their target price for the company from GBX 1,025 ($13.83) to GBX 575 ($7.76) in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of GBX 1,014.38 ($13.69).

Shares of LON:FRES opened at GBX 636.40 ($8.59) on Wednesday. The firm has a market capitalization of £4.69 billion and a PE ratio of 10.48. The company has a debt-to-equity ratio of 33.51, a current ratio of 4.98 and a quick ratio of 3.97. The business has a 50-day moving average of GBX 863.27 and a two-hundred day moving average of GBX 845.83. Fresnillo has a 12 month low of GBX 630.40 ($8.51) and a 12 month high of GBX 1,193.50 ($16.10).

Fresnillo Company Profile

Fresnillo plc mines, develops, and produces non-ferrous minerals in Mexico. The company primarily explores for silver, gold, lead, and zinc concentrates. Its flagship project is Fresnillo silver mine located in the state of Zacatecas. The company has mining concessions covering an area of approximately 1.7 million hectares of surface land in Mexico.

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Traders Purchase Large Volume of Call Options on Gatos Silver (NYSE:GATO)

Gatos Silver, Inc. (NYSE:GATO) was the target of unusually large options trading activity on Wednesday. Stock traders acquired 6,126 call options on the…

Gatos Silver, Inc. (NYSE:GATO) was the target of unusually large options trading activity on Wednesday. Stock traders acquired 6,126 call options on the company. This is an increase of approximately 1,258% compared to the typical daily volume of 451 call options.

Hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc boosted its stake in shares of Gatos Silver by 87.2% during the 2nd quarter. Legal & General Group Plc now owns 4,097 shares of the company’s stock worth $72,000 after acquiring an additional 1,909 shares in the last quarter. Citigroup Inc. boosted its stake in shares of Gatos Silver by 217.3% during the 3rd quarter. Citigroup Inc. now owns 5,356 shares of the company’s stock worth $62,000 after acquiring an additional 3,668 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Gatos Silver by 47.0% during the 2nd quarter. Royal Bank of Canada now owns 5,817 shares of the company’s stock worth $101,000 after acquiring an additional 1,861 shares in the last quarter. Strs Ohio bought a new stake in shares of Gatos Silver during the 3rd quarter worth $91,000. Finally, Metropolitan Life Insurance Co NY boosted its stake in shares of Gatos Silver by 136,071.4% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 9,532 shares of the company’s stock worth $167,000 after acquiring an additional 9,525 shares in the last quarter. 54.51% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE GATO opened at $2.81 on Friday. The stock has a fifty day moving average price of $10.73 and a two-hundred day moving average price of $12.47. Gatos Silver has a 1 year low of $2.68 and a 1 year high of $24.00.

Gatos Silver (NYSE:GATO) last issued its quarterly earnings results on Monday, November 8th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.30).

GATO has been the topic of several analyst reports. Canaccord Genuity Group lowered shares of Gatos Silver from a “buy” rating to a “hold” rating and dropped their price target for the company from $15.50 to $4.00 in a research note on Thursday. Canaccord Genuity Group lowered Gatos Silver from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $15.50 to $4.00 in a report on Thursday. BMO Capital Markets decreased their price objective on Gatos Silver from C$12.50 to C$4.00 in a report on Thursday. The Goldman Sachs Group initiated coverage on Gatos Silver in a report on Tuesday, October 19th. They issued a “neutral” rating and a $14.00 price objective for the company. Finally, CIBC lowered Gatos Silver from a “sector outperform” rating to a “neutral” rating and decreased their price objective for the stock from $17.00 to $7.00 in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.93.

Gatos Silver Company Profile

Gatos Silver, Inc engages in the exploration, development, and production of precious metals. It primarily explores for silver ores. The company also explores for zinc, lead, copper, and gold ores. Its flagship asset is the Cerro Los Gatos mine located at the Los Gatos District in Chihuahua state, Mexico.

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Galiano Gold (TSE:GAU) PT Lowered to C$1.20

Galiano Gold (TSE:GAU) had its target price reduced by stock analysts at Berenberg Bank from C$1.60 to C$1.20 in a report issued on Wednesday, Price Targets.com…

Galiano Gold (TSE:GAU) had its target price reduced by stock analysts at Berenberg Bank from C$1.60 to C$1.20 in a report issued on Wednesday, Price Targets.com reports. The brokerage currently has a “buy” rating on the stock. Berenberg Bank’s price target would indicate a potential upside of 41.18% from the company’s previous close.

A number of other analysts have also weighed in on the stock. BMO Capital Markets reissued a “hold” rating on shares of Galiano Gold in a research report on Friday, October 1st. HC Wainwright reiterated a “buy” rating and set a C$2.80 price objective on shares of Galiano Gold in a research note on Wednesday. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Galiano Gold currently has a consensus rating of “Buy” and a consensus target price of C$2.05.

TSE:GAU opened at C$0.85 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 21.78 and a quick ratio of 21.48. The firm has a market capitalization of C$191.20 million and a price-to-earnings ratio of 3.83. Galiano Gold has a one year low of C$0.81 and a one year high of C$1.84. The business has a fifty day moving average price of C$0.90 and a 200-day moving average price of C$1.01.

Galiano Gold (TSE:GAU) last issued its earnings results on Wednesday, November 10th. The company reported C$0.02 earnings per share for the quarter, topping the consensus estimate of C($0.02) by C$0.04. On average, equities research analysts expect that Galiano Gold will post 0.13 earnings per share for the current fiscal year.

In other news, Director Gordon Fretwell sold 50,000 shares of the business’s stock in a transaction dated Thursday, November 25th. The shares were sold at an average price of C$1.00, for a total transaction of C$50,000.00. Following the completion of the sale, the director now owns 114,800 shares of the company’s stock, valued at C$114,800.

About Galiano Gold

Galiano Gold Inc engages in the exploration, development, and production of gold properties. The company’s primary asset is the Asanko Gold Mine located in Ghana, West Africa. It also holds interests in the ABG Mali property with four gold exploration licenses covering approximately 167 km located on the Senegal Mali shear zone.

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