|February 01, 2011|
IMPACT Silver Reports Updated Mineral Resources at Capire in Preparation for Production
IMPACT Silver Corp. ("IMPACT" or "the Company") is pleased to announce updated NI43-101 compliant mineral resource estimates for the Capire Deposit (formerly the Capire-Aurora 1 Zones) in the 200-square-kilometer Mamatla Mineral District of Mexico. The 2010 infill drilling program focused on the currently defined zones and upgraded additional mineral resources into the highest Measured Mineral Resource category for final mine planning on the proposed open pit and adjacent mineralization. Tonnes in the Measured Mineral Resource category increased by 18% and contained in-ground silver ounces increased by 9% over the 2009 study (see IMPACT Silver news release dated November 19, 2009 and the final NI43-101 report to be posted on www.sedar.com for comparison).
The Capire Project is in the final mine planning and permitting stage with initial pilot plant production planned for late 2011. When in production, Capire will be IMPACT's fourth active mining operation and a new production district. The orientation and shallow depth from surface of the mineralization will allow for open pit mining of a portion of the zone. The project is located 16 kilomters southwest of the Company's active mining and processing operations in the Royal Mines of Zacualpan Silver District. The new combined Measured and Indicated Mineral Resource Estimates at the Capire Deposit total 7.2 million oz. silver, 30,446 oz. gold, 95.6 million lbs. zinc and 37.2 million lbs. lead. The deposit remains open for expansion and drilling is resuming with a minimum 2,500m resource expansion program.
A summary of the Capire Deposit by zone of the total classified Measured and Indicated Mineral Resources inventory and separately, Inferred Mineral Resources, based on a 3D geological model is as follows:
No adjustments have been made for mining or metallurgical recoveries and no economic cut off values were incorporated.
Combined Measured and Indicated, and separately Inferred, In Ground Metal Contents are as follows:
BACKGROUND AND METHODOLOGY
The Capire Deposit is a Volcanogenic Massive Sulphide ("VMS") deposit (different from the epithermal vein deposits IMPACT is actively mining in the Royal Mines of Zacualpan Silver District, 16 kilometers to the northeast). It occurs in the same stratigraphy as the Campo Morado VMS District where Nyrstar NV (formerly Farallon Resources) is in production on the G-9 VMS deposit. The G-9 VMS deposit is located along trend, 45 kilometers southwest of Capire.
Drilling in 2010 showed Capire and Aurora 1 to be one continuous zone, now referred to as simply the Capire Deposit. However, for purposes of comparisons with previous reports, the separation of Capire and Aurora 1 has been maintained in this news release.
These NI43-101 mineral resource estimates are updated from an earlier NI43-101 compliant mineral resource study (see the Company's news release dated November 19, 2009 for details). They are based on assays from core drilling carried out by IMPACT in 2007 through 2010, and by a previous operator in 1996 and 1997. In total, 123 drill holes totaling 12,153m were used for the Capire study and 68 drill holes totaling 6,597m were used for the Aurora 1 study. IMPACT drilling was based on an approximate 50x25m drill grid. Assays for all drill programs were carried out by ALS Chemex Laboratories in North Vancouver, Canada. High assays were capped (reduced to avoid statistical bias for calculation purposes) at 655g/t silver, 1.4g/t gold, 0.6% copper, 3.0% lead and 9.6% zinc for Capire and 360g/t silver, 0.9g/t gold, 0.34% copper, 2.2% lead and 4.1% zinc for Aurora 1.
After confirming the integrity of the data and statistically assessing it, the data population was composited to 3m vertical intervals. These intervals were subject to variography to determine the best direction of grade continuity and anisotropic factors for each element in each zone. A block model was then created that encompassed both Capire and Aurora 1. Grade interpolation was done separately for each element using in each case ordinary kriging and the variogram models and anisotropy developed. Specific gravity was also estimated into each block using a nearest neighbor approach. The tabulated resources were subsequently classified according to the standards of the Canadian Institute for Mining and Metallurgy (2005) as required for mining and exploration projects under Canadian National Instrument 43-101. The classified mineral resource IGMV/t cut-off tables for Capire and Aurora1 are presented below. Additionally, each zone/classification category has an accompanying table below it that documents the related 'In Ground Metal Contents'.
Updated Mineral Resources for the Capire Zone have been estimated as follows:
* IGMV = In Ground Metal Value = (0.494 × Ag g/t)+(33.026 × Au g/t)+(57.541 × Cu%)+(17.637 × Pb%)+(17.857 × Zn%) based on two year trailing metal prices to September 30, 2010 of US$1,027/oz Au, US$15.38/oz Ag, US$2.61/lb Cu, US$0.81/lb Pb and US$0.80/lb Zn. IGMV* is used here only for determining cut off values for these tables. No adjustments have been made for mining or metallurgical recoveries and no economic cut off values have yet been determined.
AURORA 1 ZONE
Mineral Resources for the Aurora 1 Zone have been estimated as follows:
The mineral resources reported in this news release are taken from a report entitled 'Update Report on Mineral Resources of the Capire-Aurora 1 Project, Mamatla Mineral District, Mexico, dated January 28, 2011, by I-Cubed LLC, Principal Author and Qualified Person, Claus G. Wiese, P.Eng.' A copy of the complete report will soon be posted on www.sedar.com.
Claus G. Wiese. P.Eng. of I-Cubed LLC, an independent professional engineer and a Qualified Person under the meaning of Canadian National Instrument 43 101, has reviewed and is responsible for the mineral resource estimates published in this news release. George Gorzynski, P.Eng., Vice President and Director of IMPACT Silver, and a Qualified Person under the meaning of Canadian National Instrument 43 101 has reviewed and is responsible for other technical information (not related to the mineral resource estimates) in this news release.
IMPACT Silver Corp. is a profitable silver-focused mining and exploration company operating in Mexico with a producing silver operation at the 472-square-kilometer Royal Mines of Zacualpan District and the adjacent 200-square-kilometer Mamatla Mineral District which is host to the Capire Deposit. To date, IMPACT has identified over 2,000 old mine workings in the districts representing significant future long term exploration potential. IMPACT also holds a portfolio of projects with an operational processing plant at Zacatecas. Additional information on IMPACT and its projects can be found on the company website at www.IMPACTSilver.com.
On behalf of the Directors of IMPACT Silver Corp.
"Frederick W. Davidson"
President & CEO
For further information, please contact:
Sunny Pannu, Investor Relations
(604) 681 0172 or via email at firstname.lastname@example.org
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements. This IMPACT News Release contains certain "forward-looking" statements and information relating to IMPACT that are based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement.
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