Nevada Silver Corporation ("NSC" or the "Company") (TSXV:NSC) (OTCQB:NVDSF) is pleased to announce the commencement of drill testing six priority targets at the Company's 100% owned Belmont Silver Project in Nevada, USA (Figures 1 and 2
Six diamond drill holes will test specific sulfide zones within a large "elephant' anomaly (Figure 3) which was recently identified by Induced Polarization (IP) and Resistivity geophysical surveys completed in May (Refer NSC news release dated 15th June 2022).
NSC's exploration is the first significant mineral assessment of one of the earliest and richest silver mining camps in the Tonopah district.
Figure 1. Drill rig setting up at Belmont drill site BSD001
Figure 2. Sulfide breccia intersected in the first drill shift at Belmont
The six drill holes will test zones of alteration, quartz veins/silicification and sulfides associated with silver mineralization beneath and along-trend from the historic silver mines at the abandoned Belmont silver mining camp (Figure 4, Table 1), located 15 kilometers south of the Company's Corcoran silver-gold deposit and 72 kilometers northeast of Tonopah in central Nevada.
Falcon Drilling Inc. (Carson City, NV) has commenced drilling at the first drill site (BSD001) and is expected to take 4 to 5 weeks to complete the diamond drilling program.
NSC CEO Gary Lewis commented:
"The drill holes will test specific targets within a massive anomaly located beneath, and along trend from high-grade, shallow silver deposits mined during the late 1800's. Exploration success at Belmont, not far from NSC's Corcoran Silver-Gold Project, will benefit future development opportunities of both projects and we are looking forward to receiving assay results in coming weeks."
About the Belmont Mining District
The Belmont Silver Project covers the majority of old silver workings of the Belmont silver mining camp near the historic Belmont ‘ghost' town. The main mining area is located about 2 kilometers southeast of Belmont (Figures 5 and 6). Belmont is among the earliest and richest silver mining camps in the Tonopah district with an estimated ore head-grade averaging 25 ounces per ton of silver. Historical accounts describe numerous prospect pits and mine openings of shallow underground workings with richest ore above the water table where silver occurred mostly as silver chloride (cerargyrite). Silver-bearing sulfides together with copper, molybdenum, lead, zinc and antimony minerals were reported at depth.
During the camp's silver mining heyday between 1865 and 1889 Belmont's population was about 10,000 and the town was the seat of Nye County Government. Two main vein systems were mined. The eastern veins (Highbridge and Transylvania ledges) were hosted in slate and limestone and dip easterly at 40-50 degrees. High-grade mineralization was reported adjacent to hanging walls of massive quartz veins and generally conformable with strata of Ordovician shale, quartzite and limestone. There has been negligible exploration during recent decades despite high-grade silver samples (up to 5,000g/t silver) collected from remnant dumps during a surface geochemical study by the US Geological Survey in 1985.
Figure 3. Three-dimensional diagram of the Belmont ‘elephant-shaped' resistivity anomaly. Features (arrowed) are interpreted as high sulfide targets and pervasive silicification. Targets with yellow arrows have been selected for priority drill testing in this program.
Figure 4. Planned drill holes plotted on topography and elevation. IP/resistivity lines (IP LINE 1-7) are shown together with the locations of historic pits, old mine openings and access tracks.
* | northing | easting | comment |
1 | 4270100 | 512331 | Steep-dipping high resistivity feature with low conductivity (IP) |
2 | 4270100 | 512128 | Flat, high resistivity zone of silicification or lithology |
3 | 4270100 | 511846 | Flat, high resistivity zone & underlying steep-dipping high resistivity |
4 | 4270500 | 512430 | A high conductivity (IP) response dipping east with flattened resistivity |
5 | 4270500 | 512119 | Vertical vein/ silicified structure & horizontal silicification |
6 | 4269700 | 512270 | Related high conductivity (IP) and steep-dipping high resistivity |
* All holes (BSD001-6) to be drilled towards grid west to 150 meters planned depth but deepening of holes will be undertaken if encouraging mineralization is intersected.
Table 1. Drill hole descriptions.
About Nevada Silver Corporation
Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a multi-commodity exploration and development company with two US-based exploration projects with NI 43-101 compliant mineral resources and an experienced, multidisciplinary technical team and board. The Company's principal asset is the Corcoran Silver Project in Nevada, which has mineralization near-surface, is open in all directions, and has an Inferred Mineral Resource of 33.5 million silver-equivalent ounces. The Corcoran Silver Project has a number of high-priority exploration targets that provide excellent growth potential. In February 2022, NSC acquired the historic Belmont Silver Project, which was among the earliest and richest silver mining camps in the Tonapah district, with an estimated ore head-grade averaging 25 ounces per ton of silver. In addition to Corcoran and Belmont, NSC has exclusive ownership and management rights over the Emily Manganese Project in Minnesota, USA. The Emily Project contains North America's highest-grade manganese resource and has been the subject of considerable technical studies, with USD$24 million invested to date.
Qualified Person
The scientific and technical data contained in this news release was reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Figure 5. Location map of Nevada Silver Corporation's Belmont Silver, North Belmont Silver and Corcoran Canyon Silver-Gold Deposit.
Figure 6. View looking east during drill rig access preparation. The majority of historic silver workings of the Belmont silver mining camp are to the left (north) of this photograph.
For further Information please contact:
Gary Lewis
Group CEO & Director
T: +1 (657) 846 5299
gl@nevadasilvercorp.com
CHF Capital Markets
Perry Rapagna
Manager, Corporate Development
T: +1 (416) 868-1079 x 230
perry@chfir.com
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.
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.
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, including, without limitation, risks as a result of the Company having a limited operating history and may have a wide variance from actual results, risks concerning the ability to raise additional equity or debt capital to continue its business, uncertainty regarding the inclusion of inferred mineral resources in the mineral resource estimate which are too speculative geologically to be classified as mineral reserves, uncertainty regarding the ability to convert any part of the mineral resource into mineral reserves, uncertainty involving resource estimates and the ability to extract those resources economically, or at all, uncertainty involving exploration (including drilling) programs and the Company's ability to expand and upgrade existing resource estimates, risks involved in any future regulatory processes and actions, risks from making a production decision (if any) without any feasibility study completed on the Company's properties, risks applicable to mining exploration, development and/or operations generally, and risk as a result of the Company being subject to certain covenants with respect to its activities by creditors, as well as other risks.
Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
SOURCE:Nevada Silver Corporation
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