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Silver Bull Resources Announces Termination of Option Agreement With South32 at Sierra Mojada
VANCOUVER, British Columbia, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) announces the termination of
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) announces the termination of the option agreement with a wholly-owned subsidiary of South32 Limited (“South32”) at the Sierra Mojada project located in Coahuila, Mexico. The Sierra Mojada project has been illegally blockaded (see news release from September 30, 2019) and thus there has been an inability to progress investment in exploration activities. Tim Barry, CEO commented, “While we are disappointed that South32 has decided to terminate the option agreement for Sierra Mojada, we understand their reasoning given the inability to access the project site since September 2019. We appreciate South32’s professionalism throughout this partnership.” Mr. Barry went on to say, “The ongoing illegal blockade of the Sierra Mojada project by the local mining cooperative, Sociedad Cooperativa de Exploración Minera Minero Norteños S.C.L., has been in place since September 2019. There has been no intervention by the appropriate authorities to bring this to an end and despite the Company’s many attempts to reach a reasonable path towards an amicable settlement, we have been unable to gain permanent access to the project site. We hope that this unfortunate recent outcome will encourage the appropriate government agencies to take immediate action to remove the illegal blockade for the betterment of the project and the broader local community and businesses.” Silver Bull will continue to assess the current situation at Sierra Mojada and other opportunities outside of Mexico as they present. About Silver Bull Resources: Silver Bull’s primary asset is the Sierra Mojada deposit located in Coahuila, Mexico. Sierra Mojada is an open pittable oxide deposit with a NI 43-101 compliant Measured and Indicated “global” Mineral Resource of 70.4 million tonnes grading 3.4% zinc and 38.6 g/t silver for 5.35 billion pounds of contained zinc and 87.4 million ounces of contained silver. Included within the “global” Mineral Resource is a Measured and Indicated “high grade zinc zone” of 13.5 million tonnes with an average grade of 11.2% zinc at a 6% cutoff, for 3.336 billion pounds of contained zinc, and a Measured and Indicated “high grade silver zone” of 15.2 million tonnes with an average grade of 114.9 g/t silver at a 50 g/t cut...