December 15, 2014
Northair Silver Corp. Releases Results of 2014 Drilling Program at the La Cigarra Silver Project, Mexico
Northair Silver Corp.(TSXV: INM) (the "Company" or "Northair") is pleased to announce that the 2014 drilling program (the "Program") at its flagship La Cigarra silver project (the "Property") located in Chihuahua, Mexico has been completed and all results are compiled and under review. The Program consisted of seventeen (17) core holes totaling 4,860 metres. Drilling was distributed over several property wide targets with most work directed at in-filling and expanding the known San Gregorio and Las Carolinas resource area. Subsequent to the Program, Northair currently has a cash balance position of just under C$5.0 million.
"We are pleased that the Company was able to complete its 2014 Program as this closer spaced drilling has allowed known but previously omitted silver mineralization in multiple areas to potentially be included in an updated mineral resource estimate currently underway." said Andrea Zaradic, President and CEO of Northair. "The Program was culminated with the receipt of assay results from the last two holes both of which were drilled in the Las Carolinas Zone. These final holes returned the best results of this campaign with hole CC-14-155, intercepting 138.3 g/t silver over 23.45 metres and hole CC-14-156 intercepting 137.4 g/t silver over 4.60 metres, as well as an interval of 1.65 metres grading 122.1 g/t silver, 2.31% lead and 5.80% zinc; representing some of the highest lead and zinc grades reported on the Property to date. These results, combined with previous drilling in the area, support the possibilities to expand the resource to the southeast. The next key step in the Company's continued advancement of the Property is the completion of an updated NI 43-101 resource estimate. This work will be conducted in parallel with the permitting process required for additional drilling planned for 2015. Overall we are very pleased with the results of our latest drilling campaign, which has returned both high-grade silver values and predicted mineralization in-line with the resource as currently defined. "
Las Carolinas Zone:
The Las Carolinas Zone represents the southerly portion of the La Cigarra deposit spanning a length of approximately 1.3 kilometres and average width of 260 metres. Six (6) holes were completed in the 2014 drilling program with the primary objective of expanding the resource down-dip and to in-fill areas of previous wide-spaced drilling. To date, a total of 78 holes and 12,637 metres have been drilled at Las Carolinas.
Highlights from the 2014 program include hole CC-14-145 reporting 15.15 metres grading 60.4 g/t silver and hole CC-14-146, which intersected 7.5 metres grading 81.0 g/t silver. In addition, hole CC-14-155 returned several mineralized silver intercepts including 23.45 metres grading 138.3 g/t, 6.00 metres grading 50.7 g/t, and 1.00 metre of 169.0 g/t. This hole filled in an embayment in the drilling pattern and extended silver mineralization 90 metres down dip from CC-12-071. Mineralization in this area was traced at least 270 metres down-dip from the surface.
On section LC 3+50N, hole CC-14-156 intercepted 1.65 metres grading 122.1 g/t silver, 2.31% lead and 5.80% zinc. A separate interval reported 14.4 metres of 53.5 g/t silver, including an intercept of 4.60 metres of 137.4 g/t silver and 0.61% zinc. This hole extended the silver mineralization 90 metres down dip from CC-12-101. The silver zone is this area can now be traced at least 400 metres down dip from the surface.
Las Carolinas Zone Drill Results
San Gregorio Zone:
The San Gregorio Zone represents the northerly portion of the La Cigarra resource with a strike length of approximately 1.1 kilometres and average width of 260 metres. Seven (7) holes were completed here in 2014 with the objective of expanding the resource down-dip and to in-fill areas of potential situated adjacent to previous drilling. To date a total of 80 holes and 15,136 metres have been drilled at San Gregorio. Highlights from the 2014 program include holes CC-14-142 which reported 7.40 metres grading 119.8 g/t silver, CC-14-143 which contained 3.75 metres grading 290.6 g/t silver and CC-14-152 which intersected 2.30 metres grading 98.64 g/t silver.
