14th December 2009 – Heads of Agreement signed on Joint Venture in Sénégal
  Click on the image to enlarge it. |
Silvrex has signed a Heads of Agreement with Energy and Mining Corporation of Sénégal relating to the Dalafin licence in the east of the country. The licence covers 704km2 in the Kédougou-Kéniéba Gold Belt which straddles Mali and Sénégal and in which a significant number of discoveries have recently been made. Silvrex will earn a 75% interest in the property by spending US$3 million over five years. From an initial review of the data, in particular the structural interpretation based on recent airborne geophysics, multiple N-NE trending structures – similar to those hosting most of the major gold deposits in the region have been identified. E-NE cross-cutting structures may also focus mineralised fluids. A recent site visit has confirmed the presence of two alluvial gold localities on the property, at least one of which appears to be related to a local bedrock source. |
The Sénégalese mining law of 2003 ensures security of tenure and automatic award of exploitation title after successful exploration.
Current activity in the area is summarised in the table below:
16th September 2009 – Silvrex issues notice of termination of Miahuatlan joint venture
Silvrex today issued notice to its joint venture partner, Oro Silver Resources Limited, that it was withdrawing from the Miahuatlan silver project in Mexico. While the results of the initial drilling programme were considered moderately encouraging, further work would have required a significant drilling component and large cash payments were required to the title holder. Given the need for Silvrex to conserve its limited cash resources, it was decided to terminate the joint venture and to focus Silvrex’s future efforts chiefly on its gold projects in Tanzania, as well as seeking additional opportunities within Africa. .
11th June 2009 – Nyakahura gold soil anomaly confirmed and extended
Silvrex followed up the previously reported gold in soil anomaly at its Nyakahura JV property in western Tanzania by completing grid infill sampling over the central part of the anomalous zone. Laboratory analyses confirmed the initial sample results and have defined a gold anomaly in soils over an area of 500m x 250m in extent. The anomaly remains open to the west, with some anomalous results from the original sampling programme still to be followed up.
The anomaly is aligned with a mapped northwest-trending fault offsetting the Nyakahura Shear Zone. Quartz veining and extensive quartz float has been mapped in the area. The geological/structural setting and the positive preliminary soil results at Nyakahura are considered to represent a highly encouraging result from a minimal exploration programme carried out to date.
Silvrex plans to follow up the anomaly by means of detailed geological mapping, prospecting, trenching and channel sampling, with drilling to test confirmed bedrock targets.
22nd April 2009 – Miahuatlan confirmatory drilling programme
Silvrex completed a five-hole diamond drilling programme at Miahuatlan between December 2008 and February 2009 which was designed to:
Confirm previous drilling results reported by the Mexican state company, CRM.
Explore the Miahuatlan vein system hosted in andesitic volcanics.
Measure its potential to host economic silver-gold-zinc-lead mineralisation.
Define target areas for future drilling.
A local Mexican company, GYGA, was contracted to carry out the drilling programme. In all, five holes were drilled totalling 769.5m. Assays of split core samples were undertaken by the international ALS Chemex Laboratory Group.
Drilling confirmed that the Miahuatlan vein system is structurally complex and irregularly mineralised in the northern and central part of the concession, but has more potential towards the south. A moderately mineralised interval was intersected in hole MH-3 at San Pedro at the northern end of the Miahuatlan structure. Drillhole MH-5 was drilled to test the Miahuatlan structure at Santa Catalina towards the south of the property. The hole intersected the main structure at the location and depth anticipated. The overall structural/alteration zone was significantly wider than seen on surface – 19m wide (downhole interval) in total, with a core zone of 10.55m (approximately 7m true width) from 144.15m to 154.7m depth. Alteration comprised mainly intense silicification and brecciation. Mineralisation consisted of pyrite filling breccia matrix, with relatively minor galena, sphalerite and arsenopyrite.
Selected drillhole assay intervals from the Silvrex confirmatory drilling programme are detailed below:
Hole No. |
Interval (m) |
Width (m) |
Grade |
||||
Au |
Ag |
Zn |
Pb |
||||
|
From |
To |
|
g/t |
g/t |
% |
% |
MH-3 |
61.20 |
63.15 |
1.95 |
0.22 |
68.40 |
- |
- |
Including |
62.65 |
63.15 |
0.50 |
0.22 |
168.00 |
- |
- |
|
|
|
|
|
|
|
|
MH-5 |
33.55 |
34.85 |
1.30 |
0.78 |
50.60 |
2.14 |
0.66 |
|
144.15 |
154.70 |
10.55 |
0.59 |
52.90 |
0.55 |
1.18 |
Including |
151.70 |
153.20 |
1.50 |
1.66 |
86.40 |
1.12 |
2.20 |
It was concluded that the southern part of the Miahuatlan structure centred around Santa Catalina has potential for development of a wider zone of Ag-Au-Zn-Pb mineralisation, based on the strike extent of the exploration workings at surface and the extent of the alteration system and mineralised zone seen at depth in hole MH-5. Although grades in the single drillhole completed to date by Silvrex are considered to be sub-economic for an underground mining operation, the zone remains open to the south and north and to depth and the Company is encouraged by the results of the initial hole.
Silvrex is considering a second phase of drilling on the Santa Catalina target subject to funding availability.
Click on the diagrams/images below to enlarge them.
19th December 2008 – Drilling Programme Commences at Miahuatlan
A contract was signed earlier this week with a Mexican company, GICSA to undertake the initial confirmatory drill programme at the Miahuatlan silver/gold property west of Mexico City. The drill rig has been mobilised and drilling commenced on 18th December. The programme is expected to be completed about end January 2009 and preliminary analytical results should be available by February.
