VANCOUVER, June 25, 2018 /CNW/ - Silver Viper Minerals Corp. (the "Company" or "Silver Viper") (TSX-V: VIPR) is very pleased to announce the entering into option agreements (the "Option Agreements") to acquire the Rubi-Esperanza group of mineral concessions located 220km east-northeast of Hermosillo, Sonora, Mexico. The Option Agreements grant Silver Viper the right to acquire 100% ownership of three prospective claims totaling 2,102 hectares. In return, the Company will make the following cash payments over the first four anniversaries of the date of the Option Agreements (beginning in 2019): (i) US$190,000 on the first anniversary; (ii) US$500,000 on the second anniversary; (iii) US$1,000,000 on the third anniversary; and (iv) US$2,800,000 on the fourth anniversary and grant the current owners a 2% net smelter returns royalty (see Silver Viper news release dated December 13th, 2017).
Located in eastern Sonora, the Rubi-Esperanza claims are prospective for gold and silver mineralization and are surrounded by three large, prospective mineral concessions held by Pan American Silver Corp. ("PAS"). Silver Viper previously entered into a non-binding Letter Of Intent with PAS to acquire 100% ownership of these claims. (Silver Viper News release Feb 5th 2018). As the Company prepares to embark on an initial diamond drill test of up to 5000m at Rubi-Esperanza, it continues to advance the third definitive agreement with PAS.
Silver Viper's President and CEO, Steve Cope, stated: "The signing of definitive agreements to acquire the Rubi-Esperanza group of claims is a milestone for Silver Viper. It marks the beginning of consolidation of this relatively underexplored silver-gold camp. Our due-diligence work has included field reconnaissance and prospecting, and the team is progressing into the advanced targeting and drilling phases on this exciting project."
During the first half of 2018, Silver Viper completed due-diligence work, including a first-pass geochemical reconnaissance program, over the PAS claims. The Company has completed environmental studies necessary for drill permitting and is progressing with formalization of an access agreement with surface rights owners. The Company anticipates initiation of the first phase of confirmation/extension drilling in July. A map detailing the land positions is provided on the Silver Viper website.
The La Virginia area is characterized by laterally extensive epithermal style gold-silver mineralization in quartz stockworks, veins and hydrothermal breccias hosted in andesites and felsic dykes. Mineralization is controlled by structures related to the north-northwest regional trend, and anomalous geochemical results have been returned from these structures along the length of the property. Historical mining activities on the Rubi-Esperanza claims, evidenced by several underground workings, are developed on zones of increased silica alteration and veining. The largest historical workings, "La Virginia" and "Con Virginia", are still accessible and host mineralization ranging between one metre to greater than twenty metres in thickness. The addition of the PAS claims will provide Silver Viper access to strike extensions and potential parallel mineralized structures in addition to the upside of 40km long regional exploration property.
The Rubi-Esperanza claims were previously explored by Minefinders Corporation Ltd ("Minefinders"). Between 2010 and 2013, 188 diamond drillholes were drilled for a total of 52,635m. PAS initiated the takeover of Minefinders in early 2012, and although exploration drilling continued until mid-2013, no public disclosure was made beyond hole 50. Silver Viper has access to drill core and laboratory generated pulps/rejects and to date is satisfied with the integrity of the historical dataset. Additional check sampling of existing core will be required before Silver Viper will publically disclose the historical metal values.
Encouraging reported grades from that year include 23.5m grading 13.69g/t gold equivalent from hole LV11-47C and 15m averaging 6.14g/t gold equivalent from hole LV11-50C. (Minefinders news release Oct 17th 2011 – interval length in metres, estimated true widths were not disclosed, Au equivalent calculated using silver to gold ratio of 60:1).
Minefinders was acquired by PAS in 2012, primarily for its flagship asset, the Dolores silver mine, located some 100km south-southeast of La Virginia (see PAS' news release dated January 23, 2012). PAS exploration claims surrounding the core La Virginia property are contiguous geologically and prospective for the same style of epithermal gold-silver mineralization. PAS has completed a first pass reconnaissance geochemical program over the large exploration property, upon which Silver Viper has already begun to build.
Dale Brittliffe, P.Geo., Vice President of Exploration is a '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 northwestern Mexican state of Sonora. The Company has an option to acquire a one hundred percent (100%) interest in the Clemente Precious-Base Metals Property, a highly prospective exploration project located within the prolific Sonora-Mojave megashear. Silver Viper is under management provided by the experienced Belcarra Group Management Ltd ("Belcarra Group"). The Belcarra Group is comprised of highly qualified mining and financial professionals.
On behalf of the board of directors,
President and CEO
Forward Looking Information
Information set forth in this press release contains forward-looking statements relating to the use of proceeds, made as of September 27, 2017, the acquisition of the Rubi-Esperanza Claims, execution of a definitive agreement with PAS and the exploration program at Rubi-Esperanza, and are based on assumptions as of that date (unless otherwise specified). 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 Company's limited operating history; the need to comply with environmental and governmental regulations; fluctuations in currency exchange rates; fluctuations in the prices of commodities; operating hazards and risks; competition and other risks and uncertainties, including those described in the Company's Amended and Restated Prospectus dated July 21, 2017 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: Silver Viper Minerals Corp. at (604) 687-8566, email [email protected] or visit our website at www.silverviperminerals.com