Precious Metals

TSX.V: VIPR, OTC: VIPRF

Quantec Geoscience Completes TITAN MT Deep-Penetrating Geophysical Survey at La Virginia

  • Drilling at Paredones zone is complete, with first results now received
  • Prospecting activities continue to advance La Colmena, north of El Rubi, and return encouraging surface samples ranging up to 8.31 g/t gold and 90 g/t silver from chip sampling at the southern extension of El Molino Zone

Silver Viper Minerals Corp. (the " Company " or "Silver Viper ") (TSXV: VIPR) is pleased to provide an update on exploration activities within the La Virginia Silver-Gold Project, located in Sonora, Mexico . Exploration efforts since the release of Silver Viper's Maiden NI 43-101 gold-silver mineral resource estimate have continued to advance with exploration drilling at El Rubi and expansion of mapping and sampling coverage across the project area. Recent drilling has been performed at the Paredones Zone on the eastern structuralmineralized trend. Quantec Geoscience contractors have now completed data collection for a 31 line-kilometre Magnetotelluric geophysical survey covering approximately 610 hectares (1,500 acres). Final deliverables from the survey are expected in the coming weeks.

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

Silver Viper had engaged Quantec Geoscience to execute a TITAN-MT deep-penetrating geophysical survey centered on the El Rubi Deposit, Paredones and El Molino target areas. The survey is expected to greatly assist in targeting for deeper portions of the mineralized system. The TITAN Magnetotelluric (" MT ") survey is capable of acquiring information from depths in excess of 1,500 metres below surface. In anticipation of the survey, drilling recently focused on probing of prospective mineralized structures and trends, most recently the Paredones area on the eastern trend sub-parallel to that hosting El Rubi.

Silver Viper's President and CEO Steve Cope states "Quantec has shared preliminary data from the first lines of the MT survey.  We expect the geophysics to help in refining drill testing of existing zones and to reveal new deeper unexposed targets. Once the data is processed, we anticipate identification of additional prospective targets, comparable in size to El Rubi. Preliminary data is already showing potential new targets that were previously unknown. "

The exploration team has reviewed preliminary 2D imaging from the first of the MT survey lines and believe the method will be very effective at La Virginia. The company eagerly awaits final deliverables expected in the coming weeks.

Prospecting work continues along the El Rubi trend and the adjacent El Molino trend. Advances have been made at the La Colmena, Paredones and El Molino South prospect areas.  These early-stage prospects host outcroppings of silicified hydrothermal breccias and quartz veining, similar to breccias and veining seen in the El Rubi area. In addition to the geophysical survey, current work includes rock chip sampling and mapping.

Preliminary surface chip sampling of mineralized outcrop at El Molino prospect has returned a best result of 1.0 metre grading 90 g/t silver and 8.31 g/t gold from an interval averaging 3.0 metres of 66 g/t silver and 5.11 g/t gold.

Recent diamond drilling within the project has probed for lateral and vertical extensions from known mineralized intercepts at El Rubi. Results from the currently reported holes are tabulated below. A drill plan showing the location of these holes is provided on the Silver Viper website; https://silverviperminerals.com/projects/la-virginia/exploration/ .

Tabulated Drill Results

HOLE

From (m)

To (m)

Interval (m)

Estimated
True Width 1 (m)

Ag (g/t)

Au (g/t)

Ag Equiv 2

(g/t)

Au Equiv 2

(g/t)

LV21-314

NSR 3








LV21-315

280.70

282.20

1.50

1.05

48

0.27

66

0.95

AND

285.00

285.50

0.50

0.35

50

1.03

122

1.74

AND

321.50

322.50

1.00

0.70

9

0.28

29

0.41

AND

422.00

422.50

0.50

0.35

58

0.05

62

0.88

LV21-316

210.50

211.30

0.80

0.56

10

0.12

18

0.26

AND

518.00

519.00

1.00

0.70

1

0.98

69

0.99

AND

553.50

555.00

1.50

1.05

355

0.71

405

5.78

includes

553.50

554.00

0.50

0.35

771

1.47

874

12.48

LV21-317

NSR








LV21-318

NSR








LV21-319

NSR








LV21-320

NSR








LV21-321

188.50

190.00

1.50

1.05

27

0.21

42

0.60

LV21-322

NSR








LV21-323

109.30

112.00

2.70

1.89

7

0.26

25

0.36

AND

162.90

163.77

0.87

0.61

10

0.44

41

0.59

AND

171.00

172.50

1.50

1.05

5

4.99

354

5.06

AND

328.10

329.30

1.20

0.84

74

0.89

136

1.94

LV21-324

127.00

128.00

1.00

0.70

6

0.84

65

0.93

AND

148.00

150.00

2.00

1.40

7

0.62

51

0.72

LV21-325

NSR








LV21-326

363.82

365.00

1.18

0.83

4

1.20

88

1.25

1.

