Silver Bull Resources, Inc. · TSX:SVB

Silver Bull Resources — Technical Presentation (May 2013)

129 slides from Silver Bull Resources's technical presentation, May 14, 2013

  1. Slide 1: Contents

    Contents| 4.0 Executive Summary Ww Introduction 1.2 Property Description 14 1.3 History 1-2 1.4 Geology and Mineralization 13 1.5 Exploration Status & Drilling 1-4 1.6 Sample Preparation, Analyses and Data Verification 1-4 1.7 Metallurgical Testing 15 1.8 Mineral Resources 1-5 1.9 Interpretations, C

  2. Slide 2: Contents (continued)

    9.4 Exploration Conclusions 97 10.0 Drilling ms 10.1 Historic Drilling Pre-1999. 10-1 10.2 Metalline Mining Corporation (MMC) 10-1 10.3 MMC and Pefioles Joint Venture 2002-2003 10-4 10.4 MMC Campaign of 2004 to 2009 10-5 10.5 MMC Campaign of 2010 10-6 10.6 Silver Bull Resources Core Drilling Campaig

  3. Slide 3: Contents and list of tables

    15.0 Mineral Reserve Estimates ... 15-1 16.0 Mining Methods 16-1 17.0 Recovery Methods. 174 48.0 Project Infrastructure 18-4 19.0 Market Studies and Contracts 19-4 20.0 Environmental Studies, Permitting and Social or Community Impact 20-1 24.0 Capital and Operating Costs... 21-4 22.0 Economic Analys

  4. Slide 4: List of tables (continued)

    Table 13-3: Silver Bull Silver Deposit KCA Metallurgical Test Program. Table 13-4: Diagnostic Leach Test Work — Cumulative Silver Extraction Table 13-5: Summary of Cyanide Bottle Roll Leach Test Results, Ag Recovery Table 13-6: Summary of Cyanide Bottle Roll Leach Test Results, Zn Recovery Table 13-

  5. Slide 5: List of figures

    Figure 8-2: Iron-lead Silicate Mineral Crosscut Figure 8-3: Development of the Red Zinc and White Zinc Zones Figure 8-4: Late Stage Calcite Veins 8-4 85 86 Figure 9-1: Prospects and Licenses that Silver Bull Resources hold which are directly affiliated with the Sierra Mojada Project. Figure 9-2: Pro

  6. Slide 6: Notice / Executive Summary Introduction

    vi NOTICE This report was prepared as a National Instrument 43-101 Technical Report, in accordance with Form 43- 101F1, for Silver Bull Resources Inc. The quality of information, conclusions and estimates contained herein is based on: (i) information available at the time of preparation; (ii) data s

  7. Slide 7: Silver Bull operates in Mexico through a wholly owned subsidiary

    Silver Bull operates in Mexico through a wholly owned Mexican subsidiary; Minera Metalin S.A. de C.V. All minerals in Mexico are owned by the federal government and mineral rights are granted by soliciting mining concessions, which by law have priority over surface land use, but in practice the conc

  8. Slide 8: Figure 4-2: Sierra Mojada Regional Mining Concession Map

    Figure 4-2: Sierra Mojada Regional Mining Concession Map (Silver Bull 2013) ora an ease rasan Tamia aman r : E 4 : j F i E g TRE Report Date: April 30,2013 Effective Date: March 18, 2013

  9. Slide 9: Figure 4-3: Sierra Mojada Mining Concession Map

    Figure 4-3: Sierra Mojada Mining Concession Map (Silver Bull 2013) —_—s LEGEND [ Reistred aim FS orton aareenent [5 ceceper cam = ~ omer lan Gaim Fed Report Date: Apri 30,2013 Effective Date. March 18, 2013

  10. Slide 10: Mining concessions held by Silver Bull

    The mining concessions held by Silver Bull cover all the mineralized zones. No mining operations are currently active within the area, except for a dolomite quarry operated by Penoles near Esmeralda. Table 4-1 shows the mining concessions currently held by Silver Bull. Total area for these licences

  11. Slide 11: Table 4-1: List of Mining Concessions held by Silver Bull

    Table 4-1: ist of Mining Concessions held by Silver Bull, 2013 Expiration Date Concession Name Status Area (Ha) (adimmiyvyy) Agua Mojada Registered 2900 (01/07/2088 Alote Fraccion | Registered 1198.258 22/05/2062 Alote Fraccion Il Registered 251.752 16/05/2062 Alote Fraccion tll Registered 1.6482 22

  12. Slide 12: Concession option purchase agreements

    The Sierra Mojada property is subject to five concession option purchase agreements listed in the table below. Table 4-2 summarizes the obligations of each agreement.

  13. Slide 13: Surface and Private Property Rights

    4.1 Surface and Private Property Rights Approximately 80% of the area of interest labelled "Surface in Application" on Figure 4-5 (in green is currently owned by the Federal Government. The Municipality has applied to the Federal Government in order for the Federal Government to cede the rights to t

  14. Slide 14: Accessibility, Climate, Local Resources, Infrastructure and Physiography

    5.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography The climate is arid and warm. Rainfall is scarce but more prominent in summer, whilst temperatures are very hot by day and cool at night. The average annual temperature is 14 °C to 16 °C, with rainfall of 400 to 500mm per y

  15. Slide 15: Figure 5-1: December 2006 - Snow at Sierra Mojada

    Figure 5-1: December 2006 - Snow at Sierra Mojada Photo: Courtesy of Juan Manue! Lopez Ramirez (Minera Metalin S.A. de CV.)

