Rio Silver Inc. (TSXV:RYO) is a precious metals mining and exploration company with a focus on the acquisition, exploration and development of precious metals deposits in South America. The company is currently focused on advancing its 100 percent owned Niñobamba silver–gold project in Peru. The company has decades of experience navigating the mining regulatory landscape of Peru and considers itself to be well-positioned for the coming mining cycle.
Rio Silver’s flagship Niñobamba property is located in the Department of Ayacucho about 330 kilometers southeast of Lima. The 3,933-hectare property is wholly owned by the company and the project is drill ready. The Niñobamba project is partially comprised of a 2200 hectare property which was previously owned by Newmont Mining (NYSE:NEM) and Southern Peru Mining. The balance was held by AngloGold Ashanti and Bear Creek Mining but has since been strategically acquired and consolidated into Rio Silver’s property. The additions to Rio’s property allow for the possibility of extensions to the company’s current outlined mineralization. The Niñobamba zone and the surrounding area contain known occurrences of high-sulfidation gold and silver mineralized deposits.
Rio Silver’s Property now covers an entire 8km high-sulfidation epithermal silver & gold mineralized trend with a conceptual exploration-potential model now being compiled from Anglo Gold/Bear Creek’s Database, in addition to the August 2011 Newmont Peru SRL’s conceptual model and summary of Jorimina, from a US $7M program which concluded:
- The project has demonstrated potential for a highly profitable medium-sized mine.
- More importantly, is the possibility of finding a larger deposit.
Rio Silver’s management team is comprised of industry veterans, some with as many as 25 years of experience working in Peru. The team has an in-depth understanding of the regulatory processes associated with mining exploration in the country. To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it to achieve new initiatives for enhanced sustainability.
Rio silver is currently working on additional gold/silver focused initiatives, yet to be announced, and expects to see revenue flow within the second quarter of 2020. In addition, the company is working on acquiring social license, a necessary requirement of drill permitting for the project and intends to gain support from local communities in the area by engaging in social works projects and guaranteeing employment levels.
Rio Silver’s Company Highlights
- 3,933 hectares of 100 percent-owned land in a historic Peruvian mining district.
- Property historically belonged to big-name miners (Newmont, Southern Peru Mining). Now wholly owned by Rio Silver.
- Experienced management team with more over seven decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- Management team holds a 35 percent stake in the company with close associates owning another 30 percent
- US$8.5 million in exploration expenditure completed to date by Rio and historical operators.
- Historical database acquired from Newmont Peru SRL
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified including 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.