Precious Metals

TSX.V: VIPR, OTC:VIPRF

Estimate includes Indicated Resources of 154,300 Oz Gold and 6,929,000 Oz Silver and Inferred Resources of 260,300 Oz Gold and 12,941,300 Oz Silver

  • El Rubi Zone returns an Indicated Resource of 6,179,000 tonnes grading 0.78 g/t gold and 35 g/t silver for 154,300 oz Au and 6,929,000 oz Ag, in addition to an Inferred Resource of 3,255,000 tonnes grading 0.90 g/t gold and 36 g/t silver for 94,100 oz Au and 3,750,000 oz Ag.
  • Con Virginia, El Oriental, Las Huatas and Las Huatas South add an Inferred Resource of 6,622,000 tonnes grading 0.71 g/t gold and 41 g/t silver for 152,200 oz Au and 8,739,800 oz Ag in open pit category, and 227,000 tonnes grading 1.92 g/t gold and 62 g/t silver for an additional 14,000 oz Au and 451,500 oz Ag in the underground category.
  • Gold and Silver Equivalents for Indicated resource equal 253,286 Oz Aueq OR 17,730,000 Oz Ageq at a ratio of 70:1.
  • Gold and Silver Equivalents for Inferred resource equal 445,176 Oz Aueq OR 31,162,300 Oz Ag equivalent at a ratio of 70:1.
  • Drilling and reconnaissance work continues to advance the early-stage La Virginia project.

Silver Viper Minerals Corp. (the " Company " or "Silver Viper ") (TSXV: VIPR) is pleased to announce the first NI 43-101 mineral resource on the Company's La Virginia Silver-Gold Project in Sonora Mexico.  The resource estimate comprises five discrete deposits including the Company's priority target, El Rubi. The mineral resource estimate is based upon drilling completed by Silver Viper between 2018 and 2021 and by previous operators between 2010 and 2013 and has an effective date of May 1 2021.  The resource estimate table is detailed below.

Silver Viper Minerals (CNW Group/Silver Viper Minerals Corp.)

Deposit

Method

Class

Tonnes

Capped
Au (g/t)

Capped
Ag (g/t)

Au Oz

Ag Oz

El Rubi

Open pit

Indicated

6,179,000

0.78

35

154,300

6,928,900

Total

Open Pit

Indicated

6,179,000

0.78

35

154,300

6,929,000









El Rubi

Open pit

Inferred

3,255,000

0.90

36

94,100

3,750,000

Con Virginia

Open Pit

Inferred

3,279,000

0.66

36

69,500

3,837,800

El Oriental

Open Pit

Inferred

91,000

1.47

28

4,300

81,900

Las Huatas

Open Pit

Inferred

3,169,000

0.76

47

77,300

4,749,900

Las Huatas S

Open Pit

Inferred

83,000

0.40

26

1,100

70,200

Total

Open pit

Inferred

9,877,000

0.78

39

246,300

12,489,800

Con Virginia

Underground

Inferred

39,000

1.52

121

1,900

152,700

El Oriental

Underground

Inferred

25,000

2.11

47

1,700

37,000

Las Huatas

Underground

Inferred

152,000

1.90

51

9,300

249,800

Las Huatas S

Underground

Inferred

11,000

3.19

34

1,100

12,000

Total

Underground

Inferred

227,000

1.92

62

14,000

451,500









Total


Indicated

6,179,000

0.78

35

154,300

6,929,000

Total


Inferred

10,104,000

0.80

40

260,300

12,941,300

(1)

Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability.

(2)

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

(3)

The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

(4)

The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

Silver Viper's President and CEO Steve Cope states, " We are extremely pleased to achieve this milestone for the project, it is a validation of our persistence over the last three years and represents a huge step toward our goal of defining a new gold-silver camp in an underexplored region of Mexico.  The drill is currently testing extensions of the El Rubi mineralized zone and our field crews continue to advance early-stage targets in preparation for drill testing later in the year."

Steve Cope , President, CEO & Director at Silver Viper Minerals, will be hosting two webinars this week to discuss the maiden resource in collaboration with Amvest Capital and Red Cloud.

The Amvest Capital webinar will be held on Tuesday May 4 th @ 4:05 pm ET / 1:05 pm PT . To view the Amvest webinar live, please register here: https://www.amvestcapital.com/webinar-directory/silverviper050421

The Red Cloud webinar will be held on Wednesday May 5 th @ 2:00 pm ET / 11:00 am PT . To view the Red Cloud webinar live, please register here: https://www.redcloudfs.com/rcwebinar-vipr/

Replays of both webinars will also be available after the live broadcast.