  16. Slide 16: Figure 5-2: Mexico Physiography

    ‘igure 5-2: Mexico-Physiography UNITED STATES Beuze Source: www freeworldmaps.net, 2013

  17. Slide 17: Project location, terrain and local resources

    The project is located west of Sierra Madre Oriental on the Mexican Plateau as shown on Figure 5-2. The terrain is generally flat, with prominent relief formations of up to 1,500m along the southern boundary of the project site as shown on Figure 5-3. The majority of the mineral concessions are loca

  18. Slide 18: History

    6.0 History The following historical summary has been extracted from previous technical reports and information provided by Silver Bull. Silver and lead were first discovered by a foraging party in 1879, and mining to 1886 consisted of native silver, silver chloride, and lead carbonate ores. Alter 1

  19. Slide 19: History: Zinc Manto discovery and mining

    Approximately 90 years ago, zinc silicate and zinc carbonate minerals ("Zinc Manto Zone") were discovered underlying the silver-lead mineralized horizon. The Zinc Manto Zone is predominantly zinc dominated, but with subordinate Lead - rich manto and is principally situated in the footwall rocks of t

  20. Slide 20: Historical Resource Estimates

    6.2 Historical Resource Estimates While the area has hosted prolonged but small scale mining activity for over 100 years there is no existing reliable historical resource estimate for the various manto deposits. Prior NI 43-101 compliant mineral resources have been prepared for the property; namely

  21. Slide 21: Geological Setting and Mineralization

    7.0 Geological Setting and Mineralization The Chapters 7.1 through 7.3 have information modified from Stockhausen (2012), King (2012), Gryger (2010), Hodder (2010), Thorson (2010), and McKee (1990) with the original references cited within; as well as internal investigations conducted by Silver Bull

  22. Slide 22: Figure 7-1: Major Tectonic Elements of Northeastern Mexico

    Figure 7-1: Major Tectonic Elements of Northeastern Mexico 107° Key =#> Laramide folds PalecioiLate Toss Te ssement highs ows i Thats y * | — Regonal fauhs | Trace of MS megashear Korner se 00 a Sie Mexico 150" See Note: Major tectonic elements of northeastern Mexico showing the regional sinistral s

  23. Slide 23: Property Geology

    7.2 Property Geology 7.2.1 Sierra Mojada Stratigraphy The rocks at Sierra Mojada record an Early Cretaceous transgression beginning with subaerial redbeds and near shore beach sandstones followed by carbonate rocks deposited in shoal, lagoonal, shelf, and platform environments. At Sierra Mojada, Low

  24. Slide 24: Figure 7-3: Time Correlation Diagram of the Sabinas Basin Stratigraphy

    Figure 7-3: Time Correlation Diagram of the Sabinas Basin Stratigraphy Gasol cniinliganiierenmpalnigmaiilapeladas | gaspar ier Son win NaehETariereaatiomcrentcincs mesheruibegerdver sedan, | SarSgAeSUOEDR RSH —— = : inayat bee re a2 ‘at comcod forlocal elevation, 1B Gnesi some Tange ones tey UG]? st

  25. Slide 25: Upper Conglomerate

    7.2.2.4 Upper Conglomerate The Tertiary age Upper Conglomerate unit is arguably the most controversial lithology in the district (Figure 7-4). Various companies and authors have referred to the unit as the Menchaca formation, Upper San Marcos formation, ferrunginous breccia, limonite breccia, residu

  26. Slide 26: Cupido Formation

    7.2.3.3 Cupido Formation The Cupido formation in the autochthonous block is the same lagoonal-peritidal facies as in the allochthonous block. 7.2.3.4 La Pena Formation The La Pena Formation overlies the Cupido Formation throughout northern Mexico. In the Sierra Mojada district the formation consists

  27. Slide 27: Figure 7-6: Geologic Map of the Sierra Mojada Project

    Figure 7-6: Geologic Map of the Sierra Mojada Project ae RE >2501 Ao ara sot a ~: a

  28. Slide 28: Figure 7-7: Cross Section 632250E through the Fronteriza Zone

    Figure 7-7: Cross Section 632250E through the Fronteriza Zone at Sierra Mojada. NN [Lthoogy Legend 8 | Quarterary Sediment IH Conglomerate Limestone IB Sandstone ‘Alteration Legend Dolomite Silver Legend ee — Sierra Mojada 632250 purer > | _Gross Section Looking East ‘oes +i 25m envelope forming | S

  29. Slide 29: Figure 7-8: Cross Section 631500E through the Centenario Zone

    Figure 7-8: Cross Section 631500E through the Centenario Zone at Sierra Mojada. Ny _Litholoay Legend s | Quartemary Sediment, Saeaiaee [B Conglomerate ie aco} plies Limestone sunac\©8_| Cross Section Looking East = +i 25m envelope I Sandstone Soong Section Orientation 186 degrees ‘iteration Legend I

  30. Slide 30: Figure 7-9: Cross Section 630300E through the West Zone

    Figure 7-9: N Cross Section 630300E through the West Zone at Sierra Mojada. Sierra Mojada loa: 20052018 jelshnes jnsiest0s Cross Section Looking East lorie +h 25m envelope looming Section Orientation 180 degrees - = Prion UTM Zone 1984027 US) Tielers Lithology Legend Quartemary Sediments Conglomerat

  31. Slide 31: Figure 7-10: Long Section through the Fronteriza Zone

    Figure 7-10: Long Section 3016750N through the Fronteriza Zone at Sierra Mojada. E w Lithology Legend Quartemnary Sediments, Conglomerate Limestone Sandstone ‘Alteration Legend Sierra Mojada Dolomite Saeaneat N3016750 jawer\cs_| Cross Section Looking South Silver Legend jones +4#/- 25m envelope I 10

