TSX.V: VIPR, OTC: VIPRF
Exploration Continues to Encounter Mineralization beneath the
El Rubi Deposit and prepares for a TITAN-160 Deep-Penetrating
Geophysical Survey
- Drilling continues to test external and internal targets
along the El Rubi structure.
- Prospecting activities continue to advance the La Colmena
zone located north of El Rubi, and a new prospect, Paredones,
located east of El Rubi, on the El
Molino trend.
- Silver Viper anticipates deployment of deep-penetrating
TITAN-160 ground based geophysical survey in late October.
VANCOUVER, BC, Oct. 1, 2021 /CNW/ - Silver Viper Minerals
Corp. (the "Company" or "Silver Viper")
(TSXV: VIPR) is pleased to provide an update on exploration
activities within the La Virginia Silver-Gold Project, located in
Sonora, Mexico. Exploration
efforts since the release of Silver Viper's maiden NI 43-101
gold-silver mineral resource have continued to advance with
drilling at El Rubi and expansion of mapping and sampling coverage
across the project area. Work continues to refine drill
targets over additional prospective showings, and a ground crew has
now completed line cutting in advance of a ground geophysical
survey programmed to commence in the coming weeks.
Silver Viper has engaged Quantec Geoscience to execute a
TITAN-160 deep-penetrating geophysical survey centered over El Rubi
Deposit. The survey aims to probe to depth, the sub-surface at
El Rubi and is expected to assist in designing a future drill
campaign to test deeper portions of the mineralized system. The
TITAN-160 survey will collect DC resistivity and Induced
Polarization ("DCIP") and Magnetotelluric ("MT") data. The
DCIP component of this survey is expected to provide qualified data
to a depth of 750 m below surface,
while the MT can achieve depths in excess of 1500 m below surface. Drilling at El Rubi has
targeted progressively deeper intercepts, mineralization reported
herein was encountered within breccias and stockwork zones mostly
within rhyolitic host.
Silver Viper's President and CEO Steve
Cope states, "Recent drilling at El Rubi has continued to
expand knowledge along the main mineralized trend. In the
deeper holes we are seeing continuations of mineralized structures
hosted by the rhyolitic tuff unit which underlies the main
andesitic host rock. As our team plans progressively deeper
tests on these structures, we eagerly await commencement of the
TITAN-160 geophysical survey over El Rubi. We expect the
survey to assist in visualization of the main structural blocks
defining the mineralized system and assist in targeting deeper
extensions of the mineralized shoots."
Prospecting work continues along the El Rubi trend and the
adjacent El Molino trend. Advances
have been made at the La Colmena and the newly identified Paredones
prospect areas. These early-stage prospects host outcroppings
of silicified hydrothermal breccias and quartz veining, similar to
those seen in the El Rubi area. Current work includes chip
sampling and mapping. Assays are awaited.
