VANCOUVER, BC, April 6,
2023 /CNW/ - Silver Viper Minerals
Corp. (the "Company" or "Silver Viper")
(TSXV: VIPR) (OTC: VIPRF) has renegotiated terms of the
Rubi-Esperanza Option Agreement (the "Agreement") to
purchase three mineral concessions, originally signed in June of
2018 (see news release of June 25,
2018). On June 21, 2019, the
first agreement addendum was signed. A second addendum to the
agreement was signed on April 4,
2023, outlining an overall reduction in this year's cash
payment, and now including the issuance of shares as partial
compensation. Furthermore, the new agreement provides an additional
year of cash and share issuances to complete the concessions
purchase schedule. The Agreement remains otherwise unchanged and
continues to grant Silver Viper the right to purchase 100%
ownership of three mineral concessions covering 2,102 hectares at
the La Virginia Gold-Silver Project, located in the Sierra Madre of
eastern Sonora State, Mexico.
The revised agreement provides for the issuance of US$1,500,000 in Silver Viper shares issued on
signing, followed by a cash payment of US$200,000 in June of 2023. In order to complete
this agreement, there is a scheduled cash payment of US$200,000, along with the issuance of
US$775,000 in Silver Viper shares
during June of 2024.
The revised agreement to purchase the mineral concessions
provides for staged annual cash payments totaling US$825,000. Share issuances will total
US$2,275,000.
New
Agreement
|
Addendum June
2019
|
Original
Agreement
|
Date
|
Cash (US $)
|
Shares in US $
value
|
Total
Cash and
Shares
|
Date
|
Total
|
Date
|
Total
|
June 2019
|
|
|
US$50,000
|
June 2019
|
US$50,000
|
June 2019
|
US$190,000
|
June 2020
|
|
|
US$75,000
|
June 2020
|
US$75,000
|
June 2020
|
US$500,000
|
June 2021
|
|
|
US$100,000
|
June 2021
|
US$100,000
|
June 2021
|
US$1,000,000
|
June 2022
|
|
|
US$200,000
|
June 2022
|
US$200,000
|
June 2022
|
US$2,800,000
|
June 2023
|
US$200,000
|
US$1,500,000
|
US$1,700,0001
|
June 2023
|
US$2,575,000
|
|
|
June 2024
|
US$200,000
|
US$775,000
|
US$975,0002
|
|
|
|
|
Total
|
|
|
US$3,100,000
|
Total
|
US$3,000,000
|
Total
|
US$4,490,000
|
1. The
2023 payment will comprise US$200,000 in cash and US$ 1,500,000 in
shares. The shares of this year were issued on signing. Regarding
the shares, there will be a hold period of 4 months post issuance.
One year after the hold period expires, only 2 weeks' notice is
required to announce the intention to sell the
shares.
|
2. The
2024 payment will comprise US$200,000 in cash and US$775,000 in
shares. Regarding the shares, there will be a hold period of
4 months post issuance. One year after the hold period expires,
only 2 weeks' notice is required to announce the intention to sell
the shares.
|
Renegotiation of the Rubi-Esperanza agreement is part of an
ongoing effort by Silver Viper to ensure that maximum expenditures
are directed into exploration activities at La Virginia, where
initial work has provided highly encouraging results.
Exploration activities continue to refine targets at La
Virginia. Detailed mapping and surface geochemical sampling
following a TITAN MT Deep Penetrating Geophysical Survey has
identified new targets that will be tested during the next phase of
drilling (see news release of January 10,
2023).
Silver Viper's President and CEO Steve
Cope states, "The restructuring of our purchase
arrangement at Rubi- Esperanza is
a positive development for the La Virginia Project. By
restructuring the agreement, we will spend more dollars in the
ground, which will add value for the stakeholders. We appreciate
the support and confidence shown to us by the optionors, in working
with us to achieve this agreement."
In the near future, the Company is planning to follow up on the
drilling success at El Rubi. By
combining 2D and 3D geophysical depth-image maps, and airborne
magnetic results, along with structural and detailed geological
mapping data, and including multiple anomalous gold-silver
geochemical responses from soil, rock, and chip-channel sampling,
our exploration team has significantly enhanced the mineralization
potential at the El Molino, Macho
Libre and El Oriental Targets.
The 2% Net Smelter Return (NSR) that may be purchased by the
Company for US$2.0 million within 5
years of the effective date of the agreement, or for US$3.0 million following the 5th anniversary,
remains unchanged.
Tatiana Alva, P.Geo., Vice
President of Exploration of the Belcarra Group, is the 'Qualified
Person' under National Instrument 43-101 and has reviewed and
approved the scientific and technical information contained in this
news release.
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 141 drill holes at La
Virginia for a combined 44,687 metres. Exploration drilling has
paused awaiting the processing of the geophysical survey data along
with the interpretation of mapping and sampling data. Drilling has
been completed by Hermosillo-based
drill contractor, Globexplore Drilling Corp. Drilling by the
Company to date builds upon a sizeable database of recent
historical work.
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.
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.