The Mineral Resource Estimate was completed by independent consultant Dr. Gilles Arseneau P.Geo . of ARSENEAU Consulting Services Inc. The resources were estimated using three-dimensional block model software. All blocks for the Las Huatas, Con Virginia and El Rubi were estimated by ordinary kriging while all other deposits were estimated by ID 2 .  Gold and silver grades within the mineralized domains were estimated in four successive passes for the Las Huatas and El Rubi domains and in a single pass for all other domains. The first pass considered a relatively small search ellipsoid, while the second and third pass search ellipsoids were larger. Pass four was restricted in inform blocks within the deposits, near drill holes that had not been estimated in the three previous passes. Search parameters were generally set to match the correlogram parameters but also designed to capture sufficient data to estimate a grade in the blocks. All grades were capped on 1.5 m composites and ranged from 3 to 15 g/t for gold and 50 to 1,000 g/t for silver.

Mineral resources are reported on a US dollar equivalent cut-off of $US20 (equivalent to a cut-off grade of 0.38 g/t gold OR 28.3 g/t silver) for open pit and $US100 (equivalent to a cut-off grade of 1.88 g/t gold OR 141.4 g/t silver) for underground resources. Reasonable prospect of potential economic extraction is determined by restricting the potentially open pit accessible resource inside a Whittle optimized pit shell based on $US 1,650 /oz of gold and $US 22 /oz of silver and recoveries of 94% for gold and 90% for silver, overall pit slopes of 50 degrees and a total operating cost of $US 20 . Underground reasonable prospect of potential economic extraction is determined by assigning a cut-off of $US 100 to contiguous blocks within a maximum 200 m of the pit surface and a maximum vertical depth of 250 m .

Blocks were classified as indicated mineral resource for the El Rubi deposit if estimated during pass one with at least two drill holes with an average distance of 50 m or during pass two and informed by at least three drill holes within an average distance of less than 100 m . All other estimated blocks were classified as inferred mineral resource.

Geology

The La Virginia Project is an early-stage exploration property situated within a range of mountains in the Sierra Madre Occidental.  The project is largely underlain by rocks of the Lower Volcanic Sequence uplifted and exposed by basin and range faulting.  Mineralized showings occur largely within a kilometre-wide corridor aligned to the north-northwest regional trend defining the range. This corridor, as part of the regional fabric, extends for the length of the project.  The Las Huatas, Con Virginia (includes La Virginia) and El Oriental deposits are located within a 3.0 kilometre portion of the trend. El Rubi is located 2.5 kilometres north of this group of deposits.

Outcropping mineralization on the project was first associated with steeply dipping dacite dykes more resistant to erosion than the country rock, forming low ridges on the hillsides.  At Con Virginia, Las Huatas and El Oriental areas, mineralized veining has been shown to have exploited the same structures as the previously emplaced dykes.  Gold and silver mineralization is often found along the contact zones of said dykes, hosted by andesite wall rock or by the dykes themselves in the form of thin quartz vein stockworks or breccias. Width and tenor of mineralization increase in areas where the hosting structure flexes or within dilationary openings formed by jogs between adjacent faults. This is apparent at both outcrop and project scales.

El Rubi deposit is situated on a mesa roughly 2.5 kilometres in diameter, immediately north of an east-west, fault-controlled canyon which separates and offsets it laterally from the main block hosting the other deposits.  At El Rubi, mineralized structures remain steeply dipping, but demonstrate a north-west strike, indicating a flexure in the north-northwest structural trend.  East-west, north-south and northwest-southeast trending faulting at this location has resulted in the formation of local blocks with vertical or lateral relative movement.

The geology of the El Rubi plateau is represented by a gently eastward-dipping volcanic sequence.  Rhyolitic lapilli tuff on the western side of the mesa is overlain by a mixed volcanic package of andesitic composition.  The andesite package reaches up to 300 m in thickness, and contains weakly porphyritic andesites interbedded with volcaniclastic and agglomeratic andesitic phases, further overlain by uniform feldspar-phyric andesite.