Recent diamond drilling within the project has probed for
lateral and vertical extensions from known mineralized intercepts
at El Rubi. Results from the currently reported holes are tabulated
below. A drill plan showing the location of these holes is provided
on the Silver Viper website;
https://silverviperminerals.com/projects/la-virginia/exploration/
Tabulated Drill 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)
|
LV21-292
|
13.23
|
15.0
|
1.77
|
1.42
|
80
|
2.48
|
254
|
3.62
|
AND
|
39.0
|
40.0
|
1.00
|
0.80
|
32
|
0.59
|
73
|
1.05
|
LV21-293
|
239.5
|
24.00
|
0.50
|
0.40
|
28
|
0.27
|
47
|
0.67
|
LV21-294
|
NSR3
|
|
|
|
|
|
|
|
LV21-295
|
153.5
|
154.5
|
1.00
|
0.70
|
3
|
0.96
|
70
|
1.00
|
LV21-296
|
120.0
|
124.5
|
4.50
|
3.15
|
38
|
0.35
|
63
|
0.89
|
LV21-297
|
228.6
|
234.5
|
5.90
|
4.78
|
7
|
0.22
|
22
|
0.32
|
AND
|
250.0
|
258.5
|
8.50
|
6.88
|
12
|
0.36
|
37
|
0.53
|
AND
|
270.5
|
272
|
1.50
|
1.21
|
3
|
1.00
|
73
|
1.04
|
AND
|
325.5
|
326
|
0.50
|
0.4
|
8
|
1.95
|
145
|
2.06
|
AND
|
342.0
|
343.0
|
1.00
|
0.81
|
1
|
1.95
|
138
|
1.96
|
LV21-298
|
285.0
|
289.5
|
4.50
|
2.88
|
25
|
0.47
|
58
|
0.83
|
AND
|
292.0
|
292.5
|
0.50
|
0.32
|
1
|
2.14
|
151
|
2.15
|
LV21-299
|
402.0
|
426.5
|
24.50
|
15.68
|
1
|
0.59
|
42
|
0.60
|
AND
|
435.5
|
437.0
|
1.50
|
0.96
|
1
|
2.38
|
168
|
2.39
|
LV21-300
|
450.0
|
451.5
|
1.50
|
0.96
|
69
|
0.77
|
123
|
1.76
|
LV21-301
|
143.0
|
143.5
|
0.50
|
0.40
|
361
|
4.1
|
648
|
9.26
|
AND
|
200.0
|
200.5
|
0.50
|
0.40
|
443
|
10.5
|
1,178
|
16.83
|
AND
|
233.5
|
236.0
|
2.50
|
2.02
|
1
|
3.06
|
215
|
3.07
|
AND
|
273.0
|
275.5
|
2.50
|
2.02
|
2
|
0.89
|
64
|
0.92
|
includes
|
273.5
|
274.0
|
0.50
|
0.40
|
7
|
2.98
|
216
|
3.08
|
LV21-302
|
184.5
|
185.15
|
0.65
|
0.42
|
96
|
1.44
|
197
|
2.81
|
AND
|
193.5
|
194.5
|
1.00
|
0.64
|
25
|
1.05
|
99
|
1.41
|
LV21-303
|
0
|
4.00
|
4.00
|
3.24
|
15
|
0.68
|
63
|
0.89
|
AND
|
115.5
|
126.4
|
10.90
|
8.83
|
40
|
3.29
|
270
|
3.86
|
includes
|
123.0
|
124.0
|
1.00
|
0.81
|
188
|
7.85
|
738
|
10.54
|
LV21-304
|
0
|
1.50
|
1.50
|
0.96
|
5
|
1.01
|
76
|
1.08
|
AND
|
120.0
|
121.0
|
1.00
|
0.64
|
3
|
1.57
|
113
|
1.61
|
AND
|
146.0
|
147.0
|
1.00
|
0.64
|
15
|
0.58
|
56
|
0.79
|
LV21-305
|
NSR3
|
|
|
|
|
|
|
|
LV21-306
|
136.0
|
141.0
|
5.00
|
2.50
|
5
|
0.63
|
49
|
0.70
|
LV21-307
|
NSR3
|
|
|
|
|
|
|
|
LV21-308
|
NSR3
|
|
|
|
|
|
|
|
LV21-309
|
300.9
|
305.5
|
4.60
|
2.30
|
115
|
0.95
|
182
|
2.59
|
includes
|
302.0
|
303.0
|
1.0
|
0.50
|
374
|
3.37
|
610
|
8.71
|
LV21-310
|
NSR3
|
|
|
|
|
|
|
|
LV21-311
|
450.0
|
451.0
|
1.0
|
0.50
|
19
|
0.04
|
22
|
0.31
|
LV21-312
|
357.6
|
358.1
|
0.5
|
0.36
|
49
|
17.9
|
1,302
|
18.6
|
LV21-313
|
NSR3
|
|
|
|
|
|
|
|
1
|
Estimated true widths
presented here are calculated for each interval based on a current
geological interpretation of the mineralized zones. Presently
the dominant mineralized structures are interpreted as dipping
steeply eastward, approaching sub-vertical. Oriented core has been
drilled in four holes at El Rubi and to date supports this
interpretation.
