TSXV: VIPR, OTC:VIPRF
VANCOUVER, BC, April 6, 2021 /CNW/ - Silver Viper Minerals
Corp. (the "Company" or "Silver Viper") (TSXV:
VIPR) is pleased to provide shareholders an update on the La
Virginia Project.
As we close out Q1 2021 and reflect on recent months, we are
extremely pleased with where the Company is positioned. Our
geological crews are working smoothly and safely in the field,
thanks to comprehensive safety protocols which are now a routine
part of camp life. In collaboration with our drilling contractor,
we built a healthy working environment for our most valuable
assets, our people. Recently, our team moved into a new office
structure erected on site, a significant upgrade from the tents
which also served as offices and dormitories since late
2018.
Today, fieldwork at La Virginia continues to expand knowledge
along the known mineralized trends, and of course, diamond drilling
also consistently adds to the knowledge of mineralized zones
identified at the El Rubi discovery zone.
As you are aware, drilling successes at El Rubi over the last 6
months are cause for great celebration. A string of
mineralized intervals has been reported from El Rubi over the past
few months, not least of which being the extremely exciting
high-grade zone from hole LV21-289, with a best interval of
19.30 metres averaging 363 g/t silver and 21.2 g/t gold.
This interval reflects the El Rubi breccia, a northwest trending,
silver-gold bearing fault zone forming the eastern limit of the
mineralization at El Rubi. Also intercepted before the high-grade
hit in the same hole is a broad zone of mineralization averaging 18
g/t silver and 0.69 g/t gold over a downhole length of 130 metres.
See press release of the Company dated March
1, 2021. This style of mineralization has been
observed on adjacent sections to the north and is thought to
represent an extension of the "Western Zone", a broad area of
disseminated mineralization occupying the footwall block of the El
Rubi structure.
Entering Q1 2021, our focus was to produce the project's first
ever mineral resource estimate, and I am glad to report this work
is very close to completion. The footprint of the mineralized zone
extends for about 500 metres in length within a corridor 250 metres
wide. Drill intercepts have been made in this zone to a vertical
depth of 300 metres.
Wireframes and block models are complete, and the process now
awaits one of the final steps, which is pit shell design. For this
stage to run efficiently, and to ensure the advantages of
topography are realized, we require a detailed surface model. This
surface model is especially important in projects affected by steep
terrain, and we anxiously await receipt of a new Digital Elevation
Model (DEM).
A detailed DEM produced from data collected by LiDAR technology
can prove an extremely effective exploration tool. As such, we
commissioned a drone-based survey to be run in late 2019.
Unfortunately, apparent work backlogs in addition to Covid-19
related delays in early 2020 caused our job to be postponed several
times. By late 2020, we decided to cancel the contract in favour of
a fixed-wing LiDAR survey. Originally scheduled for
January 2021, we encountered further,
minor delays including increased wait times for logistics,
permitting and international movement of equipment and staff during
this difficult time. We are extremely pleased to report all
challenges and delays have been overcome, and the aircraft was able
to fly over the project last weekend.
The lead-time for delivery of the DEM is roughly 2-3 weeks from
the date of flying. We expect to have this product in our hands, at
the earliest, in about 2 weeks. At that time, we will send the data
for inclusion in the pit shell design and would expect to have the
preliminary resource numbers by the end of the month. We are all
very excited for the arrival of those numbers, as a maiden resource
is a major milestone for any project.
As you know, this project has a relatively short history, and
early on, Silver Viper recognized the exciting potential of this
under-explored region. When the project was acquired in
June 2018, the historical dataset
that accompanied it contained data from 188 drillholes, totaling
about 52,635 metres drilled from 2010-2013. Prior to this,
only limited artisanal style workings existed.
At the time of writing, Silver Viper is in the process of
drilling hole LV21-298, its 110th drillhole on the
project. To date, Silver Viper has added 30,595 metres of drilling
to the database, the majority of which helped to define its newest
mineralized zone, El Rubi. In 2021, we look forward to another
large program to expand upon the maiden resource and to make brand
new discoveries on some of the untested anomalies within the
project.
I would like to thank our shareholders and colleagues for their
support and patience as we move forward. Though the delays
experienced have been frustrating, we are extremely thankful to our
staff and contractors for their efforts to overcome the challenges
facing our industry during this difficult time. We are excited to
see progress, and we look forward to completion of the project's
maiden resource estimate and the continued exploration on the El
Rubi discovery. I believe we are in for another exciting year at La
Virginia, and in the precious metals sector.
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
communication.
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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/silver-viper-provides-shareholders-an-update-on-the-la-virginia-project-301263594.html
SOURCE Silver Viper Minerals Corp.