Silver reserves top 1.4 million oz, Silverside says

Proven, probable and potential reserves at the North Cobalt silver property in northern Ontario stand at more than 1.4 million oz grading 44 oz silver per ton, Leith Hellens, president of Silverside Resources (TSE), reports.

Silverside and International Platinum (TSE) are joint-venture partners in the silver project located in the Cobalt area.

The mill and tailings pond were completed in March. “A series of tests are in progress to bring mill throughput and recovery up to optimum levels. The present level of recovery is approximately 70% and the throughput is 55 tons per day,” Hellens said.

“When optimum levels in mill throughput and recovery are achieved, the company will proceed with commercial production.”

Under consideration is an increase in mill capacity to between 100 and 125 tons per day, he said.

Surface and underground drilling continues at the property.

In other news, a sulphide deposit was discovered beneath the silver- bearing formations of the North Cobalt property earlier this year. Channel sampling assayed 0.28% copper, 6.25% zinc and 4 oz silver over a 7-ft width. Hellens said the zone has been traced over a strike length of 200 ft. Further exploration of the zone is planned.

At the company’s Garrison Twp. property in northern Ontario, drill- indicated reserves have risen to 410,000 tons grading 0.17 oz gold per ton, including 40,000 tons of 0.21 oz, in zones 5 and 6.

Hellens said a hole located 260 ft north of zones 5 and 6 intersected 0.4 oz over 5 ft, while a hole at the east end of the two zones cut 0.16 oz over 10 ft at a vertical depth of 600 ft.

Silverside’s partners in the project are an affiliated company, Proteus Resources (VSE), and Lac Minerals (TSE), which is earning a 50% interest.

Also, Malcolm Slack has joined Silverside’s board of directors.