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 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
Ag Equiv 2
Au Equiv 2
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.
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.
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.
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 ).
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 .
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,
President and CEO
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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SOURCE Silver Viper Minerals Corp.
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