Silver Viper Minerals Corp. (the “Company” or “Silver Viper”) (TSXV:VIPR) is pleased to announce the latest batch of results from ongoing drilling at the La Virginia Gold-Silver Exploration Project, Sonora state, Mexico.
High Grade results include 196g/t Gold and 984g/t Silver over 0.5m
- All Holes encountered zones of significant mineralization.
- Highest grade assay to date on the project.
- Strike-length extended an additional 90m and remains open along strike and at depth.
Silver Viper Minerals Corp. (the “Company” or “Silver Viper”) (TSXV:VIPR) 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 five sections for a total 250m of strike extent.
The mineralized structure is open to the north, south and to depth. In addition, results to date indicate the presence of adjacent, possible parallel mineralized structures. The current campaign was designed to total 5,000m of diamond drilling in approximately 20 holes. Currently the Company has completed 10 holes for a total of 3100m. Silver Viper intends to expand the program should positive results continue to be realized.
Mineralization at El Rubi is similar in character to other mineralized zones 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 7 reported holes having tested both an additional 150m along strike and down-dip tests of previous intercepts.
Drilling is ongoing and will continue to provide a systematic test along the structure on 50m sections. Results from Phase II should provide sufficient data points to allow the calculation of a maiden resource estimate encompassing all of the mineralized zones at La Virginia. Such a calculation would employ a database of over 219 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 ongoing results from La Virginia are exciting. We believe that adding a second drill to target the new anomalies is warranted at this time. The second drill will allow us to make initial tests of several reconnaissance/exploration drill targets while maintaining steady progress on the El Rubi discovery area. We expect to begin drilling around the end of February. El Rubi is continuing to steadily grow both along strike and at depth. Hole LV20-215 reported the highest silver-equivalent sample in the history of the project and the team is very encouraged with the progress from the ongoing campaign.”
Significant intercepts returned from LV19-212 to LV19-215 are tabulated below.
|1 Gold Equivalent values were calculated using an Au:Ag ratio of 70:1, for example, Gold Equivalent grade = Au grade + (Ag grade / 70).|
|2 True widths are difficult to estimate at this early stage of exploration, estimated true widths are based on current geological interpretation of the mineralized zones.|
Drill holes LV19-212 and LV20-213 were drilled as down dip tests of previous drilling in the central portion of the prospect. Drill hole LV20-214 tested a new section 50m south from previous work and is the southernmost drill test at El Rubi to date. Drill hole LV20-215 represents a nominal 50m step out to the north on a new section. Subsequent drillholes will continue to push northward, testing for extension along the El Rubi trend.
About the Project
La Virginia is located 220km east-northeast of Hermosillo, Sonora. It is a large exploration property, 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.
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