|
2
|
The use of both
silver and gold equivalents reported in the text and in the
intercept table are justified by Silver Viper due to the
appreciable concentration of both precious metals in the vast
majority of 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 a 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.
|
3
|
NSR = No Significant
Results
|
Recent drilling focused largely on the southern portion of the
El Rubi trend as it projects toward the north-south trending Macho
Libre structure. Best results from the recent work include 0.5
metres (0.4 metres estimated true width) grading 361 g/t silver
and, 4.1 g/t gold and 0.5 metres (0.4 metres estimated true width)
grading 443 g/t silver and 10.5 g/t gold from 143 metres and 200
metres downhole depth respectively both from LV21-301. Hole
LV21-303 returned a best result of 1.0 metres (0.81 metres
estimated true width) grading 188 g/t silver and 7.85 g/t gold from
a down hole depth of 123 metres. Drillhole LV21-312 was drilled
beneath previous intersections in the southern portion of the El
Rubi resource, returning a best interval of 0.5 metres
(0.36 m estimated true width) grading
49 g/t silver and 17.9 g/t gold from a downhole depth of 357.60
metres.
Drillhole LV21-311 returned weakly anomalous silver and gold,
the interval is of interest, however, due to elevated base
metals. The stated interval averaged 0.67% Cu, 1.52% Pb and
1.15% Zn from a depth of 450.0 metres downhole (true width 0.5
metres). In addition, a second zone measuring 0.5 metres core
length (0.25 metres true width) graded 36 g/t silver, 2.47% Pb and
1.63% Zn from a downhole depth of 453.0 metres.
A single hole, LV21-292 was oriented in a southwesterly
direction from the Western Zone to test a previously identified
soil geochemical anomaly. This hole returned a best result of
1.77 metres (1.42 metres estimated true width) grading 80 g/t
silver and 2.48 g/t gold from a down hole depth 13.23
metres. Also presented above are four holes, (LV21-293 to
LV21-296), designed to further test the northern extension of the
El Rubi deposit. Drill holes LV21-293, 295 and 296 returned
generally low, but anomalous results on trend of expected
mineralization. Local faulting is thought to have affected the
northward extension of the mineralized trend by down-dropping the
target horizon relative to the El Rubi deposit. Anomalous soil
geochemistry and the presence of outcropping silicified structures
indicate that there is potential for additional discoveries at
depth within this down-faulted block north of El Rubi.
About the Project
La Virginia is located 220 kilometres east-northeast of
Hermosillo, Sonora and is
prospective for 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 subsequently filed strategic
reductions in claims to attain the current project surface area of
6,882 hectares.
Silver Viper has completed a total of 125 drill holes at La
Virginia for a combined meterage of 37,810 metres. Exploration
drilling continues, 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. The
Company is expanding upon this work by continuing exploration north
and south into prospective untested ground.
The 2021 mineral resource estimate was based upon drilling
completed by Silver Viper between 2018 and 2021 and by
previous operators between 2010 and 2013 (see news release dated
May 3rd, 2021).
QA/QC
Analytical results of drilling intercepts reported by Silver
Viper reflect samples of halved HQ or NQ2 diameter diamond drill
core submitted 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 30 gram 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 re-tested by lead collection fire assay
fusion with 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.
Silver Viper has possession of all current and historical
diamond drill core and sample pulps as generated on the property
since 2010. The Company has conducted a review of the
historical drilling data by physical checks of existing drill pads
and drill core and verified the tenor of mineralized intervals by
portable XRF on core and sample pulps. Silver Viper has
further confirmed the veracity of historical data by diamond
drilling of ten core holes at Las Huatas, Con Virginia, and the
northern extension of El Oriental target areas. This work confirms
the accuracy of location and ranges of mineralization as indicated
by the 2010-2013 database.
Dale Brittliffe, P.Geo., Vice President of Exploration, is the
'Qualified Person' under National Instrument 43-101 and has
reviewed and 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.