High Grade results include 22.6g/t Gold and 1,431g/t Silver over 3.0m
- All Holes encountered zones of significant mineralization.
- Intercepts from LV20-217 and 218 indicate increased grade and thickness beneath previously reported holes.
- El Rubi strike-length extended an additional 50m and remains open along strike and to depth.
Silver Viper Minerals Corp. (the “Company” or “Silver Viper”) (TSXV:VIPR,OTC:VIPRF) is pleased to announce the latest batch of results from ongoing drilling at the La Virginia Gold-Silver Exploration Project, Sonora State, Mexico. The current campaign began in late November 2019 and expands upon the Company’s 2018 initial test of the El Rubi target, a new gold-silver zone on the Property. The El Rubi mineralized structure has now been intercepted on seven sections for a total 300m of strike extent.
The mineralized structure is open to the north, south and to depth. In addition, results to date indicate the likely presence of adjacent parallel mineralized structures. The current campaign was designed to total 5,000m of diamond drilling in approximately 20 holes. Currently the Company has completed 15 holes for a total of 4,200m, with results from 10 holes now released. The Company intends to expand the program should positive results continue to be realized.
Mineralization at El Rubi is similar in character to other mineralized centres on the Property, such as La Virginia, Con Virginia and Las Huatas. Gold and silver mineralization is hosted in quartz veins, stockworks and breccias controlled along a north-northwest structural trend. The Phase I drilling at El Rubi comprised 5 drill holes on three 50m spaced sections, for a total strike-length of 100m. To date Phase II comprises 10 reported holes having tested both an additional 250m along strike as well as increased depth tests of previous intercepts.
Drilling is ongoing and will continue to provide a systematic testing along the structure on 50m sections. Results from Phase II should provide sufficient data points to allow the estimation of a maiden resource, encompassing all of the mineralized zones at La Virginia. Such an estimation would employ a database of over 223 drill holes compiled from historical and newly completed work. In addition to work at El Rubi, the program continues to advance prospective targets elsewhere on the Property.
Silver Viper’s President and CEO Steve Cope states, “The intercepts from El Rubi continue to show a highly encouraging trend of stronger mineralized widths and grades as we progress northward and to depth. We are excited about the commencement of a second drill on the property which will be positioned to evaluate additional prospect areas along the trend and adjacent to El Rubi.”
Significant intercepts returned from LV19-216 to LV19-218 are tabulated below.
1 True widths are difficult to estimate at this early stage of exploration. The estimated true widths presented are based on current geological interpretation of the mineralized zones. Presently the mineralized structures are interpreted as being sub-vertical. This interpretation may be revised as additional data are generated.
2 Gold and Silver Equivalent values are based on contained metal values reported as direct exploration results and do not assume any recovery characteristics or other parameters. Equivalent values were calculated using an Au:Ag ratio of 70:1, for example, Gold Equivalent grade = Au grade + (Ag grade / 70), Silver grade = Ag grade + (Au grade x 70).
Drill hole LV19-216 (dip -500, azimuth 240) representing a 50m step-out to the north, intersected the mineralized structure(s) at a relatively shallow depth. Steeper holes are programmed to test the mineralization at greater depths. Holes LV20-217 (dip -650, azimuth 240), and 218 (dip -550, azimuth 240) represent deeper intercepts on previously drilled sections. LV20-217 intercepted mineralization 50m below the intercepts in hole LV20-211, and LV20-218 intercepted mineralization approximately 80m below the intercept in LV20-215.
In both cases, results from LV20-217 and LV20-218 indicate an increase in width and grade compared to the previously reported shallower intercepts from the same sections. Subsequent drillholes will continue to push northward, testing for extension along the El Rubi trend. In addition, a series of confirmation holes at differing azimuths and dips are planned in order to better interpret the nature of the mineralization. An updated drill plan for the El Rubi area is available at the following link. https://silverviperminerals.com/site/assets/files/1197/rubidrillling_feb2020.pdf.
About the Project
La Virginia is located 220km east-northeast of Hermosillo, Sonora. It is a large exploration area, primarily prospective for fault-controlled, low-sulphidation epithermal precious metal mineralization. The Property and historical exploration database were acquired by way of option agreements made with two distinct parties. Gold and silver mineralization at La Virginia occurs within breccias, veins and stockworks hosted primarily by andesitic volcanics, often in close spatial association to, or cross-cutting pre-mineral dacite dykes and controlled by fractures and faults that define the regional structural trend. Originally 37,700 hectares in size, Silver Viper’s reconnaissance program has identified key targets and trends which are of primary interest. The Company has filed reductions of the large concessions to better focus efforts on the high priority trends.
Silver Viper’s Phase I drilling comprised work over five target areas totaling 4,753m in 20 drill holes. Phase II is underway using the services of Hermosillo-based drill contractor Globexplore Drilling Corp and the Company intends to drill at least 5,000m in the El Rubi area. A second drill has been contracted to test surrounding targets and is set to commence work by the end of February. Drilling by the Company to date builds upon a sizeable database including 52,635m of drill core from 188 diamond drill holes generated by the efforts of previous operators between 2010 and 2013. Silver Viper is expanding upon this work by continuing exploration northward into prospective untested ground.
Analytical results herein represent samples of halved diamond drill core submitted by Silver Viper staff directly to Bureau Veritas, Hermosillo, Sonora, Mexico. Samples were crushed, split and pulverized as per Bureau Veritas method PRP70-250, then analysed for gold by lead collection fire assay fusion on a 30g split with AAS finish, and for a multi-element suite including silver by multi-acid digestion with ICP-ES/MS finish. Samples triggering precious metal over-limit thresholds of 10g/t Au or 200g/t Ag were retested by lead collection fire assay fusion with a gravimetric finish. Silver Viper monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.
Dale Brittliffe, P.Geo., Vice President of Exploration is the ‘Qualified Person’ under National Instrument 43-101 and has approved the scientific and technical information contained in this news release. Ongoing verification of scientific and technical information is achieved by direct involvement in the exploration work, requiring regular site visits by the Qualified Person.
About the Company
Silver Viper Minerals Corp., is a Canadian-based junior mineral exploration company focused on precious metals exploration in the northwestern Mexican state of Sonora. The Company currently operates the La Virginia Gold-Silver Project. Silver Viper has 100% ownership of the La Virginia concessions acquired from most recent operator, Pan American Silver Corp. and has an option to acquire a 100% interest in the Rubi-Esperanza group of claims internal to those concessions. Silver Viper is under management provided by Belcarra Group Management Ltd., which is comprised of highly qualified mining professionals.
On behalf of the board of directors,
President and CEO
Forward Looking Information
Information set forth in this press release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in the Company’s financial statements available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER THE 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.