VANCOUVER, BC,
July 15, 2021 /CNW/ -
MANTARO SILVER CORP. (TSXV: MSLV) (OTC: MSLVF) (FSE: 9TZ)
(the "Company") is pleased to announce that it has entered
into an agreement to acquire four mineral concessions that are
contiguous with and/or in close proximity to the high-grade silver
Santas Gloria Silver Property (the "New Concessions").
As a result of this strategic acquisition, the Santas Gloria Silver
Property, which is 100% owned, will be comprised of seven mineral
concessions totalling 3,272 hectares.
The New Concessions are comprised of a 200 hectare concession
adjacent to the western portion of the Santas Gloria Silver
Property (the "Western Extension"), a 200 hectare eastern
adjacent to the eastern portion of the Santas Gloria Silver
Property (the "Eastern Extension") and a 1,772 hectare claim
block to the north of the Santas Gloria Silver Property (the
"Northern Concessions").
The Western and Eastern Extensions cover certain veins of the
Tembladera and San Jorge Vein systems and the Rosaria veins that
extend beyond the original concessions of the Santas Gloria Silver
Property. As the Tembladera and San Jorge Vein systems
previously returned high-grade silver surface and underground
assays and will be a focus of the Company's upcoming drill program,
the Company believed it was essential to ensure it secured the
neighbouring concessions that host known vein extensions.
Mantaro is planning to commence additional mapping and sampling of
vein extensions within the main Santas Gloria concessions, and the
recently acquired extensions, within the coming weeks.
The Northern Concessions provide the Company with significant
exploration upside and are in close proximity to the core
concessions of the Santas Gloria Silver Property. The northern
concessions cover an extensive clay alteration cell that is visible
on satellite imagery. Initial field review indicates that
intermediate sulphidation style quartz veins — of similar style to
those at Santas Gloria — crop out within the zone of
alteration.
Intermediate and hybrid intermediate-low sulphidation epithermal
systems within the central Peruvian metallogenic belt are
characterized by steeply-dipping quartz-dominant veins that are may
be economically mineralized over 100's of vertical metres. The tops
of these systems are defined by outflow zones which present as
broad areas of clay alteration. Quartz veins are generally weakly
developed and silver, base metal and path-finder geochemistry is
weak to anomalous. As such the tops of such systems were not
targeted by artisanal miners.
From an exploration perspective recognising the uppermost
expression of an intermediate sulphidation system is highly
significant. Whilst geochemistry is of a low tenor — it indicates
that the entire mineralized is preserved below the clay alteration
cap with the potential to discover high grade shoots. Mantaro is
planning an aggressive field geochemical and mapping program in
order to define areas of anomalous geochemistry, vein distribution
and structural controls on mineralization.
Terms of Acquisition
The Company entered into a purchase agreement with a third party
vendor whereby the Company agreed to acquire a 100% interest in
four concessions adjacent to and/or in the vicinity of the Santas
Gloria Silver Property. In consideration of the new
concessions, the Company agreed to pay US $50,000 and issue a total of 500,000 common
shares of the Company. The transaction is subject to
acceptance of the TSX Venture Exchange.
Qualified Person
Dr. Christopher Wilson, Ph. D.,
FAusIMM (CP), FSEG, a Qualified Person under National Instrument
43-101, has reviewed and approved the technical information
contained in this news release.
About Mantaro Silver Corp.
Mantaro Silver Corp. is a British
Columbia company that holds a 100% interest in its flagship
Santas Gloria Silver Property as well as a 100% interest in the San
Jose, La Purisima, Cerro Luque and
Huaranay Properties.
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. 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 Company's
limited operating history and the need to comply with environmental
and governmental regulations. 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.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as
required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its Regulation
Service 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 Mantaro Silver Corp.