San Gregorio Zone Drill Results
In addition to the drilling in the Las Carolinas and San Gregorio zones, Northair also completed four (4) wild cat drill holes; one (1) in La Borracha to the northwest and three (3) in the south (two (2) holes in the Las Venadas Zone and one (1) in the La Chinas Zone). No significant results were returned, however these are large exploration areas that will require further review and assessment.
Las Venadas, Las Chinas and La Borracha Zone Drill Results
|CC-14-148A||-44||LV||No significant intervals|
|CC-14-150||-45||LC||No significant intervals|
Figure 1: 2014 Drill Map
2014 Drilling Notes
Data collected from all drill campaigns within the Las Carolinas and San Gregorio area has defined a mineralized system measuring 2.4 kilometres in length and remains open at both extensions. The deposit demonstrates excellent continuity along this full length and is characterized by a high grade domain encompassed by a low grade domain, as shown in Figure 2. The latest drill data will be used to update the project's NI 43-101 compliant resource estimate.
Northair has released the results of all 156 core holes completed on the Property. Since the first drill program was initiated in 2010, the Company has completed a total of 30,935 meters of drilling in 15 reverse circulation holes and 156 HQ/NQ sized core holes. To view the comprehensive results of all the drill holes completed to date on the La Cigarra Project, please click the link: http://www.northairsilver.com/i/pdf/2014-12-15-ComprehensiveDrillResultsSpreadsheet.pdf
Additional drilling is planned for 2015 to further explore the La Cigarra resource area, and to test district targets generated from the Company's ongoing field programs.
Figure 2: Isometric view of resource area
Sampling and QA/QC
All technical information for the La Cigarra exploration program is obtained and reported under a formal quality assurance and quality control ("QA/QC") program. Samples are taken under the direction of qualified geologists and stored in sealed bags. Samples are delivered by the Company via courier to ALS Minerals ("ALS") in Chihuahua. The samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS in Vancouver B.C. Systematic assaying of standards is performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four acid digestion, with gold analysis by 30 gram fire assay with an AA finish.
Mr. David Ernst, a professional geologist and VP Exploration of Northair is a Qualified Person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Ernst has reviewed the technical information in this news release and approves the disclosure herein.
About the La Cigarra Silver Project
Northair Silver Corp. is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. Northair is focused on advancing its flagship La Cigarra silver project located in the state of Chihuahua, which currently hosts a NI 43-101 resource estimate of 50.49 million ounces of silver in the Measured & Indicated categories grading 76 g/t silver (13.09 million ounces of Measured grading 65 g/t silver and 37.40 million ounces of Indicated grading 80 g/t silver) and 3.5 million ounces of silver in the Inferred category grading 61 g/t silver constrained by a Whittle pit shell at an economic cutoff grade of 30 g/t silver (assuming metallurgical recoveries of 84% silver). The project boasts a significant land package of over 32,000 hectares located within the Parral silver district and is 26 km from the city of Parral. The mineralized system at La Cigarra has been traced over 6.5 kilometres and is defined at surface as a silver soil anomaly and by numerous historic mine workings. The La Cigarra silver deposit also contains appreciable amounts of lead, zinc and gold.
For further information please see the Company's Technical Report entitled "San Gregorio/Las Carolinas Resources Technical Report La Cigarra Project, Chihuahua Mexico" dated effective February 26, 2013 which is available under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD,
NORTHAIR SILVER CORP.
Andrea Zaradic, P. Eng.
President & CEO
Chris Curran, Manager of Corporate Communications at 604-687-7545 or 1-888-338-2200
Website: www.northairsilver.com Email: [email protected]
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 news release.
Caution Concerning Forward-Looking Statements
This news release may contain forward looking statements which are not historical facts, such as statements regarding the use of proceeds, the closing date, ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See Northair's filings for a more detailed discussion of factors that may impact expected results.
Cautionary Note Concerning Estimates of Measured, Indicated and Inferred Mineral Resources
This news release uses the terms "Measured and Indicated Resources" and "Inferred Resources", which have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a Measured and Indicated and/or Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Northair advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned not to assume that part or all of a Measured, Indicated and Inferred resource exists, or is economically or legally minable.