Mineralization at El Rubi has been intercepted by drilling over a strike length of 500 m and to a vertical depth of 300 m and represents a highly structurally controlled network of steeply dipping quartz veining and vein breccias. Strongest mineralization on the project to date has been encountered along the El Rubi structure, a northwest trending, fault-controlled, often silicified breccia/quartz stockwork zone which dips steeply to the east-northeast.  The El Rubi structure marks the eastern extent of mineralization as modelled in this area.  An additional zone of broad, low to medium grade silver-gold mineralization occupies the footwall of the El Rubi structure, extending up to 200 m west of the El Rubi trend.  In some cases, the mixed andesite package in particular hosts broad zones of fine quartz stringers forming weak stockworks tens of metres in width.  Silver Viper refers to this broad stockwork zone as the "Western Zone" represented by drill intercepts such as those in LV20-245 and LV20-284 (see News Releases dated August 26 th , 2020 and March 1 st , 2021 respectively).

Drilling at El Rubi has targeted the mineralized structures from several orientations, and the use of oriented drill core in four holes has assisted the interpretation used in constructing the model.

About the Project

La Virginia is located 220 kilometres east-northeast of Hermosillo, Sonora and is prospective for 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.  Silver Viper's reconnaissance program identified key targets and trends which are of primary interest and subsequently filed strategic reductions in claims to attain the current project surface area of 6,882 hectares.

At the completion of the 2020 phase of work at La Virginia, Silver Viper had completed a total of 100 drill holes for a combined meterage of 27,021 metres across the project. Exploration drilling continues at La Virginia using a single diamond drill supplied by Hermosillo -based drill contractor, Globexplore Drilling Corp.  Drilling by the Company to date builds upon a sizeable database of recent historical work including 52,635 metres 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 north and south into prospective untested ground.

QA/QC

Analytical results of drilling intercepts reported by Silver Viper represent samples of halved HQ or NQ2 diameter diamond drill core submitted directly to Bureau Veritas, Hermosillo, Sonora , Mexico.  Samples were crushed, split and pulverized as per Bureau Veritas method PRP70-250, then analyzed for gold by lead collection fire assay fusion on a 30 gram 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 re-tested by lead collection fire assay fusion with gravimetric finish (method code FA530.  Silver Viper monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.

Silver Viper has possession of all current and historical diamond drill core and sample pulps as generated on the property since 2010.  The Company has conducted a review of the historical drilling data by physical checks of existing drill pads and drill core and verified the tenor of mineralized intervals by portable XRF on core and sample pulps. Silver Viper has further confirmed the veracity of historical data by diamond drilling of ten core holes at Las Huatas, Con Virginia, and the northern extension of El Oriental target areas. This work confirms the accuracy of location and ranges of mineralization as indicated by the 2010-2013 database.

Dale Brittliffe, P.Geo., Vice President of Exploration, is the 'Qualified Person' under National Instrument 43-101 and has reviewed and 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, the most recent site visit was conducted in November 2020 .

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,
Steve Cope
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.

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SOURCE Silver Viper Minerals Corp.

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Silver Viper

Silver Viper

Overview

Silver Viper Minerals Corp. (TSXV:VIPR, OTCQB:VIPRF) is a mineral exploration company focused on the acquisition and advancement of high-quality, early-stage projects. The group aims to build value through discovery and deposit definition with the goal of attracting the interest of senior resource companies looking to acquire advanced mineral properties. Silver Viper establishes strict minimum thresholds for resource target size, ensuring that they make effective use of the company’s capital and deliver as much value as possible to its shareholders.

Silver Viper is currently focused on exploring and advancing the La Virginia goldsilver project in Sonora, Mexico. The project’s current form was achieved by the combination of two groups of claims acquired by the company. The first claims were acquired 100 percent from Pan American Silver Corp. (NASDAQ:PAAS,TSX:PAAS), which retains a royalty and right of first offer on any deal should Silver Viper successfully define an economic deposit. The second group is internal to the Pan American claims and Silver Viper has the right to earn 100 percent interest by way of an option agreement. The gold-silver exploration project has seen significant work in certain parts, though much of the mineralized trend remains untested. Historically reported high-grade findings from previous work include a 23.5-meter interval grading at 13.69 g/t gold equivalent.

Silver Viper recently completed an initial drill program comprising 20 holes for a total of 4,753 meters. Five distinct prospect areas along the mineralized corridor had received an initial drill test by the time the program broke for the winter break. Results from the second half of the program are still outstanding and will be released when available. Areas tested during this program were Las Huatas, Con Virginia, La Gloria, Huarache and El Rubi. The company’s 2019 exploration program is currently underway.