  32. Slide 32: Hydrothermal and Supergene Alteration

    2 7 )2 3 )2 7.4 Hydrothermal and Supergene Alteration Diagenetic dolomite is well documented in the petroleum literature of northeastern Mexico, particularly in the Cretaceous section, and is of interest to petroleum and metals resource explorers due to the fact that the dolomitization process can i

  33. Slide 33: Figure 7-12: Typical Specimens of Red Zinc

    Figure 7-12: Typical Specimens of Red Zinc showing Composition Variation B. Figure 4.1. Hemimorphite and smithsonite ores in the Iron Oxide Manto. Photographs of A. Hemimorphite and calcite on laminated Fe-oxides. Sample SS11-2DS B. Smithsonite ore intermixed with late calcite in fracture-fills. Sam

  34. Slide 34: Deposit Types

    8.0 Deposit Types Section 8 data and information are taken from Megaw (1988, 1996, and 2009), Sillitoe (2009), Reichert (2009), Borg 2009, Sanchez et al (2009). The Sierra Mojada deposit lies on within three known mineral provinces: ● The eastern edge of what is termed the Mexican silver belt. ● The

  35. Slide 35: Figure 8-1: Schematic Drawing of the Sierra Mojada Mining District

    Figure 8-1: Schematic Drawing through the Western Portion of the Sierra Mojada Mining District «7 + Ag zones = Note: Schematic drawing through the westem portion of the Sierra Mojada mining district showing critical elements of the CRD model as applied to exploration and development in the district.

  36. Slide 36: Oxide Mineralization

    8.3 Oxide Mineralization Reichert (2009) describes the oxidation-supergene enrichment sequence on the sulfide-nonsulfide zinc deposits at Mehdi-Abad and Koladahrvazeh in Iran. The non-sulfide zinc mineralization in the Sierra Mojada district is directly analogous to the Iranian deposits, while the o

  37. Slide 37: Figure 8-3: Development of the Red Zinc and White Zinc Zones

    Figure 8-3: Development of the Red Zinc and White Zinc Zones meteors Waar Emaar 1 Original hypogene pyrite-galena- sphalerite semi-to massive sulfide develops in the Middle Aurora | Formation hosted in structurally and chemically favorable dolomite horizons; metals are sourced from Sabinas Basin bri

  38. Slide 38: Oxidation and supergene enrichment of sulfide mineralization

    Hypogene Pb-Zn-Ag-Cu sulfide mineral mineralization in the Sierra Mojada district underwent intense oxidation, followed by supergene enrichment, followed by a second oxidation event. The Late Tertiary to Quaternary events were accelerated by the intense structural development during a period of rapi

  39. Slide 39: Table 9-1: Locations and Targets of Known Prospects

    Table 9-1: Locations and Targets of known Prospects on Licenses held by Silver Bull Resources. All prospects are located on Figures 9-1 and 9-2. Prospect License Location Description Metals Target Data to Date Remarks Adjoining Sierra song the | Extensions along SM 7 5 ‘Anomalous (10pm) Ag wi Mojada

  40. Slide 40: Figure 9-1: Prospects and Licenses affiliated with Sierra Mojada

    Figure 9-1: Prospects and Licenses that Silver Bull Resources hold which are directly affiliated with the Sierra Mojada Bicentenario VII! Option Agreement HE Dropped Claim BH Other claim Claim Filed

  41. Slide 41: Exploration Conclusions

    9.4 Exploration Conclusions The mineralization in the Sierra Mojada area was discovered in 1879, and early exploration was conducted by prospecting the outcropping ore. By the 1920's, diamond drilling was widely used in the district and the subsurface exploration and development included workings an

  42. Slide 42: Table 10-1: Drill Hole History 1900-2009

    Table 10-1: Drill Hole History Sierra Mojada Project 1900-2009 Resource Drilling Campaign Hole Series #otHioles | Type | surfaceru.c. | meters [—sog ] am ] micon | Pan] Remarks zors | 2012 | 2011 | 2010 1900 B36 1 Surface 180 No [ves | Ne No Histone 1990-1950 Histone Long holes Nertefos us no [No [N

  43. Slide 43: MMC and North Limited Campaign of 2000

    10.2.2 MMC and North Limited Campaign of 2000 MMC entered a joint venture with North Limited of Australia in 2000. North drilled a string of 26 reverse circulation holes (NSM1 - NSM27) over a linear distance of approximately 3.5km down the long axis of the known Red Zinc Manto for 6,783 meters. All

  44. Slide 44: Termite drilling program

    The drilling was accomplished by Silver Bull Resources owned "Termite" drills which are small, hydraulic-electric core drills which are easily maneuvered underground. The drill produces a "BQ" size drill hole and is capable of up-hole drilling. The maximum length of a drill hole is about 70 m, depen

  45. Slide 45: Silver Bull Core Drilling and Sampling Procedures

    . 10.7 Silver Bull Resources Core Drilling and Sampling Procedures Silver Bull Resources employs state of the art exploration procedures in all of its work at Sierra Mojada. All data is managed in Microsoft Excel or Access, with the Excel files imported directly into Gemcom Software's GEM's® for 3D

  46. Slide 46: Reference Standard K10002

    • Reference Standard K10002 A total of 223 samples of reference standard K10002 were used, with 9 samples outside of the standards report 2SD limits. Two of these were just above 3SD and will require follow-up checks by Silver Bull. The ALS-Chemex sample mean is also slightly higher than the referen

  47. Slide 47: Reference Standard K10003

    • Reference Standard K10003 There were 199 samples of reference standard K10003 inserted into the sample stream. It is clear from Figure 11-3 that the ALS-Chemex mean is about 3.5g/t tonne higher than the reference standard mean. Even with this offset, all but three samples fell within 3SD. Silver B

