Best Results Include 1.0m Core Length Grading 453g/t Silver and 8.31g/t Gold from Hole LV20-224 and 0.5m Core Length Grading 40g/t Silver and 43.7g/t Gold from LV20-229
- Drilling at the El Rubi Discovery Zone continues to expand the system
- High-grade results from a stringer zone 180m west of the main trend – hole LV20-224
- Two of three holes from reconnaissance drilling at Macho Libre returned mineralization
Silver Viper Minerals Corp. (the “Company” or “Silver Viper”) (TSXV:VIPR) is pleased to provide results from seven new drill holes at La Virginia. Results detailed herein represent four holes completed at El Rubi and three reconnaissance holes targeting a portion of the Macho Libre prospect. A highlight interval of 1.0m grading 453g/t silver and 8.31g/t gold was returned from 108m down-hole in LV20-224, roughly 180m west of the El Rubi main trend. This intercept may represent a stringer zone sub-parallel the El Rubi main trend.
All field activities are currently paused and as such, results from two final drill holes, one drilled at El Rubi and one testing the reconnaissance work at Macho Libre await sampling.
Phase II drilling advanced steadily from November 2019 and now totals 24 holes for a cumulative 6,955 metres. Drill equipment is being stored on site, awaiting a restart order.
Recent work at El Rubi has focused on a north-northwest trending mineralized zone composed of a steeply-dipping, gold-silver bearing quartz stockwork/breccia zone, underlain by a series of additional mineralized structures, currently interpreted as being parallel to the main zone. A second drill mobilized to site in March has provided a very early test of a small portion on the first of three recently identified targets, considered by Silver Viper as “High Priority”. The Company is currently processing all available data to update models and interpretations in advance of restarting field operations.
Silver Viper’s President and CEO Steve Cope states, “The drilling results have been very encouraging, and we eagerly await the opportunity to return to site to complete sampling of the two remaining drill holes and resume our Phase II drill program. We are taking the opportunity afforded by this pause in work, to focus on the interpretation of surface sampling results and diamond drilling results as well as geological mapping data assembled to date.”
A tabulation of significant intercepts for drill holes LV20-224 through LV20-230 is provided below. A drill plan showing the relative locations of the collars is accessible on the Silver Viper website.
EL RUBI DRILLING RESULTS
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, estimated true widths reported herein represent approximately 71% of the downhole interval. Presently the mineralized structures are interpreted as being sub-vertical. This interpretation may be revised as additional data are generated.
Drill holes LV20-224 and LV20-226 (both holes oriented to azimuth 240, Dip -500) were collared west of the main trend and targeted the up-dip projection of deeper intercepts previously encountered beyond the main trend. Hole LV20-224 is located approximately 80m north of LV20-226. Both holes intercepted mineralization.
Holes LV20-227 (azimuth 240, Dip -500) and LV20-229 (azimuth 240, dip -650) tested the main Rubi zone beneath previous drilling, with LV20-227 on the northernmost section to date, and LV20-229 located 100m south of that section.
MACHO LIBRE DRILLING RESULTS
Macho Libre, lies 1.2km southwest of the southernmost El Rubi drilling. The three Macho Libre reconnaissance holes represent a very limited test of that area. Holes LV20-225 (azimuth 060, dip -500) and LV20-228 (azimuth 100, dip -500) were drilled from a single pad and targeted a mineralized structure identified at surface. Hole LV20-225 intercepted an 8m wide zone of silicified breccia observed to contain sulphide bearing quartz veinlets. The reported intercept in LV20-225 comes from a subsection of that zone. Hole LV20-228 encountered a thin mineralized zone high in the hole but may not have been drilled deep enough to intercept the same breccia as seen in LV20-225. There are plans to re-enter and finish this hole when work resumes. Drill hole LV20-230 (Azimuth 060, dip -550) was collared 40m northwest of LV20-225 and LV20-228 and returned no significant results. The Macho Libre Target is an elongate zone roughly 1.5km in length and Silver Viper considers the intercepts above to be sufficient evidence to warrant further work along the largely untested Macho Libre trend.
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.
At La Virginia, Silver Viper’s Phase I drilling comprised work over five target areas totaling 4,753m in 20 drill holes. Phase II drilling is currently paused at a meterage of 6,955m in 24 holes. Hermosillo-based drill contractor Globexplore Drilling Corp. has provided the drilling services. 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. A recently completed airborne survey was flown by Geotech Ltd.
Analytical results of drilling intercepts reported by Silver Viper 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 the 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 the Belcarra Group, 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.
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