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Silver Bull Resources Completes a 5,297 Line Kilometer Airborne Geophysical Survey on the Sierra Mojada Project, Coahuila, Mexico
VANCOUVER, British Columbia, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) is pleased to announce it has
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Silver Bull Resources, Inc. (OTCQB: SVBL, TSX: SVB) (“Silver Bull”) is pleased to announce it has completed a 5,297 line kilometer helicopter-borne Versatile Time Domain Electro Magnetic (VTEM) and Magnetic Geophysical Survey over the Sierra Mojada Project in Coahuila, Mexico. The survey provides complete geophysical coverage over 4 main regional prospects in the licence area, including over the main deposit at Sierra Mojada. It targets over 50 kilometers of the San Marcos fault which is believed to be the main control of mineralization in the district. Successful track record: VTEM surveys are recognized as a successful exploration tool in other CRD systems in Mexico and around the globe. The VTEM survey was conducted as part of the work program under a Joint Venture option with South32 Limited (ASX/JSE/LSE: S32) (\"South32\"). The survey will aid in refining the design of an upcoming drill program expected to commence in the first quarter of 2019. South32 Joint Venture Option: In June 2018 Silver Bull signed an agreement with a wholly owned subsidiary of South32 whereby Silver Bull has granted South32 an option to form a 70/30 joint venture with respect to the Sierra Mojada Project. To maintain the option in good standing, South32 must contribute minimum exploration funding of US$10 million (\"Initial Funding\") during a 4 year option period with minimum aggregate exploration funding of US$3 million, US$6 million and US$8 million to be made by the end of years 1, 2 and 3 of the option period respectively. South32 may exercise its option to subscribe for 70% of the shares of Minera Metalin S.A. De C.V. (\"Metalin\"), the wholly owned subsidiary of Silver Bull which holds the claims in respect of the Sierra Mojada Project, by contributing US$100 million to Metalin for Project funding, less the amount of the Initial Funding contributed by South32 during the option period. About Silver Bull: Silver Bull is a well-financed mineral exploration company whose shares are listed on the Toronto Stock Exchange and trade on the OTCQB in the United States, and is based out of Vancouver, Canada. The Sierra Mojada Project is located 150 kilometers north of the city of Torreon in Coahuila, Mexico, and is highly prospective for silver and zinc. About the Sierra Mojada deposit: Sier...