  48. Slide 48: Blank Controls

    11.2.1.5 Blank Controls Blank samples were used to check for laboratory sample preparation issues and accuracy. These samples consisted of material that contained low but not below detection limits grades of elements to be analyzed. Four types of blank sample material were used by Metalline: Pulveri

  49. Slide 49: Duplicate Samples

    11.2.1.6 Duplicate Samples Duplicates are used to check on sample homogeneity and laboratory precision. They were also used to detect issues associated with sample preparation. Silver Bull submitted both pulp and coarse duplicate samples. Duplicate samples were submitted with a different sample numb

  50. Slide 50: Duplicate sample results

    The results of the duplicate samples are acceptable given that the silver mineralization is to some extent fracture controlled and nuggety in nature. For zinc, of the 938 samples four samples were below detection limit in both instances., Out of the remaining nine hundred and thirty-four pairs, 232

  51. Slide 51: Termite/Long Hole Comparison

    In summary, Silver Bull has an Standard, Blank, or Field Duplicate QA/QC insertion rate of about every one in nine samples. JDS is of the opinion that the sample preparation, security and analysis meets industry standards and is adequate to support a mineral resource estimate as defined under NI 43-

  52. Slide 52: Comparison of TH and LH over larger blocks

    For this reason, SRK decided to compare the average grade of TH and LH over larger volumes starting with 5X5X5m blocks, representing the block size used in the latest resource estimate. For this comparison, the grade of all capped composites that were within a block volume from both types of drill h

  53. Slide 53: Silver grades in LH versus TH

    However, silver grades in the LH appeared to be generally higher than in the TH, by about 25% (Figure 11-8 on the following page). SRK cautions that the comparison is based on a small number of blocks, less than 300, and that the differences noted between LH and TH could be an artifact of the data.

  54. Slide 54: Figure 11-9: Comparison of Silver in LH versus TH

    Figure 11-9: Comparison of Silver in LH versus TH in 5 m Blocks 5 BY 5 BY5 BLOCKS AGLH (raw) vs AGT (raw) 00 LH average value 68 get TH average value 47 Kot N= 290

  55. Slide 55: Estimated block grade comparison

    Because of the difficulties with well-informed block to block comparisons and because of the small number of blocks available for comparison, SRK decided to estimate block grades using LH, TH and DH data and then compare only those blocks that had been estimated by the three types of data. The block

  56. Slide 56: LH and TH estimated silver and zinc block grades

    However the comparison of LH and TH estimated silver block grades showed a very good agreement for grades lower than 125g/t Ag (Figure 11-11). A comparison of estimated block grades for zinc from LH and TH assays showed a generally good agreement for grades lower than 6% (Figure 11-12).

  57. Slide 57: Figure 11-12: Comparison of LH and TH for Estimated Blocks

    Figure 11-12: Comparison of LH and TH for Estimated Blocks, all Rock Codes Estimated in 10 by 10 by 10 blocks LHAG (raw) vs THAG (raw) LH Average Grade 35 gpt Ag TH Average Grade 30 gpt Ag N=11452

  58. Slide 58: Comparison by individual rock codes

    To further evaluate the differences between LH and TH, SRK evaluated the two data types by individual rock codes. The results of the analyses indicate that the differences between LH and TH are not consistent over the entire Sierra Mojada mineralization. Silver in the TH seemed to be higher than in

  59. Slide 59: Grade variation with distance from collar

    In order to evaluate the lateral extent of the high grade zone explored by underground workings, SRK compared all LH and TH assays normalized to the drill collar (i.e. all assay data were averaged based on their distance from the collar at 2m increments). Table 11-2 and Table 11-3 show the LH and TH

  60. Slide 60: Table 11-2: Average Grade of all LH by Depth

    Table 11-2: Average Grade of all LH by Depth (Long Holes All Data) Row Labels Average of AGCAP Average of ZNCAP Count of AGCAP. 0 43 3.81 2 41 3.30 4 38 3.01 6 34 2.84 8 36 2.87 10 34 2.87 12 31 2.70 14 33 2.63 16 34 2.69 18 27 2.68 20 28 3.75 22 17 5.40 24 10 8.54 10 26 10 5.06 5 28 "1 9.87 1 Grand

  61. Slide 61: Table 11-3: Average Grade of all TH by Depth

    Table 11-3: Average Grade of all TH by Depth (Termite All Data) Row Labels Average of AGCAP Average of ZNCAP Count of AGCAP, 0 65 6.30 197 2 56 5.25 189 4 4 4.58 186 6 42 4.29 185 8 32 415 169 10 38 3.52 164 12 44 3.10 150 14 46 3.14 137 44 3.45 129 31 2.93 114 25 2.45 100 22 43 2.48 85 24 31 2.29 7

  62. Slide 62: Table 11-3 (continued)

    Row Labels Average of AGCAP Average of ZNCAP Count of AGCAP 32 54 2.22 B 34 50 3.25 36 36 39 3.44 30 38 B 377 5 40 7 2.61 26 42 41 1.04 19 44 30 257 2 46 42 1.85 8 48 2B 415 8 50 34 0.68 7 52 69 3.37 5 54 33 14 5 56 8 132 4 58 11 127 2 60 2 181 2 62 1 174 2 64 9 3.39 2 66 12 453 2 68 10 0.20 1 70 12

