GUADALUPE, MEXICO--(Marketwire -12/15/11)- Sonora Resources Corp. (OTC.BB: SURE.OB - News) ("Sonora" or the "Company"), a mineral exploration and development Company focused on the acquisition of international silver and gold mining properties, is pleased to advise that a program of measuring and sampling of the extensive historic surface dumps at the Ayones Project was undertaken November 8-13, 2011.
The 770 hectare Ayones project encompasses the historic La Mazata Silver Mine and surrounding Corazon group of claims located in the Etzatlan Mining District in the Mexican State of Jalisco. The phase one study sampled key portions of the estimated 30,000 tons of ore on surface. Previous sampling of the dump material conservatively estimated the potential for an average grade of 150 g/ton silver and 0.5 g/ton gold which would require relatively minimal effort to recover.
During the recent fieldwork, samples of the historic mine dumps included 18 lines opened with 34 samples taken, and in the old tailings 23 additional lines were opened with 48 samples removed for assay. A further 6 samples were taken from a northwest-southeast trending vein identified in a nearby open pit with another 8 samples taken from an adjacent northeast-southwest trending mineralized outcrop. All samples were prepared, packaged and shipped to ALS Group mineral assay laboratories in Vancouver, Canada for analysis. Results from the analysis are expected shortly and will be announced as they become available.
Commercial production of the surface asset is expected to rapidly spur the company's growth and ability to undertake additional efforts at the project. The area was explored by Grupo Mexico in 1983 and again in 1987-1988 utilizing a diamond drill campaign which identified and evaluated the continuity of the gold-silver vein system in the La Mazata Mine. A 1988 in-house report by Grupo Mexico estimated the resource at 328,222 tons of sulphide mineral reserves with a silver grade of 207 g/T and gold grade 0.52 g/T (La Mazata Mine) and for all 8 veins explored, a combined estimated potential 3,059,026 tons sulphide mineral inferred resource with grades of 259 g/T silver and 0.58 g/T gold. The total estimated Historic Resource amounts to 3,387,249 tons grading 254 g/t Ag, 0.57 g/t Au. This equates to over 30.4 million equivalent ounces silver as a cumulative average (London fix) at 2011 silver and gold prices. This estimated Historical Resource data should not be treated as a verified mineral resource or reserve estimate as defined by current NI 43-101 regulatory terms and should therefore not be relied upon until such time as a compliant assessment and report can be completed. Further mapping and sampling by Grupo Mexico of a stockwork type of deposit in an old small open pit nearby showed an average of 104 g/ton silver with samples of high grade silver assayed as high as 300 to 450 g/ton with 0.5 g/ton gold. Additionally, diamond drill samples produced grades of over 314 g/ton silver and 0.5 g/t gold in 3.55 meter thickness in the San Rafael Vein (a new vein discovery in the system identified in 1988).
Company President & CEO Juan Miguel Rios Gutierrez comments, "During my time with First Majestic Silver Corporation, I was pleased to assist in building the company from a junior explorer to a major global silver producer. Today, we have the opportunity to re-use some of the strategies employed during that period through the exploitation of surface assets as a significant tactical and commercial advantage -- a methodology employed most successfully in the past. With commercial grade deposits literally sitting in old surface dumps we can extract the ore and ship it on existing roads to nearby processing facilities. This area enjoys a significant history of silver mining so there is extensive infrastructure and an experienced workforce readily available. Revenues from our initial surface production will allows us to move ahead rapidly in deploying a diamond drill exploration campaign to verify mineral reserves and resources aimed at ultimately developing a comprehensive feasibility study targeting the opening up of our properties for full commercial production within a surprisingly short timeline given the scope of what we consider to be major assets."
Additional details regarding the Company, its business and agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About Sonora Resources Corp. (OTC.BB: SURE.OB - News)
The Company is focused on the acquisition and exploration of international silver and gold mining properties located in regions that enjoy stable politics, sound economies and friendly business environments. Additional information about the Company may be found at www.sonoraresources.com.
Notice Regarding Forward-Looking Statements
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include: that the company believes that geographic scope of mining concessions makes for encouraging gold and silver potential for the project; that the property is interpreted to be within an epithermal vein system; and that Mexico is stable and business friendly. Factors which may delay or prevent these forward-looking statements from being realized include misinterpretation of data; we may not locate or agree to terms with potential partners, we may not be able to acquire equipment or labor as needed; we may not be able to raise sufficient funds to complete our intended exploration or carry on operations; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Nearby mineral resources is no indication of resources on our property. In addition, Mexico may undergo political or social change which would create additional geopolitical risks. Readers should refer to the risk disclosures outlined in the periodic reports filed by other junior mineral exploration companies with the Securities and Exchange Commission.
- mineral exploration