January 19, 2012
High Grade Silver and Zinc intersected at the Plata Project, Yukon
Vancouver, British Columbia, January 19, 2012: Silver Predator Corp. (TSX:SPD) (the “Company”) is pleased to announce results from its seventeen hole 2011 drilling program at the Plata Project, located in central-east Yukon. A total of 2,565 m of angled NTW-sized core tested for the continuation of structure and grade in three Zones: Aho, Etzel and P2. One hole was drilled into an untested Zone, P12, to delineate a source for surface rock samples carrying high grades of silver and lead.
Significant results include:
PL11-59 with 12.61 m of 151 g/t silver from a depth of 31.39m;
PL11-62 with 20.86 m of 86.6 g/t silver from a depth of 49.91m;
PL11-63 with 5.47 m of 215 g/t silver from a depth of 41.15m;
PL11-66 with 2.35 m of 453 g/t silver and 17.46% zinc from a depth of 53.54m; and
PL11-68 with 31.86 m of 31 g/t silver, 10.25% zinc from a depth of 29.35m.
2011 Plata Drill Program Summary
The Company’s 2011 drilling program targeted two known mineralized Zones (Etzel and P2) and tested for mineralization along two structures (P12 and Aho).
The Plata project lies within the Selwyn Basin in east-central Yukon and is 140 km west of the Keno Hill Silver District, the second largest historic silver producer in Canada. From 1976 to 1984, high-grade mineralized veins were intermittently mined from a number of shallow open pits on the Plata property, resulting in a reported 9,020 kg (290,000 oz.) of silver being extracted from approximately 2,041 tonnes of hand-sorted mineralized rock. Mineralization is found as silver-rich galena, freibergite and sphalerite within a quartz-siderite gangue in three host rock settings: 1) along structural and competency contrasts between quartz rich sediments of the Hyland Group and carbonaceous shale of the Earn Group; 2) within calcareous units of the Earn Group; and 3) within Cretaceous felsic dykes related to the Tombstone Suite. Fault/vein trends on the property vary from east-west trending low angle faults to steeply dipping northeast trending normal and strike-slip faults.
Aho Structural Zone
The Aho Zone is characterized by a 10 m (true width) dense stockwork at the contact between the quartzite/slate package and the carbonaceous shale/silt package. Stockwork and sheeted quartz carbonate veins are dominant in the hanging wall of the more competent units (quartzose sediments) and contain pyrite and chalcopyrite grains, and blebs of galena. There is up to 15% fine grained oxidized carbonate grains which have been irregularly replaced by sphalerite & pyrite. The contact zone dips 45 degrees to the south and strikes east-west. Significant Mineralization found at the Aho structure during the 2011 program consists of galena and sphalerite bearing massive pyrite and arsenopyrite lenses within black shale immediately below the gouge-filled fault contact.
The main fault zone has 20-30% veining with 3-5% overall combined sphalerite & galena as semi-massive bands in shale and as internal blebs within veins. This zone averages 17 m (core length) and is hosted in black carbonaceous pyritic shale. Narrow quartz veining with galena and sphalerite blebs are also seen in the monzonite dyke that cuts stratigraphy.
Two holes in 2011 were drilled well past the known fault structure and continued to intersect quartz carbonate veinlets hosting sphalerite>galena, as well as replacement patches of sphalerite up to 30 cm in length. The fault zone can be aligned to the Etzel surface showing that it has a 40 degree dip, while the trend of this zone appears to deflect from 135 in the NW to 155 in the SE. The 165 m drill defined strike length at the Etzel is open to the NW and SE, while the dip has been drill defined to 134 m vertically below the surface trace and is open at depth.
The P-2 Vein is on the southeast slope of Plata Mountain, approximately 80 m vertically below its southern peak. Surface mining operations at the P-2 vein produced 7,387 kg of silver; the most recovered from any showing on the Plata property. The vein structure is oriented 030/70°W and has been traced for 105 m along strike. It cuts limey sandstone and quartzite on the east and black carbonaceous shale on the west. Mineralization consists of massive galena and sphalerite lenses and pods of galena and tetrahedrite within a massive siderite and cerrusite gangue. The 2011 drilling intersected significant mineralization to 89 m vertically below the surface trace of the P-2 vein.