  63. Slide 63: Table 11-4: Grade Variation for Zinc in LH for Rock Code

    Table 11-4: Grade Variation for Zinc in LH for Rock Code 20 Row Labels Average of AGCAP | Average of ZNCAP Count of AGCAP, 0 5 7.02 326 2 5 6.26 321 4 4 5.70 309 6 6 5.23 290 8 5 5.05 250 10 5 5.56 218 12 6 5.40 175 14 4 577 115 16 5 6.06 84 18 5 5.15 51 20 4 3.27 16 22 9 12.76 2 24 10 15.81 2 28 WW

  64. Slide 64: Twin Hole Program Conclusions

    11.3.3 Twin Hole Program Conclusions Overall, the exercise indicates that the Long Hole silver assay data are somewhat biased on the high side for the higher grades when compared to assays from Termite holes. The bias seems to be restricted to grade above 70 g/t or 100 g/t depending on the domain or

  65. Slide 65: Mineral Processing and Metallurgical Testing

    13.0 Mineral Processing and Metallurgical Testing This resource technical report summarizes and provides information on the metallurgical work that has been performed on the Sierra Mojada project through February 2013. This work included several activities which were: ● Review of the metallurgical w

  66. Slide 66: Test Work

    13.2 Test Work The test work has occurred over several phases and in several mineral processing facilities over the last few years. Most recently the metallurgical work has been performed to an accuracy that satisfies the needs of a PEA Level Study 13.2.1 Mountain States R&D- Silver Recoveries Tests

  67. Slide 67: Mountain States samples and tests

    The geology and sample location from the trench are shown above. Of the three metallurgical samples taken only samples Met Sample 1 and Met Sample 3 were tested, no cyanidation test work was performed on Met Sample 2 due to high plumbo-jarosite content. Met Sample 1 was later composited into 'Compol

  68. Slide 68: Early cyanide leach test results

    These early tests clearly showed cyanide leaching to recover the Sierra Mojada silver was effective and the influence of grind size and cyanide strength on the silver recovery was evident. From this first test program a more detailed test program for the silver ores was developed. This program is sh

  69. Slide 69: Kappes Cassidy and Associates silver recovery tests

    In addition, samples from the zinc deposits were taken and a zinc recovery program was also developed. The Mountain States work was subsequently determined to have been on non-representative samples. Silver Bull rejected the test work conclusions and developed a more comprehensive and representative

  70. Slide 70: Table 13-4: Diagnostic Leach Test Work

    Table 13-4: Diagnostic Leach Test Work — Cumulative Silver Extraction Diagnostic Leach Test Extractions - Extracted gms Ag/MT KCA Head Direct Acetic Acid Hydrochloric Acid Nitric Acid Heated Nitric Acid | Roast Overall sample | A¥ETa96. | FS, on iW wo] ams | ahead, | aon | usaen | AW | aon | Ad! | n

  71. Slide 71: Shallow Silver Zone amenable to cyanide leaching

    From these results it is apparent that the Sierra Mojada Shallow Silver Zone ores are amenable to direct cyanide leaching. The information from the diagnostic leach tests at various silver head grades provides insight as to the relationship between silver recovery and silver head grade. Figure 13-5

  72. Slide 72: Additional KCA test work

    Additional test work on the silver deposits continued at KCA with work focusing on leach solution cyanide strength, pH, lead nitrate addition, grind size, and increased oxygen concentrations. A summary of the cyanide leach test work results to date is shown in Table 13-5.

  73. Slide 73: KCA preliminary observations

    KCA preliminary observations from these results include; ● Silver recoveries generally show an increase with higher grade. ● Silver recovery is somewhat grind size sensitive with finer grinds giving higher recoveries. ● Varying levels of cyanide consumption (NaCN) are attributed to variable amounts

  74. Slide 74: SART process and Hazen Waelz Kiln test work

    The SART process would produce a zinc sulfide concentrate and a copper sulfide concentrate that would be suitable for sale to smelters and providing by-product credits to the project. KCA produced 40 liters of barren leach solution (pregnant leach solution with the silver removed with zinc dust) for

  75. Slide 75: SGS Lakefield - Separation of Red and White Zinc Ores

    13.2.4 SGS Lakefield - Separation of Red and White Zinc Ores Mineral Services (SGS), in Lakefield, ON, was tasked with developing a physical separation scheme for the Red Zinc and White Zinc ores in 2012. Work has focused on heavy media separation (HMS) and flotation recovery of the zinc minerals he

  76. Slide 76: Table 13-9: Flotation Reagent Suite White Zinc

    Table 13-9: Flotation Reagent Suite White Zinc Master Composite Reagents Added, g/t Collector Test No. | Objective | Sample | Grindin: Ne ,. | Blend: Amac: " m ° Silicate | MEME | cypine Na2s | Pax (Metso) | PhosP! OiliKerosene 6,05, 059) WZMC WZMC_ | Stage Ground Test30 | +38um |W 1050 250 700 5,24

  77. Slide 77: Table 13-10: White Zinc HLS/Flotation Results

    Table 13-10: White Zinc Master Composite HLS/Flotation Test Work Results SGS Test Number Weight Assay Recovery Objective % % Zn % Zn 15.8 50.4 45.4 23.2 48.4 844 F30-31 WZMG 24.8 474 66.9 Combined 282 458 73.8 32.2 45 81.9 357 42.9 87.3

  78. Slide 78: Red Zinc heavy media separation and flotation

    ● Red Zinc (hemimorphite) Heavy Media Separation and Flotation has been shown to be a bit more complicated due to slimes (< 38 um particle sizes) generation during grinding. Test work shows that the flotation of the + 38 um material is good with 72.5% of the zinc recovering to a 30% Zn concentrate.