27th November 2008 – Preparation for Confirmatory Drilling Programme at Miahuatlan Silver/Gold Property
Silvrex is planning to commence shortly an initial diamond drilling programme on the Miahuatlan silver/gold property to confirm strong results reported during the 1980’s by the Mexican State agency, CRM. Five holes are planned to test both the main 2.5km long silver/(gold) bearing Miahuatlan vein structure and also a further area of reported gold workings at Providencia, to the east of the main structure. Preparation of access tracks is under way and drilling is expected to commence by early December, with initial results anticipated by early 2009.
Silvrex has signed a land access agreement with representatives of the local landowners and has submitted an environmental report to the Mexican authorities in advance of the drilling programme, as required under Mexican regulations. In addition, a programme of mapping and sampling of numerous other silver-gold-copper-lead-zinc workings on the property is already in progress.
18th November 2008 – Promising Initial Soil Geochemical Results from Nyakahura Gold Property, Tanzania
Final results were received and plotted for the first phase reconnaissance soil sampling programme over the Nyakahura joint venture gold target in northwestern Tanzania, which has never previously been tested for gold. Samples were analysed at the internationally accredited HUMAC laboratory in Mwanza and several of these contained detectable gold up to a maximum of 168ppb.
The main cluster of anomalous samples is located in a classic gold trap - close to a major northeast-trending shear zone where it is offset by northwest cross-faulting along the junction between Mesoproterozoic quartzites and schists. Quartz veining and extensive quartz float has been mapped in the area. Follow-up soil geochemistry is planned in addition to geological mapping and prospecting in order to define potential drill targets.
9th September 2008 – Joint Venture Agreement on Tanzanian Gold Properties
On 12th August 2008 Silvrex entered into Joint Venture agreement with a private Tanzanian company which holds a number of gold exploration and primary mining licences within and to the west of the Lake Victoria Goldfields region of Tanzania. Silvrex can earn a 51% interest in up to five projects by spending a maximum of US$850,000 on exploration and development over a two-year period.
The Nyakahura and Iparamasa projects currently included within the JV cover ground containing extensive quartz 'reefs' which are being actively exploited by artisanal gold miners either on immediately adjoining properties or within the general region. As renewal/application procedures are completed on the remainder of the five properties (some of which contain mapped gold occurrences), these will be added to the JV.
This JV agreement opens up new gold exploration/development opportunities for Silvrex within the third largest gold producing region of Africa, in an area where the Silvrex principals have extensive operational experience.
29th July 2008 - Chairman and Managing Director Visit Mexico
Silvrex Limited is pleased to announce that Silvrex Mexico S.A. de C.V (Silvrex Mexico) was incorporated on 12th May 2008.
Silvrex is also pleased to announce that it has appointed Diaz, Bouchot & Raya as its lawyers in Mexico. Laura Diaz is well known in Mexico as one of the top lawyers dealing with the minerals industry.
John Cole-Baker (Chairman) and Ed Slowey (Managing Director) made a visit to Mexico from the 27th June. During this visit, the formal Option Agreement with TSX Venture Exchange-listed Oro Silver Resources Ltd (‘Oro Silver') was signed on behalf of Silvrex, whereby Silvrex can acquire a 60% interest in the advanced Miahuatlan silver/gold project located 120km west of Mexico City and covering an area of 47.4km2.
During their time in Mexico City, the Silvrex directors were able to visit a branch of the Geological Survey (Servicio Geologico Mexicano) and to meet senior executives at the Coordinacion de Mineria, the body which regulates the sector.
The directors visited the Miahuatlan project area with Oro Silver representatives to prepare for early commencement of Silvrex’s planned exploration programme. The main areas of historic mining were visited and site access for the proposed drilling programme was evaluated.
Silvrex intends to verify the previously reported drill intercepts at San Pedro, El Capulin and Santa Catalina and, given positive results, to drill to intersect the structures at depth, where high silver grades are anticipated. In addition to seeking higher silver grades at depth, Silvrex will review possible open pit opportunities which might not have been viable when the silver price was significantly lower.
Silvrex also proposes to complete a detailed geological map of the Miahuatlan property in order to better understand the structure of the area, particularly in relation to previous mining activity at La Providencia (Esperanza claim) to the east of the main trend.
Programme of Work
Silvrex will now proceed with its programme at Miahuatlan. An important part of this will be to renew the Agreement previously made by Oro Silver with the local Landowners (principally the 'Ejidos' based at Miahuatlan de Hidalgo) and to present an Environmental Report as part of the advice to the Authorities that work will start on site. The directors held a meeting with the Consultant which carried out such work in the area for Oro Silver and expects to announce soon that this company will be retained to work for Silvrex.
During this summer period there are significant rains in Mexico and it is anticipated that no drilling could be initiated before October, so Silvrex is developing its activities around this constraint.
Further announcements will be made as the project plan is implemented.
Photographs of the visit to the Miahuatlan site are provided to give an overview of the site conditions.
Click on the diagrams/images below to enlarge them.
21st July 2008 - Option Agreement Signed with Oro Silver Resources
Silvrex is pleased to announce that it has now executed the formal Option Agreement with Oro Silver Resources Ltd ('Oro Silver') whereby Silvrex can acquire a 60% interest in the advanced Miahuatlan silver/gold project located 120km west of Mexico City and covering an area of 47.4km2. Silvrex will earn its interest by spending US$3.0 million on exploration at the property and issuing one million ordinary shares of Silvrex to Oro Silver over a three year period.
Oro Silver directly holds a mining claim over most of the Miahuatlan property and has secured options to earn 100% interest in the remaining ground (www.orosilver.com).