The company's flagship Sierra Mojada project is located 150 kilometres north of the city of Torreon in Coahuila, Mexico and is highly prospective for silver and zinc.
Among the highlights, two drill holes encountered 100-plus metre intercepts of silver oxide mineralization intersecting high grade zones of 417.64 grams per tonne (g/t) silver over 10 metres, 283.89 g/t silver over 13.05 metres and 176.77 g/t silver over 21.5 metres.
Silver Bull president and CEO, Tim Barry, said: "We are extremely pleased with the continued positive results coming from the Centenario Zone and the emergence of a high grade zone of mineralization.
"Considering the extent of the Centenario Zone defined so far, we are very confident this will add a significant amount of silver to our next resource report expected in the second quarter of this year.
"Following our $10.5 million financing at the end of 2011 we are focused in 2012 on continuing to drill out the widespread silver and zinc mineralization seen at Sierra Mojada and also to developing a metallurgical flow sheet via an extensive metallurgical program lead by George Rawsthorne."
The drilling results continue to confirm the continuity and tenor of the silver mineralization in the Centenario Zone. Silver Bull's drill program is ongoing, with three rigs currently onsite.
The explorer said that the third in a series of NI 43-101 resource updates is anticipated in the second quarter of 2012.
Given the drilling results to date, it is anticipated that the next report will show a substantial increase in the silver resource at Sierra Mojada, as well as including a resource for the significant zinc mineralization seen on the project.
Overall, Silver Bull has acquired or has options to acquire mineral concessions totaling 15,833 hectares in the Sierra Mojada Mining District. The company has been working on the Sierra Mojada property since 1997 and has completed over 80,000 metres of drilling.
The mineralization at Sierra Mojada is comprised of three main zones: the Shallow Silver Zone, the Red Zinc Zone and the White Zinc Zone.
Centenario is a new zone of silver mineralization that lies to the north and immediately adjacent to the Shallow Silver Zone at Sierra Mojada, which has a present NI 43-101 compliant resource of 47.3 million ounces of silver in the indicated category and 13.8 million ounces of silver in the inferred catagory.
Silver Bull said that the extent of the known silver mineralization in the Centenario Zone is now 450 metres in an east-west direction and 300 metres in a north-south direction, and remains open in all directions.
A high grade core of silver mineralization averaging greater than 100 g/t silver sits within a large lower grade halo of less than 100 g/t of silver mineralization that is hosted along the east-west trending Centenario fault.
The widest part of the mineralization in the Centenario Zone occurs at the intersection of the Centenario fault and a major north-south trending fault, which cross cuts the entire deposit.
Like the Shallow Silver Zone, Silver Bull said that a thick dolomite unit appears to be the favorable host rock for the mineralization, especially when immediately adjacent to fault zones.
Although the mineralization starts below 100 metres, it is important to note that much of the Centenario Zone falls within the surface projection of a conceptual Whittle open pit outline provided by SRK Consulting at the time of the resource update of the Shallow Silver Zone in late 2011, the company said.
This means that by mining out the near surface Shallow Silver Zone, a significant portion of the overburden will be removed.
The Shallow Silver Zone's mineralized body averages between 30 to 90 metres in thickness, is up to 200 metres wide and has an average grade of just over 50 g/t silver. Mineralization remains open in the east, west, south and northerly directions.
Approximately 60 percent of the current 3.2 kilometre mineralized body is at or near surface before dipping at around 10 degrees to the east.