  79. Slide 79: Table 13-11: Flotation Reagent Suite Red Zinc

    Table 13-11: Flotation Reagent Suite Red Zinc High Silver Master Composite Reagents Added, g/t Collector Blend: Armac Test | objective | Sample | Grinding! _N@ | Hexameta-| C/Pine No. Silicate 7 Na2s PAX {MSao) | Phosphate | OilKerosene (6,0.5,0.5 a) Stage WZMC Test wzmc_ | Ground s sagum | QEMe, |

  80. Slide 80: Table 13-12: Red Zinc HLS/Flotation Results

    Table 13-12: Red Zinc High Silver Composite HLS/Flotation Test Work Results SGS Test Number Weight Assay Recovery Objective % % Zn % Zn 124 38.9 45.0 178 34.6 58.0 18.3 34.0 58.3 19.0 33.8 59.1 19.8 33.0 594 20.0 32.8 597 F42-43 RZHC Combined ot oS eae 244 30.0 725 307 27 ait 255 86.6 24.4 88.4 22.6

  81. Slide 81: Additional SGS test work and zinc flotation conclusions

    Additional test work for SGS will include running a series of Dense Media Separation (DMS) tests at small scale to generate pre-concentrate. These tests will replace the HLS test work previously performed to better simulate an actual production flow sheet. The DMS concentrate should have fewer negat

  82. Slide 82: Zinc Ore Processing

    13.3.2 Zinc Ore Processing A simple flow diagram has been developed and is shown in the following Figure 13-9. It is envisioned that the zinc ores at Sierra Mojada will require a crushing circuit to produce a particle size P80 of 3.66mm to feed a dense media separation (DMS) unit with the +48 mesh s

  83. Slide 83: Mineral Resource Estimates

    14. Mineral Resource Estimates 14.1. Introduction The following sections detail the methods, processes, and strategies used to calculate the mineral resource estimate for the Sierra Mojada deposit. 14.2. Data Evaluation A total of 12,771 drill holes, channels samples, RC holes and LH holes were supp

  84. Slide 84: Resource wireframing

    JDS has provided Silver Bull staff guidance on the resource wire framing and notes that modeling is showing continuous improvement but still needs refinement. Currently there are four resource solids, one mined out voids solid and three surfaces as summarized in Table 14-1.

  85. Slide 85: Resource solids and mined out areas

    There have been no changes to the three surfaces since the last resource report. As noted in Section 12.4, the wireframes for the mined out areas need to be reassessed as there appear to be "Mobius strips" or short sections of drifts that are ribbons with no volume. Every effort has been made to ens

  86. Slide 86: Solids models of four mineralized zones

    Solids models of the four principal mineralized zones: Ag Ore, Red Zinc, Mixed and White Zinc within the Sierra Mojada deposit was supplied by Silver Bull Resources and these zone solids or domains were then used to constrain the interpolation procedure. Once the domain solids were created, they wer

  87. Slide 87: Figure 14-4: Plan View with High Grade Ag Ore Solid

    Figure 14-4: Plan View with Mineralized Solids with High Grade Ag Ore Solid (Silver)

  88. Slide 88: Showing Mineralized Solids

    Showing Mineralized S

  89. Slide 89: Assay Statistics

    14.4 Assay Statistics Figure 14-8 shows a portion of the assay database with silver in grams per tonne, zinc, lead and copper as percentages and XTRA1 which is the adjusted numeric coding for the mineralized solids: Ag Ore = 2, Red Zinc = 4, Mixed = 3 and White Zinc = 5. Simple statistics for silver

  90. Slide 90: Figure 14-8: Drill hole Database Showing Grades

    Figure 14-8: Drill hole Database Showing Grades and Lithology Codes evry Dre Very Repu re 60

  91. Slide 91: Topography

    14.5 Topography The topography was obtained from a number of files with both contours and digital solid surfaces. The solids and contours are in good agreement with the drill hole collar data and are sufficiently accurate to be used as the upper bounding surface of the deposit. Figures 14-9 and 14-1

  92. Slide 92: Composites

    14.6 Composites Figure 14-11 is a histogram showing the distribution of sample lengths in the assay database. It was determined that a 1.0m composite length minimizes the smoothing of the grades but also reduces the influence of typically narrow, very high grade samples. Figure 14-12 indicates that

  93. Slide 93: Composite statistics by domain

    Table 14-3 shows the basic statistics for the 1.0m composites for silver, zinc, lead and copper with box plots for each shown in Figures 14-12 and 14-15. The mean grades of the composites are markedly similar to those of the assay data. The CV's within the High Grade Silver zones remain relatively h

  94. Slide 94: Table 14-3: Composite Statistics

    Table 14-3: Composite Statistics Domain Element # Max Mean sD cv Ag 47,012 10,000 40.87 165.10 Zn 47,973 42.70 0.62 1.97 Ag Ore = cu 48,952 14.70 0.05 0.20 Pb 48,916 9.93 0.16 0.54 Ag 10,170 7,050 54.98 189.46 Zn 10,214 50.60 6.84 8.29 Mixed = cu 10,336 5.87 0.04 0.17 Pb 10,273 9.92 0.43 101 Ag 23,0

  95. Slide 95: Figure 14-12: Boxplot for Silver

    Figure 14-12: Boxplot for Silver iver i ilie iG ial fe t i iff it

  96. Slide 96: Figure 14-13: Boxplot for Zinc

    Figure 14-13: Boxplot for Zine Logged Zones scope 2002__tome3_tomea_ toms g | = cS Iumenrctutn OST sate TNS ut emarctatn ee Sn ee es wine 3 GE i Se te Tae cucdwmmes S12, Ths Sean oy Sot te towmammee 08 Gace 2k SF Larue a

