TSX.V: VIPR, OTC: VIPRF
Quantec Geoscience Completes TITAN MT
Deep-Penetrating Geophysical Survey at La Virginia
- Drilling at Paredones zone is complete, with first results
now received
- Prospecting activities continue to advance La Colmena, north
of El Rubi, and return encouraging surface samples ranging up to
8.31 g/t gold and 90 g/t silver from chip sampling at the southern
extension of El Molino Zone
VANCOUVER, BC, April 8, 2022 /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 estimate have continued to advance
with exploration drilling at El Rubi and expansion of mapping and
sampling coverage across the project area. Recent drilling has been
performed at the Paredones Zone on the eastern
structural/mineralized trend. Quantec Geoscience contractors have
now completed data collection for a 31 line-kilometre
Magnetotelluric geophysical survey covering approximately 610
hectares (1,500 acres). Final deliverables from the survey are
expected in the coming weeks.
Silver Viper had engaged Quantec Geoscience to execute a
TITAN-MT deep-penetrating geophysical survey centered on the El
Rubi Deposit, Paredones and El
Molino target areas. The survey is expected to greatly
assist in targeting for deeper portions of the mineralized system.
The TITAN Magnetotelluric ("MT") survey is capable of
acquiring information from depths in excess of 1,500 metres below
surface. In anticipation of the survey, drilling recently focused
on probing of prospective mineralized structures and trends, most
recently the Paredones area on the eastern trend sub-parallel to
that hosting El Rubi.
Silver Viper's President and CEO Steve
Cope states "Quantec has shared preliminary data from the
first lines of the MT survey. We expect the geophysics to
help in refining drill testing of existing zones and to reveal new
deeper unexposed targets. Once the data is processed, we anticipate
identification of additional prospective targets, comparable in
size to El Rubi. Preliminary data is already showing potential new
targets that were previously unknown."
The exploration team has reviewed preliminary 2D imaging from
the first of the MT survey lines and believe the method will be
very effective at La Virginia. The company eagerly awaits final
deliverables expected in the coming weeks.
Prospecting work continues along the El Rubi trend and the
adjacent El Molino trend. Advances
have been made at the La Colmena, Paredones and El Molino South
prospect areas. These early-stage prospects host outcroppings
of silicified hydrothermal breccias and quartz veining, similar to
breccias and veining seen in the El Rubi area. In addition to the
geophysical survey, current work includes rock chip sampling and
mapping.
Preliminary surface chip sampling of mineralized outcrop at
El Molino prospect has returned a
best result of 1.0 metre grading 90 g/t silver and 8.31 g/t gold
from an interval averaging 3.0 metres of 66 g/t silver and 5.11 g/t
gold.
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)
|
LV21-314
|
NSR3
|
|
|
|
|
|
|
|
LV21-315
|
280.70
|
282.20
|
1.50
|
1.05
|
48
|
0.27
|
66
|
0.95
|
AND
|
285.00
|
285.50
|
0.50
|
0.35
|
50
|
1.03
|
122
|
1.74
|
AND
|
321.50
|
322.50
|
1.00
|
0.70
|
9
|
0.28
|
29
|
0.41
|
AND
|
422.00
|
422.50
|
0.50
|
0.35
|
58
|
0.05
|
62
|
0.88
|
LV21-316
|
210.50
|
211.30
|
0.80
|
0.56
|
10
|
0.12
|
18
|
0.26
|
AND
|
518.00
|
519.00
|
1.00
|
0.70
|
1
|
0.98
|
69
|
0.99
|
AND
|
553.50
|
555.00
|
1.50
|
1.05
|
355
|
0.71
|
405
|
5.78
|
includes
|
553.50
|
554.00
|
0.50
|
0.35
|
771
|
1.47
|
874
|
12.48
|
LV21-317
|
NSR
|
|
|
|
|
|
|
|
LV21-318
|
NSR
|
|
|
|
|
|
|
|
LV21-319
|
NSR
|
|
|
|
|
|
|
|
LV21-320
|
NSR
|
|
|
|
|
|
|
|
LV21-321
|
188.50
|
190.00
|
1.50
|
1.05
|
27
|
0.21
|
42
|
0.60
|
LV21-322
|
NSR
|
|
|
|
|
|
|
|
LV21-323
|
109.30
|
112.00
|
2.70
|
1.89
|
7
|
0.26
|
25
|
0.36
|
AND
|
162.90
|
163.77
|
0.87
|
0.61
|
10
|
0.44
|
41
|
0.59
|
AND
|
171.00
|
172.50
|
1.50
|
1.05
|
5
|
4.99
|
354
|
5.06
|
AND
|
328.10
|
329.30
|
1.20
|
0.84
|
74
|
0.89
|
136
|
1.94
|
LV21-324
|
127.00
|
128.00
|
1.00
|
0.70
|
6
|
0.84
|
65
|
0.93
|
AND
|
148.00
|
150.00
|
2.00
|
1.40
|
7
|
0.62
|
51
|
0.72
|
LV21-325
|
NSR
|
|
|
|
|
|
|
|
LV21-326
|
363.82
|
365.00
|
1.18
|
0.83
|
4
|
1.20
|
88
|
1.25
|
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 testing areas of the El Rubi
trend as it projects toward the north-south trending Macho Libre
structure, followed by a preliminary test of the Paredones area,
east of El Rubi. Best results from the recent work include 0.5
metres (0.35 metres estimated true width) grading 771 g/t silver
and, 1.47 g/t gold from 553.5 metres from hole LV21-316.
Four holes testing the Paredones trend have returned assays to
date, those being: LV21-323 through 326, with a best value of 1.50
metres (1.05 metres estimated true width) grading 5.0 g/t silver
and 4.99 g/t gold from a depth of 171.0 metres downhole. Work on
this prospect is encouraging and Silver Viper will continue to
explore this trend.
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.
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 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 3, 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 2021.
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.