TSX.V: VIPR, OTC: VIPRF
Drilling resumes at El Rubi and the surrounding exploration targets.
- Recently completed oversubscribed financing for $5.1 Million
- Drilling was paused in March 2020 due to concerns related to the global pandemic
- One diamond drill will continue to test the El Rubi structure
- A second drill will test nearby exploration target zones, currently at Macho Libre
VANCOUVER, BC, June 9, 2020 /PRNewswire/ - Silver Viper Minerals Corp. (the "Company" or "Silver Viper") (TSXV: VIPR) is pleased to announce that, following a nine week pause in operations, the exploration camp at La Virginia has re-opened and drilling activities are now underway. With close support from Globexplore Drilling, facilities at the exploration camp have been upgraded with enhanced health and safety protocols including monitoring and reporting systems. The recently renewed work program continues Phase II drilling at the El Rubi discovery area, where systematic testing of the structure is being conducted on 50m sectional step outs. A second drill will test exploration targets in and around the El Rubi location.
Phase II drilling had advanced steadily from November 2019, until the pause in late March of 2020 by which time the company had completed 24 holes for a cumulative 6,955m. Two diamond drill holes were not logged at the time the work program was paused. That work has now been completed and all samples have now been received by the assay laboratory.
Recent work at El Rubi has focused on a north-northwest trending mineralized zone composed of a steeply-dipping, gold-silver bearing quartz stockwork/breccia zone, underlain by a series of additional mineralized structures, currently interpreted as being parallel to the main zone. A second drill mobilized to site in early March has to date tested a small portion on the first of three targets, considered by Silver Viper as "High Priority".
Silver Viper's President and CEO Steve Cope states, "We are pleased to have a seamless restart of activities at La Virginia. The health and safety of our workers and the local community are of paramount importance to us. We are confident that together with Globexplore we can operate safely during this difficult time. The company is well financed and we look forward to continuing to expand the El Rubi zone and testing the other exploration targets."
About the Project
La Virginia is located 220km east-northeast of Hermosillo, Sonora. It is a large exploration area, primarily prospective for fault-controlled, 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. Originally 37,700 hectares in size, Silver Viper's reconnaissance program has identified key targets and trends which are of primary interest. The Company has filed reductions of the large concessions to better focus efforts on the high priority trends.
At La Virginia, Silver Viper's Phase I drilling comprised work over five target areas totaling 4,753m in 20 drill holes. Phase II drilling is recommencing with a meterage to date of 6,955m in 24 holes. Hermosillo-based drill contractor Globexplore Drilling is providing the drilling services. Drilling by the Company builds upon a sizeable database including 52,635m of drill core from 188 diamond drill holes, generated by the efforts of previous operators between 2010 and 2013. Silver Viper is expanding upon this work by continuing exploration northward into prospective untested ground. A recently completed airborne survey was flown by Geotech Ltd.
Analytical results of drilling intercepts reported by Silver Viper represent samples of halved diamond drill core submitted by Silver Viper staff directly to Bureau Veritas, Hermosillo, Sonora, Mexico. Samples are crushed, split and pulverized as per Bureau Veritas method PRP70-250, then analyzed for gold by lead collection fire assay fusion on a 30g 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 are retested by lead collection fire assay fusion with a gravimetric finish. Silver Viper monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.
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 news release. Ongoing verification of scientific and technical information is achieved by direct involvement in the exploration work, currently comprising detailed daily collaboration and communication with the project manager at the work site.
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,
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.
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SOURCE Silver Viper Minerals Corp.