  97. Slide 97: Figure 14-14: Boxplot for Lead

    Figure 14-14: Boxplot for Lead Ba a ca Maree ctaute tose comune tee Su Sa OSS venece 2s ftte (Dae sheet eh Lise Font condimmes fmSs) Saad tee ae fll

  98. Slide 98: Outliers

    14.7 Outliers In order to address the outlier values, it is recommended that a method be used to limit their influence, as opposed to capping the silver, zinc, lead and copper composites. Construction of probability plots show breaks which indicate multiple populations, as shown in Figures 14-16 thr

  99. Slide 99: Table 14-4: Summary of Grade Limiting Levels

    Table 14-4: Summary of Grade Limiting Levels Zone High Grade Ag Red Zine Mixed White Zine Ag git 3,000 7,500 7,500 2,000 Range (m) 20 20 20 20 Zn% 40 45 45 45 Range (m) 20 20 20 20 Pb% 7 7 7 7 Range (m) 20 20 20 20 Cu% 9 5 9 8 Range (m) 20 20 20 20

  100. Slide 100: Cumulative Frequency Plots

    Figure 14-16: Cumulative Frequency Plot for Silver within Ag Ore Zone (CODE 2) Figure 14-17: Cumulative Frequency Plot for Zinc within Ag Ore Zone (CODE 2)

  101. Slide 101: Specific Gravity

    14.8 Specific Gravity The bulk densities used for the tonnage calculations for the resource estimate were based on approximately 3,500 samples of various rock types. For the ore zones, Table 14-20 shows the respective SG's used. The SG values were assigned on a block by block basis depending upon wh

  102. Slide 102: Figure 14-20: Block Model Bounds

    Figure 14-20: Block Model Bounds ‘einer to Viena) se eae evr | oa spt at rae ree foe —— oe ‘Stan cm 7 Aang | A | tee | te

  103. Slide 103: Historic Mining and Variography

    anisotropic nugget. 14.10 Historic Mining There has been extensive historic underground mining activity that must be accounted for and extracted from the resources. Figure 14-22 shows a plan view of the known historic workings. These volumes have been coded into the block model and their partial con

  104. Slide 104: Variogram sill and range

    sill, range. Typically, the amount of variability between samples increases as the distance between the samples increase. Eventually, the degree of variability between samples reaches a constant or maximum value; this is called the and the distance between samples at which this occurs is called the

  105. Slide 105: Interpolation Parameters

    14.12 Interpolation Parameters The block model grades for gold were estimated using ordinary kriging. Estimates were validated using the Hermitian Polynomial Change of Support model (Journel and Huijbregts, 1978), also known as the Discrete Gaussian Correction. The ordinary kriging models were gener

  106. Slide 106: Estimation plan and block model

    The estimation plan includes the storage of the mineralized zone code and percentage of mineralization. The methodology, referred to frequently as partials, results in a more precise representation of volume and tonnage. Each of zones has the codes and partials stored however an interim step is requ

  107. Slide 107: Mineral Resource Classification

    D2m then the kriging variance for a year is Qy = Qm/12. The 90 percent Dy. 14.13 Mineral Resource Classification The spatial variation pattern incorporated in the variogram and the drill hole spacing can be used to help predict the reliability of estimation for silver metal. (In this deposit where t

  108. Slide 108: Indicator Variograms and Classification of Resources

    14.13.3. Indicator Variograms The uncertainty calculation results (CV = 1.5) above are consistent with the indicator variogram results that accompany this report. The indicator variogram ranges show that most of the continuity in grades above 60 g/t is lost before reaching 75 m. This does not mean t

  109. Slide 109: Mineral resources are not mineral reserves

    Mineral resources are not mineral reserves until they have demonstrated economic viability. Mineral resource estimates do not account for the resource's mineability, selectivity, mining loss, or dilution.

  110. Slide 110: Model Validation

    14.15 Model Validation A graphical validation was done on the block model. The purpose of the graphical validation is to: ● Check the reasonableness of the estimated grades, based on the estimation plan and the nearby composites. ● Check that, within the model blocks, the topography has been properl

  111. Slide 111: Figure 14-27: Examples of Herco Plots

    Figure 14-27: Examples of Herco Plots . poy . . mate aI. een) . ns waa i. al ia. a lla ral al Li i i i ; i i i r ‘t] |} a ie ie ‘I tet ||. Ws ,|| Set "3 i] Herco Plots6.GIF| iG 3 i °y :. ry i i iyi wim i apt i |} i} id ‘

  112. Slide 112: Figure 14-28: Comparison of OK, ID and NN Models

    Figure 14-28: Comparison of Ordinary Kriging (OK), Inverse Distance (ID’) and Nearest Neighbour (NN) Models

  113. Slide 113: Mineral Reserve Estimates through Adjacent Properties

    15.0 Mineral Reserve Estimates This section does not apply to the Technical Report. 16.0 Mining Methods This section does not apply to the Technical Report 17.0 Recovery Methods This section does not apply to the Technical Report. 18.0 Project Infrastructure This section does not apply to the Techni

  114. Slide 114: References

    27.0 References Ahn, Hye In, 2010, Mineralogy and geochemistry of the non-sulfide Zn deposits in the Sierra Mojada district, Coahuila, Mexico, 179p. MSc. thesis, University of Texas-Austin, August, 2010. Borg, G., 2009, The influence of fault structures on the genesis of supergene zinc deposits. Soc

  115. Slide 115: Certificate of Author

    CERTIFICATE OF AUTHOR |, Allan 1 10. Reeves do hereby certity that This certificate applies to the Technical Report entitled “Technical Report on the Resources of the Silver-Zinc Sierta Mojada Project, Coahulla, Mexico’, with an effective date of March 18, 2013, prepared for Silver Bull Resources In

