Defiance Silver Drills Wide Zones of Mineralization
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2015) - Defiance Silver Corp. (TSXV: DEF) ("Defiance") is pleased to report the results of the first three holes of its Phase I core drilling program on the San Acacio Deposit. Phase I is designed to test for a continuation of mineralization to depth below the current resource and the workings of the past producing mine.
Results from the first three holes have extended mineralization by 140m below the limits of the current resource. All three holes were drilled on a single section on the western margin of the project and all intersected broad zones of mineralization at increasing depths. Mineralization continues to be open along strike and down dip.
Bruce Winfield, President and CEO of Defiance stated, "We are very pleased with the initial results being returned from the San Acacio project. These results support our geologic model predicting high grade material below the existing resource and also confirm an expected increase in base metal content at depth on this portion of the vein. These results not only show very nice grades but over substantial widths. Drilling has now resumed as we drill along strike, beneath our historical workings, and complete our Phase I drill program."
These new drill results were not included in the updated NI 43-101 resource estimate that was recently released (see press release dated January 15, 2015). Of interest is that the Silver Equivalent grades and the drill widths returned were considerably higher than those employed in the resource and provide for the opportunity to expand Defiance's resource subject to the results of further drilling.
Results are provided in the following table:
| Hole # | From | To | Length | Ag | Au | Cu | Pb | Zn | Ageq |
|
| (m) | (m) | (m)* | g/t | g/t | % | % | % | g/t** |
| SAD14-01 | 132.5 | 149.5 | 17 | 110.21 | 0.13 | 0.01 | 0.11 | 0.35 | 139.1 |
| including | 134 | 142.1 | 8.1 | 222.12 | 0.22 | 0.01 | 0.20 | 0.53 | 268.1 |
| SAD14-02 | 168.5 | 185.2 | 16.7 | 101.11 | 0.75 | 0.02 | 0.14 | 1.79 | 235.5 |
| including | 168.5 | 171.7 | 3.2 | 419.10 | 0.82 | 0.02 | 0.14 | 0.30 | 499.4 |
| and | 176.2 | 182.59 | 5.9 | 30.15 | 1.46 | 0.03 | 0.23 | 4.62 | 316.5 |
| SAD14-03 | 194.5 | 213.3 | 18.8 | 21.14 | 0.42 | 0.02 | 0.83 | 1.09 | 127.0 |
| including | 205 | 213.3 | 8.3 | 42.89 | 0.92 | 0.04 | 1.87 | 2.44 | 278.1 |
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*True Widths are approximately 70% to 80% of each intersection
**Reported for comparison only, with no assumptions regarding metal recovery or smelter payments. Prices used are Au: $1210.50/ounce, Ag: $16.33/ounce, Cu; $2.80/pound, Pb; $0.83/pound and Zn $0.95/pound in US$
Exploration efforts are being conducted under the direct supervision of Rick Tschauder, B.Sc. Defiance's Vice President Exploration. President and CEO Bruce Winfield P.Geo, a qualified person as defined by NI 43-101, is responsible for the program and preparation of the above information.
Defiance Silver Corp. is a silver explorer and developer advancing the San Acacio Deposit, located in the historic Zacatecas Silver District of central Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring and developing 11 operating mines to date. Our corporate mandate is to expand San Acacio to become one of Mexico's premier high grade silver deposits.
For more information on the property please visit www.DefianceSilver.com.
On behalf of Defiance Silver Corp.
"Bruce Winfield"
President and CEO
| 1610 - 409 Granville Street | www.defiancesilver.com |
| Vancouver, BC V6C 1T2 | Tel: 778-729-0333 FAX: 778-734-0333 |
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 release.
