VANCOUVER, Feb. 15, 2019 /CNW/ - Silver Viper Minerals Corp. (the "Company" or "Silver Viper") (TSX-V: VIPR) is pleased to provide drill results representing the balance of the 2018 diamond drilling at the La Virginia Gold-Silver Project, ("La Virginia"), Sierra Madre, eastern Sonora, Mexico. The Company commenced the exploration program in late September 2018, and by mid-December had completed 4,753m in 20 drill holes, over five distinct prospect areas, distributed along 11km of the prospective structural trend. Results contained herein relate to the fifth and final target of 2018, the Con Virginia target area.
Silver Viper's 2018 diamond drilling program was designed largely as an exploratory test of several undrilled or lightly tested targets within the La Virginia property. The results from Con Virginia, tabulated below, range from no significant results in holes LV18-205 and 206, up to a series of four gold-silver mineralized intervals in LV18-208. The reported results complete the balance of samples from the 2018 drilling.
The highlight of 2018 was El Rubi, a never-before drilled showing, located some 1.5km north of any previous drilling. El Rubi returned a best result of 6m true width (13.3m core length) averaging 3.16g/t gold and 228g/t silver for a gold equivalent1 grade of 6.42g/t Au.
Silver Viper's President and CEO Steve Cope states, "We are very pleased with the success of our first drilling campaign at La Virginia. Of the areas tested in this program, the discovery at El Rubi clearly stands out and it is the prospect area where the next phase of drilling will be focused. The 100m long portion of El Rubi we have drilled is only a small segment of the larger target area which lies north of La Virginia. El Rubi is located on a discrete mesa, generally along trend from La Virginia, and has seen very little previous exploration work. Our field crews are actively following up geochemical anomalies, both along trend and along parallel structures identified in 2018."
Results below represent mineralized intervals from the four final drill holes, testing the southern portion of the Con Virginia target area. An updated drill collar plan is available on the Company's website, www.silverviperminerals.com. In addition to follow up geochemistry and prospecting, Silver Viper is in the process of completing reconnaissance geological mapping of the area, superseding previous mapping on that portion of the property.
Diamond Drilling Results LV18-204 through LV18-208
True Width2 (est m)
Au Equiv1 (g/t)
Gold Equivalent calculated using an Au:Ag ratio of 70:1, Au Equivalent = Au grade + (Ag grade/ 70)
Estimated true widths from Con Virginia drilling estimated at 85% of core length
NSR – No Significant Results
El Rubi A clear highlight revealed by the 2018 work, is the discovery at El Rubi, a newly identified mineralized zone comprising quartz veining, stockwork and breccia, located approximately mid-way between La Gloria and the historical drill area of Campo Santos. The 2018 drilling targeted and intersected a 100m long section of the mineralized trend, open in both directions and ready for follow-up work. Silver Viper considers this target area to be the northern extension of the La Virginia mineralized system, offset by faulting up to 400m eastward when compared to the main mineralized zone.
The El Rubi structure appears to be laterally extensive, reminiscent of and very likely related to mineralization emplaced at La Virginia. Alteration of host rock and sulphide content at El Rubi are observed to be slightly increased, when compared to the intercepts from the Las Huatas zone. This prospective structure is interpreted to continue for up to 2km northward, and appears to extend up to 1km southward, and is expected to connect with dyke/veining of a newly identified prospect, Macho Libre. Very preliminary work at Macho Libre includes contour soil sampling and a follow-up reconnaissance chip sample result of 3.62g/t Au from the 2018 routine fieldwork.
Drilling at El Rubi was initially designed to test a 100m portion along the trend. Mineralization was encountered in all holes, indicating exploration potential to the north and south. Silver Viper currently has a field crew collecting surface geochemical samples and prospecting on the northern and southern extensions of this new discovery.
Con Virginia Con Virginia represents the northern continuation of the zone known as Las Huatas, as described in previous communications. Former prospectors at this location accessed the mineralized zone by way of a crosscut driven to intersect the structure, followed by drifting along the main mineralized zone. The historical workers appear to have targeted a high-grade selvage along the flanks of a broad mineralized quartz-stockwork zone, emplaced within dacitic dyke and andesite host rocks. Approximately 150m of underground tunnels accessing the main structure are still open today. Best results from 2018 came from hole LV18-208, which encountered multiple intervals of mineralization up to 1.7m in true width.
About the Project La Virginia is located 220km east-northeast of Hermosillo, Sonora. It is a large exploration property, primarily prospective for fault controlled, low-sulphidation epithermal precious metal mineralization. The property and historical exploration database were acquired by way of option agreements 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. The property is currently 37,700ha in size and covers 40km of prospective mineral trend. During 2018, Silver Viper undertook reconnaissance prospecting throughout the property and is working on claim reduction of the larger, mature claims that lack mineral potential. The property has strong evidence of intrusive/epithermal activity along the main structural trend.
Analytical results herein represent samples of halved diamond drill core submitted by Silver Viper staff directly to Bureau Veritas, Hermosillo, Sonora. Samples were crushed, split and pulverized as per Bureau Veritas method PRP70-250, then analysed for gold by lead collection fire assay fusion on a 30g 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 retested by Lead collection fire assay fusion with a gravimetric finish. Silver Viper monitors QA/QC using commercially sourced standards and locally sourced blank material inserted within the sample sequence at regular intervals.
Dale Brittliffe, P.Geo., Vice President of Exploration is the 'Qualified Person' under National Instrument 43-101, and has approved the scientific and technical information contained in this news release.
About the Company
Silver Viper Minerals Inc. 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 is entitled to earn a 100% ownership of the La Virginia concessions recently acquired from Pan American Silver Corp., and has an option to acquire a 100% interest in the Rubi-Esperanza group of claims internal to those concessions. The property was most recently operated by Pan American Silver Corp. Silver Viper is under management provided by Belcarra Group Management Ltd., 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.
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SOURCE Silver Viper Minerals Corp.
For further information: please contact Silver Viper Minerals Corp. at (604) 687-8566, email [email protected] or visit our website at www.silverviperminerals.com
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