  116. Slide 116: Appendix A

    Appendix A 2 Appendix B - 2012 Drillholes added to Resource Estimate Appendix B

  117. Slide 117: 2012 Drillholes added to Resource Estimate

    The following holes were completed after the effective date of the SRK 2012 Report. HolelD Easting Northing RL SurveyMethod TotalDepth B12032 631689.376 3017426.797 1464.17 Total Station 350.85 B12033 631300.076 3017342.117 1474.916 Total Station 289.75 812034 —631700.82 3017505.346 1456.387 Total S

  118. Slide 118: Summary 2012 Silver Long Hole Twin Program

    SUMMARY 2012 SILVER LONG HOLE TWIN PROGRAM, SIERRA MOJADA Sta 1 Easting Northing Elev Dpth__Adi_ ip Twined Pair PRDate Tis T1001 6915462 40271115 49978 2405 428 47 —~L4OS06II2/L105001403 14-Aug-12 TS Tiz002 6215465 sor7i114 13965 449 12432 1105091403 yeAuei2 TS Ti2008 6315438 30171103 13949 227 230-

  119. Slide 119: Twin program hole coordinates

    712038 712038 712040 712041 12042 712083 712084 712045 712048 712047 712048 712089 12050 712081 712052 712083 12084 712085 712086 712057 712058 712058 712060 712061 712062 712083 712064 712085 712066 12071 712072 712073 712074 712075 712076 712077 12078 712078 112080 622400.3 622598.0 632898. 631586

  120. Slide 120: Twin program hole coordinates (continued)

    156 157 187 187 157 159 159 159 159 159 ms ms Tas mis ms 159 159 m8 ms Tas m8 ms maa 12081 712082 712083 712084 712085 12086 712087 712088 712089 712090 712091 12082 712093 712094 712095 712096 712097 qa2i01 qa2102 12103 ta2i04 712108 quan 6317075 6317264 es17288 6317282 6317298 632224.1 632224.0 63

  121. Slide 121: Summary 2012 Zinc Long Hole Twin Program

    SUMMARY 2012 ZINC LONG HOLE TWIN PROGRAM, SIERRA MOJADA Sta 1D___ Easting Northing Elev Dpth zi Twined Pair PR Date 775 712067 6323863 3016793. 12744 19.2 304 52 £300. 29NW50/E300.28W50 NR 775 Ti2068 6323879 30167908. 12744 «20.3 201 4d 300.25SW60/E300.26SW20/ NR ES008ASE22 75. T12069 6323907 301679

  122. Slide 122: Twin program hole coordinates (continued)

    80 80 80 80 80 184 184 184 188 Tes 80 Tat Tet 181 Tat 88 Te 188 Tes Te 181 Tei 189 189 189 Tes 188 va2ise raziss razise 712137 y12138 razise agian mazaai yazia2 yazies yazias va214s rages 12147 raziaa yaziaa raaiso yazasi ya2is2 raisa ra2ise ya2ass 712156 712157 raise ra2iss 12160 ya2i61 yazis2 1216

  123. Slide 123: Appendix C - Reference Standards

    Appendix B 7 Appendix C - Reference Standards Appendix C

  124. Slide 124: Certificate of Analysis: Metalline Standard K10001

    SMEE & ASSOCIATES CONSULTING LTD. CONSULTING GEOCHEMISTRY / GEOLOGY Certificate of Analysis Metalline Standard K10001 Element Certified Mean Two Standard Deviations (between lab) acid Tot. Pb 0.976 % 0.062 % acid Tot Zn 6.42% 0.38% FA Grav Ag 130.7 git 43.9.at Element Provisional Mean Two Standard D

  125. Slide 125: Standard K10001 preparation and data

    Standard Deviation levels were calculated, and any analysis that fell outside of those limits was ‘removed from the ensuing data base. The mean and standard deviations were again calculated Using the remaining data (shown as the 1" Iteration in the spreadsheets). The standard deviation values are kn

  126. Slide 126: Certificate of Analysis: Metalline Standard K10002

    SMEE & ASSOCIATES CONSULTING LTD. ‘ CONSULTING GEOCHEMISTRY / GEOLOGY Certificate of Analysis Metalline Standard K10002 Element Certified Mean Two Standard Deviations (between lab) ‘acid Tot Pb 0535 % 0022 % acid Tot. Zn 2.27% 0.13 % FA Grav Ag 752 ah 7a git Facid Tot, Cu 0.208 % 0.012 % Moane and e

  127. Slide 127: Standard K10002 preparation and data

    Stahdard Deviation levels were calculated, and any analysis that fell outside of those limits was removed from the ensuing data base, The mean and standard deviations were again calculated using the remaining data (shown as the 1*'Iteration in the spreadsheets). The standard deviation values are kno

  128. Slide 128: Certificate of Analysis: Metalline Standard K10003

    SMEE & ASSOCIATES CONSULTING LTD. $ CONSULTING GEOCHEMISTRY / GEOLOGY Certificate of Analysis Metalline Standard K10003 Element Certified Mean ‘Two Standard Deviations (between lab) acid Tot. PE 715% 028% @acid Tot. Zn 6.58% 0.24% FAGrav Ag 50.8 gf 5.1 git acid Tot. Cu 0.168% 0.008 % 1 Means and sta

  129. Slide 129: Standard K10003 preparation and lab analyses

    ‘Standard Deviation levels were calculated, and any analysis that fll outside of those limits was removed from the ensuing data base. The mean ahd standard deviations were again caleuated sing the remaining data (shown as the 1" Reration in the spreadsheets). The standard deviation values are known

Silver Bull Resources — Technical Presentation (May 2013) on 6ix