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Masivo Silver Corp. (TSXV: MASS,OTC:GNYPF) (OTC Pink: GNYPF) (FSE: R74) ("Masivo" or the "Company") is pleased to announce that the Company's Phase I diamond drill program has begun at its Cerro Colorado Project in Sonora, Mexico.
The initial phase of the program consists of approximately eight (8) diamond drill holes totaling an estimated 1,500 to 2,000 meters. The program is designed to systematically test high-priority silver-copper targets identified through geological mapping, surface sampling, and historical data compilation.
David G. Coburn, CEO and Director, commented:
"The start of drilling at Cerro Colorado is a pivotal moment for Masivo. We are now systematically testing what we have evidence at surface of being at least 1.2 km structurally controlled, expanding silver-copper system with clear evidence of scale at surface. These first holes are designed to validate our geological model and demonstrate continuity at depth. We believe this program has the potential to materially expand the footprint of mineralization and unlock significant value for shareholders."
Hole A targets a depth of 130 meters, with the objective of hitting a zone of polymetallic sulfides that may correspond to an anomaly of high chargeability found in the geophysics program or induced polarization ("IP") at a depth of 100 meters below surface. There is strong potential for significantly higher values of silver (Ag), gold (Au), copper (Cu), lead (Pb), and zinc (Zn).
Hole B is planned approximately 500 meters northeast of Hole A, targeting a depth of 150 meters. The objective is to test a high chargeability anomaly and follow up on high-grade values identified in sulfide material from the dumps of historic mine workings, which returned assays of 1,840 g/t silver (Ag), 4.82 g/t gold (Au), 3.06% copper (Cu), 4.55% lead (Pb), and 2.92% zinc (Zn).
Holes C, D & E are planned between Holes A and B, with the objective of testing the high chargeability anomaly within the same mineralized structure. Hole C and E are designed to reach a target depth of 150 meters, while hole D is planned to extend deeper to 200 meters.
Holes F & G are planned to reach depths of 150 to 300 meters northeast of Hole B. Their objective is to test the high chargeability anomaly and assess the continuity of the mineralized structure along a well-defined southwest-to-northeast (SW-NE) trend.
Hole H is oriented in a different direction, targeting a southeast-to-northwest (SE-NW) structural system that is perpendicular to the main southwest-to-northeast (SW-NE) trend.
This secondary structural system hosts a gold-copper-silver (Au-Cu-Ag) mineralization style, observed in several near-surface historic artisanal workings developed by local "Gambusinos." These small-scale mines have returned high-grade values, including over 20 g/t gold (Au), 95 g/t silver (Ag), and 0.8% copper (Cu). The planned depth for these holes is 120 meters.
The Cerro Colorado Project hosts numerous historic workings and surface exposures of silver-copper mineralization. Previous surface sampling has returned encouraging silver and copper values associated with quartz veining, breccia zones, and structurally controlled shear zones. The current drill program represents the first systematic test of several priority targets at depth and is intended to confirm continuity of mineralization below surface exposures.
Historic Drill Results (2015)
Historic drilling completed by Minera Gold Zone in 2015 on the southwestern margin of the Cerro Colorado system returned broad, near-surface, polymetallic silver and base-metal mineralization, including the following intercepts:
- ETCC-15-01: 29.65 m @ 50.74 g/t Ag, 0.607% Zn, 0.131% Pb, 0.053% Cu, and 0.062 g/t Au (48.80-78.45 m), including 5.05 m @ 254 g/t Ag and 2.95 m @ 384 g/t Ag.
- ETCC-15-04: 35.80 m @ 23.44 g/t Ag and 0.406% Zn (44.50-80.30 m), including 3.15 m @ 159.06 g/t Ag and 0.60 m @ 577 g/t Ag (with associated base metals and gold).
These historic intercepts, together with recent mapping and surface sampling, support the current Phase I drill program designed to test the continuity and structural controls of mineralization at depth.
Please visit the following link for drill program map and information.
https://masivosilver.com/cerro-colorado
The Company will provide updates as the program progresses.
Qualified Person
Brian Brewer, PGeo, is Masivo Silver's qualified person for the company's projects in Mexico and Nevada and has approved this news release.
About Masivo Silver Corp.
Masivo is a Canadian junior silver and gold mining exploration company based in Vancouver, Canada. Masivo is currently focused on advancing its exploration projects in the State of Nevada, US, and in the State of Sinaloa, Mexico. The Company's mill, located on its El Colomo property, is capable of processing up to 300 tons of ore per day. Additional information on Masivo's current operations is available on the Company's website at www.masivosilver.com or email davidcoburn@masivosilver.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"David Coburn" Chief Executive Officer
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company's exploration plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward looking information.
Neither 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285468