The Silver Viper management team has a proven ability of discovering and developing quality exploration projects with large returns for their shareholders. The management team are members of the Belcarra Group, a team of industry professionals who have technical and capital markets experience in developing projects, including those associated with Orko Silver, Orex Minerals (TSXV:REX), Dolly Varden Silver Corp. (TSXV:DV) and Barsele Minerals (TSXV:BME). They have a strong history of entering agreements with major mining companies such as Pan American Silver Corp. (TSX:PAAS), Coeur Mining (NYSE:CDE), First Majestic Silver (NYSE:AG,TSX:FR,FWB:FMV), Fresnillo (LSE:FRES), Agnico Eagle (NYSE:AEM,TSX:AEM) and Hecla Mining Company (NYSE:HL).

Company Highlights

  • Actively working one exciting exploration project in a prolific mining jurisdiction while constantly reviewing other property submissions.
  • La Virginia is an exploration property with a recent exploration history including approximately 52,000-meters of drilling over 188 drill holes.
  • Publicly-reported drill tests at La Virginia reported findings as high as 23.5 meters of 13.69 g/t gold equivalent.
  • Experienced technical and management team with proven ability to unlock value by developing projects through exploration.
  • Management and institutional shareholders own 39 percent and 35 percent of the shares respectively.

Key Projects

La Virginia Gold-Silver Project

In June 2018, Silver Viper entered into an option agreement with a syndicate of individual claim owners. The agreement gives Silver Viper the right to earn a 100 percent interest in the 2,102-hectare Rubi-Esperanza property for $4.5 million dollars in staged, escalating payments over four years. To further consolidate the company’s land position, in December 2018 Silver Viper acquired the surrounding mineral claims and a proprietary dataset covering previous drilling on Rubi-Esperanza from Pan American Silver. In June 2019, Silver Viper renegotiated its Rubi-Esperanza option agreement to purchase the three concessions that comprise the La Virginia project for a lesser amount and with an extra year to complete the payments. The two agreements form the current 35,598-hectare property which encompasses almost 40 kilometers of a prospective mineral trend.

The La Virginia property is located 220 kilometers east-northeast of Hermosillo in the state of Sonora within the Sierra Madre Occidental. The property is also 100 kilometers north of the Dolores gold-silver operation and 90 kilometers south of the El Tigre gold-silver operation.

Historic exploration

There is evidence of small-scale underground mining in several locations on the property in the 1970s and totals approximately 210-meters of underground development. However, the property was officially identified by Minefinders Corp. in 2007, during a regional targeting program.

Following a period of surface mapping and geochemical sampling, Minefinders initiated a drilling program from 2010 through to early 2013. Publicly available data is limited, though MD&A documents indicate that Minefinders spent as much as $3.5 million on 48 diamond drill holes totaling 15,686 meters in 2011 alone. Grades reported by Minefinders include 23.5 meters of 13.69 g/t gold equivalent and 15 meters of 6.14 g/t gold equivalent.

Minefinders was acquired by Pan American in January 2012, largely for the operating Dolores silver-gold mine. Minefinders drill tested La Virginia during the acquisition process, with Pan Am continuing exploration drilling into early 2013. At the commencement of Silver Viper’s involvement, there were 188 diamond drill holes completed on the property.

Historical exploration work identified anomalous gold and silver mineralization in structures ranging numerous kilometers from known showings. Silver Viper has reviewed existing data on the project, including an overview of existing drill core and logging. The company is also conducting an ongoing regional reconnaissance survey on the greater claim area to identify prospective areas for follow up exploration.

The drilling program was designed to provide several confirmation holes in areas of known mineralization and to test previously undrilled mineralized showings. Over the course of 2018, Silver Viper completed 4,753 meters of drilling over five prospect areas that distributed along 11 kilometers of a structural trend, resulting in the discovery of the El Rubi and Con Virginia zones.

Ongoing exploration

Silver Viper’s 2019 work programs are expected to focus on continued prospecting and geochemical sampling to identify and refine future targets for exploration along trend and on parallel zones. Additional drilling is also likely to be completed to further explore the newly discovered El Rubi and La Gloria targets.

To date, the company has tested the areas to the north, south and east of the El Rubi discovery. The company intends to complete a 720-line-kilometer magnetic and radiometric survey over the El Rubi and La Gloria targets.