Estimated true widths presented here are calculated for each interval based on a current geological interpretation of the mineralized zones. Presently the dominant mineralized structures are interpreted as dipping steeply eastward, approaching sub-vertical. Oriented core has been drilled in four holes at El Rubi and to date supports this interpretation.

2.

The use of both silver and gold equivalents reported in the text and in the intercept table are justified by Silver Viper due to the appreciable concentration of both precious metals in the vast majority of reported results.  Equivalents are presented to provide context for the reader. Preliminary bottle roll tests reported previously indicate that there is a reasonable expectation of dissolution of both gold and silver from El Rubi material within conventional leaching parameters. The silver-gold equivalent calculations use a historical price ratio of 70:1, maintained at this ratio for consistency with Silver Viper's previous releases. Calculations are made using the formulas Ag equivalent = Ag grade + (Au grade x 70), Au equivalent = Au grade + (Ag grade / 70). No base metals values are used in the calculations.

3.

NSR = No Significant Results

Recent drilling focused largely on testing areas of the El Rubi trend as it projects toward the north-south trending Macho Libre structure, followed by a preliminary test of the Paredones area, east of El Rubi. Best results from the recent work include 0.5 metres (0.35 metres estimated true width) grading 771 g/t silver and, 1.47 g/t gold from 553.5 metres from hole LV21-316.

Four holes testing the Paredones trend have returned assays to date, those being: LV21-323 through 326, with a best value of 1.50 metres (1.05 metres estimated true width) grading 5.0 g/t silver and 4.99 g/t gold from a depth of 171.0 metres downhole. Work on this prospect is encouraging and Silver Viper will continue to explore this trend.

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.

Silver Viper has completed a total of 141 drill holes at La Virginia for a combined 44,687 metres. Exploration drilling has paused awaiting the processing of the geophysical survey.  Drilling has been completed 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. The Company is expanding upon this work by continuing exploration north and south into prospective untested ground.

The 2021 mineral resource estimate was based upon drilling completed by Silver Viper between 2018 and 2021 and by previous operators between 2010 and 2013 (see news release dated May 3, 2021 ).

QA/QC

Analytical results of drilling intercepts reported by Silver Viper reflect 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 2021 .

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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VIPR:CA
Silver Viper Minerals

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 Minerals Corp

In April 2022, Silver Viper advanced its exploration drilling at El Rubi, and expansion of mapping and sampling coverage across the project area. Recent drilling was performed at the Paredones Zone on the eastern structural mineralized trend. Quantec Geoscience contractors completed data collection for a 31 line-kilometre magnetotelluric geophysical survey covering approximately 610 hectares (1,500 acres).

The Silver Viper management team has a proven ability to discover 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

  • 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.
  • In 2021, Silver Viper submitted an independent technical report supporting the maiden mineral resource estimate for its La Virginia Project.
  • In 2022, the company, through Quantec Geoscience, completed a TITAN MT Deep-Penetrating geophysical survey at La Virginia.

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.
La Virginia exploration model

La Virginia exploration model

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.

Silver Viper

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

In 2021, Silver Viper filed an independent technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The NI 43-101supports the maiden mineral resource estimate for its La Virginia Precious Metal Project. The 2021 Mineral Resource Estimate showed a total indicated resource of 6,179,000 tonnes with 154,300 oz of gold and 6,929,000 oz of silver. The total inferred resource is at 10,104,000 tonnes with 260,300 oz of gold and 12,941,300 oz of silver.

To date, the company completed its TITAN MT Deep-Penetrating Geophysical Survey. Silver Viper had engaged Quantec Geoscience to execute the survey centered on the El Rubi Deposit, Paredones and El Molino target areas.

Silver Viper

The company continues all prospecting works along the El Rubi trend and the adjacent El Molino trend. Advance activities were conducted at the La Colmena, Paredones and El Molino South prospect areas. These early-stage prospects host outcroppings of silicified hydrothermal breccias and quartz veining, similar to breccias and veining seen in the El Rubi area. Other current work includes rock chip sampling and mapping.

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

Gary Cope - Chairman

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.

Steve Cope - President and CEO

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.

Art Freeze, P.Geo. - Director

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 - Director

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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