VANCOUVER, British Columbia , Aug. 16, 2012 /PRNewswire/ -- Silver Bull Resources, Inc. (TSX: SVB, NYSE MKT: SVBL) ("Silver Bull") is pleased to announce the renewal of its 2,000 square kilometer Mitzic license by the Ministry of Mines in Gabon for an additional 3 years. Silver Bull is also pleased to provide the results of the work program on the Mitzic license completed over the last 2 years. (Logo: http://photos.prnewswire.com/prnh/20120803/LA51676LOGO) The Mitzic license lies 180km northeast of the capital city of Libreville and is accessed via a paved road directly to site and lies 60km to the north of a functioning railway. In addition to the Mitzic license, Silver Bull also recently renewed its 2,000 square kilometer "Ndjole" license which is highly prospective for gold and manganese. Mitzic License - Iron Results: A regional reconnaissance work program on the Mitzic license targeting over 70 kilometers of magnetic highs has confirmed the widespread presence of a coarse grained, magnetite rich, Banded Iron Formation "BIF" averaging approximately 40% Fe. Localized supergene and hypogene enrichment in excess of 65% Fe is seen in the field but is thus far poorly constrained. Geological mapping shows the BIF forms a series of topographic highs with up to 300m of relief and has localized evidence of thickening through folding and faulting. The steep dipping nature of the BIF's also suggests they continue at depth. Key features of the Mitzic Iron Ore target include:
- Over 70km of magnetics which correlate to banded iron formations grading at approximately 40% Fe.
- The Iron has been locally enriched to >65% Fe.
- The area is folded and steeply dipping suggesting the potential for a thick proto-ore keel, coupled with evidence of thickening through folding and faulting.
- The coarse nature of the magnetite will aid in the beneficiation process.
- The entire Mitzic iron prospect has been staked up in one exploration license 100% owned by Silver Bull.
- Located in the new world-class iron ore district of Central Africa (3 deposits > 650Mt @ 60% Fe currently under development).
- 60km from existing railway and 65km from the "Ogooue" River, which is barge-able to the coast.