Core from LV11-050C, 250.8 meters to 253.8 meters, 3 meters averaging 12.55g/t gold and 747g/t silver. Photo taken in February 2018.

The Silver Viper management team has a proven ability of discovering and developing quality exploration projects with large returns for their shareholders as demonstrated with the discovery of Orko Silver Corp’s La Preciosa silver-gold deposit in Mexico as well as the Barsele gold project in Sweden. They have a strong history of entering agreements in the past with major mining companies such as Pan American Silver, Coeur Mining, First Majestic Silver, Fresnillo, Agnico Eagle and Hecla.

Management Team

Steve Cope — President, CEO and Director

Steve Cope has 12 years’ experience in the mining sector. He has worked in corporate development for Orko Silver Corp, Barsele Minerals Inc., Orex Minerals Inc. and Timmins Gold Corp. His responsibilities with these companies have covered a wide range of areas including financing companies, project evaluation, investor relations and mergers and acquisitions.

Carla Hartzenberg—Chief Financial Officer and Director

Carla Hartzenberg, CPA, CA, is a Chartered Professional Accountant with 10 years of experience primarily focused on the natural resources sector. She possesses significant experience in mining exploration, real estate, manufacturing and clean technology. She has held management positions in the resource sector as well as real estate. In addition, she gained extensive experience through a Canadian audit firm providing assurance services to publicly traded companies on the TSX, TSXV and OTC markets. She holds a Bachelor’s degree in Economics from the University of Victoria.

Dale Brittliffe, P.Geo.—Vice President Exploration

Dale Brittliffe is a professional geologist with 20 years of experience in design and management of mineral exploration programs in Australia, Canada, Mexico and Brazil. He has particular expertise in identifying and upgrading early stage projects and boasts a solid track record of successful stakeholder negotiations resulting in amicable and productive land access agreements. Based in Vancouver, he has eight years of experience managing exploration projects in northern Mexico and has previously completed such work for Kootenay Silver, Astral Mining and Orex Minerals Inc. He holds a Bachelor of Applied Geology degree from Curtin University of Western Australia and a Bachelor of Science (Environmental) degree from the University of Western Australia.

Directors

Steve Cope — CEO and Director

Steve Cope has 12 years of experience in the mining sector. He has worked in corporate development for Orko Silver Corp, Barsele Minerals Inc, Orex Minerals Inc, and Timmins Gold Corp. His responsibilities with these companies have covered a wide range of areas including financing companies, project evaluation, investor relations, and mergers and acquisitions.

Carla Hartzenberg—Chief Financial Officer and Director

Carla Hartzenberg, CPA, CA, is a Chartered Professional Accountant with 10 years of experience primarily focused on the natural resources sector. She possesses significant experience in mining exploration, real estate, manufacturing and clean technology. Mrs. Hartzenberg has held management positions in the resource sector as well as real estate. In addition, she gained extensive experience through a Canadian audit firm providing assurance services to publicly traded companies on the TSX, TSX-V and OTC markets. Mrs. Hartzenberg holds a Bachelor’s degree in Economics from the University of Victoria.

Gary Cope

Gary Cope has accumulated over 33 years of experience in corporate management and strategy, with a specific emphasis on public company finance. He arranged financing for the South Kemess project and later became heavily involved with the negotiations and selling of the deposit to Royal Oak Mines. In the past 12 years, he has acted as a senior officer and director for various publicly held companies, such as St Phillips Resources. Cope served as the president, CEO and director of Orko Silver Corp, and was instrumental in negotiating and arranging the sale of Orko Silver to Coeur d’Alenes Mine Corp in 2013. He currently holds those same positions with Orex Minerals Inc. and Barsele Minerals Corp.

Art Freeze, P.Geo.

Art Freeze has an impressive 45 years of experience in mineral exploration and project management. Until 2007, he served as the primary consulting geologist for Goldcorp Inc., and has held consulting, management and supervisory positions with international mining companies such as Cominco Ltd, Pasminco Exploration, Echo Bay Mines and Pan American Silver Corp. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) and was a consulting geologist and advisory board member for Orko Silver Corp.

Ross Wilmot, CPA, CA

Ross Wilmot is a chartered accountant who has provided public companies with senior financial management services for more than 20 years. He offers exhaustive knowledge of reporting practices and requirements for public companies based in Canada and the United States. Wilmot has been involved in numerous business valuations and acquisitions, high tech start-ups and international mining operations.

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