Silver Viper Identifies New Targets for Drilling at La Virginia Gold-Silver Project, Prepares for Helicopter-borne Magnetic and Radiometric Survey
Vancouver, BC. Silver Viper Minerals Corp. (the “Company” or “Silver Viper”) (TSX-V: VIPR) is pleased to report ongoing surface exploration activities have identified additional follow-up targets at its La Virginia Gold-Silver project. Surface geochemistry and prospecting have identified targets to the north, south and east of the El Rubi discovery which will be tested during the next phase of drilling. In addition, Silver Viper has contracted Geotech Ltd. to conduct a 720 line-kilometer magnetic and radiometric survey over the El Rubi and La Gloria targets for a total coverage of 4,900 hectares. Both airborne survey and reconnaissance drilling are planned to coincide with follow up work at the El Rubi discovery area, due to commence in the coming weeks. La Virginia project is located in eastern Sonora, Mexico, 220km east-northeast of Hermosillo and is prospective for epithermal style gold and silver mineralization.
Silver Viper’s regional surface exploration program was designed to advance geochemical and geological coverage in areas of little or no previous exploration activity. Mineralization recognized to date is controlled primarily by the regional scale north-northwest trend of the Sierra Madre which dominates the topography of much of western Mexico. The new targets are all located within the general area referred to as El Rubi, located north of the main La Virginia work area and south of the La Gloria target. A map showing surface geochemistry is available at silverviperminerals.com and below.
At La Virginia, gold-silver bearing veins and breccias are found in association with pre-mineral dacite dykes oriented along the north-northwest trend in parallel structures and within dilationary flexures and jogs linking those features. Prospecting traverses combined with stream sediment and soil geochemistry are proven effective tools in generation of targets in the moderate to steep terrain characteristic of the Sierra Madre and have resulted in encouraging anomalies for follow up.
Silver Viper’s President and CEO Steve Cope states, “El Rubi is an extremely interesting area within the La Virginia project. The work we have undertaken has identified compelling targets both along trend of El Rubi drilled by Silver Viper in late 2018, and on a parallel, yet to be named trend to the east we are evaluating at the moment. Drill testing will commence in the coming weeks.”
The work follows drilling success in the late 2018 drill testing at El Rubi, a never-before drilled prospect located north of the historical La Virginia exploration targets. As previously announced (Jan 14, 2019), drilling at El Rubi returned a best result of 13.3m core length(estimated true width 6.0m) averaging 3.16g/t gold and 228g/t silverfor a gold equivalent1 grade of 6.42g/t gold. Drilling to date has encountered mineralization over a 100m length, with planned work designed to increase the known limits.
Since acquiring the project, Silver Viper has completed diamond drilling on five target areas totaling 4,753m in 20 drill holes and completed regional exploration programs of stream sediment sampling, geological/prospecting traverses and soil sampling. The regional program to date has collected over 1,500 soil samples and rock chip samples across the largely unexplored property.
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 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.
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.
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 has 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. 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,
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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1 Gold Equivalent calculated using an Au:Ag ratio of 70:1, Au Equivalent = Au grade + (Ag grade/ 70)