TSXV: VIPR, OTC:VIPRF
New hole LV21-290 situated 50 metres south of
previously reported drillhole LV21-289
- Headline intervals represent highlights from a 28 metres
long interval averaging 88 g/t silver and 2.43 g/t gold starting at
384 metres down hole
- New interval represents the southerly extension of the El
Rubi structure and is the deepest intercept to date upon that
target
- Work continues to advance toward the completion of a maiden
resource calculation. Data reported herein represents the cut off
for data inclusion into the model
VANCOUVER, BC, March 10, 2021 /CNW/ - Silver Viper Minerals
Corp. (the "Company" or "Silver Viper")
(TSXV: VIPR) is pleased to report drilling results from the two
latest holes at the El Rubi discovery zone. The highlight
intercept from hole LV21-290 totaled 28 metres1 (20.1
metres estimated true width) down hole length averaging 88 g/t
silver and 2.43 g/t gold. The interval is centered on the El
Rubi structure, a breccia/quartz stockwork zone known to host the
strongest silver and gold grades within the El Rubi area. The 28
metres1 long zone is cut by a dyke, resulting in two
main mineralized sub-intervals; 10.2 metres1 (estimated
true width 7.3 metres) averaging 134 g/t silver and 3.36 g/t gold,
as well as 14.4 metres1 (estimated true width 10.3
metres) averaging 77 g/t silver and 2.34 g/t gold. Work on
mineral resource estimation has been expanded to include this final
batch of results.
Silver Viper's President and CEO Steve
Cope states, "The results from LV21-290 further indicate
the significance of the La Virginia Project, in particular, the El
Rubi discovery zone. The 28.0 metres core length interval
reported here was encountered 50 metres along trend in a southerly
direction from, and at a comparable elevation to, the 19.3 metres
interval previously reported from hole LV21-289. We look
forward to continuing to release results from El Rubi and are
excited about the upcoming catalyst of a maiden resource on the
project."
Silver Viper is also pleased to report that 2021 exploration
continues to advance, with crews expanding and infilling mapping
and geochemical coverage over the project area. Planned
exploration activities for 2021 include follow-up reconnaissance
work on existing geochemical anomalies, an imminent airborne LiDAR
survey and continuation of the ongoing exploration drilling
campaign at El Rubi.
Silver and gold bearing structures at El Rubi are hosted by a
gently dipping volcanic sequence of felsic to intermediate
composition within a highly structurally controlled network of
quartz veining and vein breccias. The El Rubi structure
represents a northwest trending, fault-controlled, often silicified
breccia/quartz stockwork zone which dips steeply to the
east-northeast. To date the El Rubi structure has been intercepted
by drilling over a strike length of 500 metres and a vertical depth
of 300 metres.
Low to medium grade silver-gold mineralization is also
consistently observed within the footwall of the El Rubi structure,
extending up to 200 metres west of El Rubi trend. In some
cases, fine quartz stringers form zones of weak stockwork tens of
metres in width. This broad stockwork zone is referred to by
Silver Viper as the Western Zone and is evidenced by drill
intercepts such as those in LV20-245 and LV20-284 (see News
Releases dated August
26th, 2020 and March
1st, 2021 respectively).
The entire project is situated upon a regional-scale,
north-northwest trending fault system and additional sub-parallel
trends are recognized further east of El Rubi.
The table below documents significant intercepts from two drill
holes. A drill plan showing the relative locations of the
drill collars are accessible on the Silver Viper website.
EL RUBI ZONE BEST RESULTS
|
HOLE
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Estimated
True Width1
(m)
|
Ag
(g/t)
|
Au
(g/t)
|
|
Ag
Equiv2
(g/t)
|
Au
Equiv2
(g/t)
|
|
LV21-290
|
361.0
|
367.0
|
6.0
|
4.30
|
54
|
2.36
|
|
219
|
3.13
|
|
includes
|
365.0
|
366.0
|
1.0
|
0.72
|
242
|
9.2
|
|
886
|
12.7
|
|
AND
|
384.0
|
412.0
|
28.0
|
20.1
|
88
|
2.43
|
|
258
|
3.68
|
|
SUB-INTERVAL
1
|
384.0
|
394.2
|
10.2
|
7.30
|
134
|
3.36
|
|
369
|
5.27
|
|
includes
|
386.0
|
389.0
|
3.0
|
2.15
|
239
|
6.11
|
|
667
|
9.52
|
|
includes
|
390.0
|
391.0
|
1.0
|
0.72
|
491
|
10.3
|
|
1,212
|
17.3
|
|
SUB-INTERVAL
2
|
397.6
|
412.0
|
14.4
|
10.32
|
77
|
2.34
|
|
241
|
3.45
|
|
includes
|
409.0
|
410.0
|
1.0
|
0.72
|
351
|
11.1
|
|
1,128
|
16.1
|
|
LV21-291
|
51.0
|
52.5
|
1.5
|
0.51
|
225
|
8.10
|
|
792
|
11.3
|
|
AND
|
117.0
|
121.5
|
4.5
|
1.53
|
25
|
0.51
|
|
61
|
0.88
|
|
1 True widths are difficult to
estimate at this early stage of exploration. Estimated true widths
presented here are calculated for each interval based on current
geological interpretation of the mineralized zones. Presently
the mineralized structures are interpreted as being sub-vertical.
Oriented core has been drilled in four holes at El Rubi and to date
support this interpretation.
|
|
2 The use
of both silver and gold equivalents reported in the body text and
in the intercept table are justified by Silver Viper due to the
appreciable concentration of both precious metals in all 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 an
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.
|
Drill hole LV21-290 (azimuth 090, dip -450) was
located on a section 50 metres south of, and oriented parallel to,
previously reported hole LV21-289. The hole encountered
several instances of low-grade mineralization high in the hole, but
the highest grades were intercepted in the vicinity of the El Rubi
structure, a hydrothermal breccia seen in drilling over a strike
length of 500 metres. Two main zones were encountered, 6.0
metres (4.30 metres estimated true width) averaging 54 g/t silver
and 2.36 g/t gold, and 28 metres (20.1 metres estimated true width)
averaging 88 g/t silver and 2.43 g/t gold. The lower interval
has been divided into two main mineralized zones in the table
above.
Drill hole LV21-291 (azimuth 090, dip -700) was
drilled from the same pad as LV21-290, at a steeper angle designed
to intersect high-level mineralization within the andesitic host
rock along the trend of the western mineralized zone.
Low-grade silver and gold mineralization were encountered in the
upper portions of this hole as broad zones of sporadic anomalous
values, the two highest-grade intervals are tabulated above.
About the Project
La Virginia is located 220 km east-northeast of Hermosillo, Sonora. It is a large exploration
area, primarily prospective for fault-controlled, 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
filed strategic reductions in claims to attain a final surface area
of 6,882 hectares. The Company has filed reductions of the large
concessions to better focus efforts on the high priority
trends.
At the completion of the 2020 exploration work at La Virginia,
Silver Viper had completed a total of 100 drill holes for a
combined meterage of 27,021 metres across the project. Exploration
drilling continues at La Virginia using a single diamond drill
supplied 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. Silver Viper is expanding upon this work by
continuing exploration north and south into prospective untested
ground.
QA/QC
Analytical results of drilling intercepts reported by Silver
Viper represent samples of halved diamond drill core submitted by
Silver Viper staff 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 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 (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.
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. 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 2020.
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.