P12 Structural Zone
The P-12 Zone is in the hanging wall of a northwest trending thrust approximately 550 m north of and parallel to the P-4 Zone in the Aho Structure. The P-4 Zone is the most extensively mineralized zone located on the property to date. A float sample collected in 2007 by Archer Cathro from the P-12 area returned 73 g/t silver. Two float samples collected in 2007 by Archer Cathro from the P-29 and P-30 showings, proximal to the P-12 structure, returned >100 g/t silver. Hole PL11-70 was drilled towards the interpreted thrust hoping to intersect massive sulphide mineralization as found in the Aho structure at the P-4 Zone. Minor galena and sphalerite veining were obtained from a northeast trending structure intersected in hole PL11-70 before the main thrust. The Company believes that the high grade silver float specimens around the P-29 and P-30 surface showings may be from a dilational zone where this northeast structure intersects the northwest trending thrust, and provides a valid target for further evaluation of the P-12 structure.
Background on the Plata Project
There are 19 known mineralized zones hosting 30 showings within the historic confines of the 288 claim Plata Project (58 km 2 ). In addition, much of the property has not been adequately explored with a thorough regional mapping and sampling program on the newly expanded portion of the land package staked in late 2010. This recent expansion has increased the size of the property to a total of 847 claims (178 km2 ). Current and historic work at the Plata project has seen detailed exploration on only 5 of the 19 mineralized zones. Regional prospecting outside of these known zones has identified numerous coloured gossans that require further investigation by reconnaissance geology and sampling traverses, now planned for the 2012 field season. Investigation at one of these anomalies returned 7.1 g/t silver in soil and 0.27% zinc from a white precipitate.
The Plata property is located 190 km east of Mayo and 165 km north of Ross River. Both communities are accessible by the Yukon Highway system and have maintained gravel airstrips. There is also a 110 km winter road connecting the property to the North Canol road. The Plata property itself is located 11 km north of a gravel airstrip and has a network of unimproved roads connecting the major zones.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance
All sampling is conducted under the supervision of the Company’s project geologist and the chain of custody from the drill to the sample preparation and logging facility is continually monitored. Core is cut on site and one half is sent to the lab for analysis. A blank, quarter core duplicate or certified reference material was inserted approximately every twelfth sample. Samples are shipped to the lab by qualified couriers or Company personnel under locked bags with independent identification lock numbers. Excluding QA/QC, 1,181 samples were submitted to ALS Mineral’s ISO 9001 certified preparation facility in Whitehorse where they were crushed and pulverized. A barren wash was inserted between each pulverized sample. The pulps were then shipped to ALS Mineral’s ISO 9001 certified laboratory in Vancouver, where they were digested by 4-acids and analyzed for 35 elements by ICP-MS (ME-ICP61a) and 30-gram fire-assay for gold and silver (ME-GRA21). Lead and zinc values over 100,000 ppm are reassayed by method PB-OG62 and Zn-OG 62 respectively.
Data verification of the analytical results includes a statistical analysis of the duplicates, standards and blanks that must pass certain set parameters for acceptance to insure accurate and verifiable results. All assays are reported as drilled intervals and are not to be interpreted as true widths.
The technical content of this news release has been reviewed and approved by Farrell Andersen, PGeo, the Company’s Yukon Exploration Manager and a Qualified Person as defined by National Instrument 43‐101.
About Silver Predator Corp.
Silver Predator Corp.’s corporate mandate is to explore and develop commercially viable silver resources in the leading silver districts of Yukon, Canada and Nevada, USA. Working within stable geopolitical jurisdictions, Silver Predator is focused on silver‐dominant bulk tonnage and/or high grade opportunities. Proven management plus access to unparalleled geological talent in the Yukon and extensive experience in Nevada provides the ability to maximize shareholder value from the quality asset base.
For additional information:
William M. Sheriff
Chairman & CEO
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward‐looking information that involve various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Silver Predator’s plans and objectives to differ materially from those expressed in the forward‐looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Silver Predator assumes no obligation to update forward‐looking information should circumstances or management’s estimates or opinions change.