Silver Bull Resources Inc. (SVB:TSX; SVBL:NYSE.MKT) announced in a news release it launched an 8,000-meter drill program at its Sierra Mojada project in Mexico after receiving the necessary permits.
The campaign will initially test four historic mining areas on the property. Drilling in one previously drilled location will test the sulphide extensions of the main deposit at depth as mineralization at the deposit remains open to the east, west and north. This will be the first drilling ever done in the other three places.
Drilling is being conducted under Silver Bull's joint venture option with South32, and Major Drilling De Mexico S.A de C.V. will perform the work. Under the option agreement, "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."
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