web analytics

silver

Posts, updates and videos about silver – updated automatically.

Gran Colombia Gold Announces the Discovery of Two Additional High-Grade Veins at Its El Silencio Mine at Its Segovia Operations

Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today high-grade intercepts from the first 59 diamond drill holes totaling 10,229 meters of an in-fill drilling campaign that is being carried out by the Company’s Mine Geology Department at the El Silencio mine at its Segovia Operations. This 23,000 meters drilling campaign, which commenced in 2020 and will be completed this year, is focused on resource definition within the underground mine developments of the El Silencio mine and complements the previously announced 60,000 meters drilling program being carried out in 2021 by the Company’s exploration team. High-grade intercepts from two new veins recently discovered by this in-fill drilling campaign at the El Silencio mine provide and corroborate information of importance for the current and future development of different sectors of this flagship mine.

The best high-grade intercepts from these latest drill results at the El Silencio mine include:

  • 1040 Vein, new discovery: 137.44 g/t Au and 10.1 g/t Ag over 0.56 meters (ES-GM-U51-20);
  • 1150 Vein, new discovery: 93.19 g/t Au and <0.3 g/t Ag over 0.54 meters (ES-GM-U59-20);
  • 1180 Vein: 73.03 g/t Au and 32.0 g/t Ag over 0.30 meters (ES-GM-U49-20); and
  • Manto Vein: 44.49 g/t Au and 98.5 g/t Ag over 0.35 meters (ES-GM-U17-21).

Serafino Iacono, Executive Chairman of Gran Colombia, commented, “Our drilling programs in Segovia are continuing to provide us with outstanding results. With the discovery of two additional high-grade veins at the El Silencio mine, close to the mine workings currently in production, we remain confident that we will continue to expand mineral resources and add to the mine life for this operation. These new discoveries are further evidence that our main mines remain under-explored and have the potential to be larger than what we understand today.”

The Company’s Mine Geology Department currently has three diamond drill rigs in operation at Segovia carrying out resource definition within the underground developments of the El Silencio mine in a program that has another 13,000 meters of drilling to be completed this year. In addition, as outlined in the Company’s press release dated June 9, 2021, the Company has another seven diamond drill rigs in operation at Segovia, with three rigs carrying out resource definition on the Sandra K mine from two purpose-built surface platforms and one underground drill station within the underground developments of the Sandra K mine; one rig operating from Level 3 of the Sandra K mine targeting the down-plunge extension of the south ore-shoot of the El Silencio mine; one rig operating from surface at Providencia exploring the westernmost end of the Providencia vein system; one rig operating from the deepest underground developments of the Providencia mine exploring the down-dip extension of the Marmajito Vein; and one rig operating from surface at Carla to follow-up the high-grade intercepts encountered at depth during the last drilling campaign.

Key Highlights

1040 Vein (New Discovery; Attachments 2 and 3)

Exploration and in-fill drilling on the northern sector of the Manto Vein System, from underground stations ES900N-A, ES710N-A, ES810N-A and ES610N-A, installed on levels 22, 25 (ES710N-A/ES810N-A) and 26, respectively, led to the discovery of a new high-grade vein called the 1040 Vein, which is an E-W trending structure, shallow-dipping to the NE, located in the footwall of the 1180 Vein and interpreted to merge into the Manto Vein System down-dip. Multiple high gold grades were intersected from 32 multi-target drill holes (6,900 meters) on the main vein system with maximum intersection grades of 137.44 g/t Au and 10.1 g/t Ag over 0.56 meters on the 1040 Vein (ES-GM-U51-20). The footprint of the orebody outlined on the 1040 Vein so far is over 500 meters down-dip by 200 meters wide, and it remains open up and down-dip. The 1040 Vein will be incorporated into the El Silencio mine plan through the ramp RP1130N from Level 31 to 38.

The discovery of this new orebody offers the potential for additional mineral resource growth and extension of the mine life.

1150 Vein (New Discovery; Attachments 2 and 3)

Exploration and in-fill drilling on the northern sector of the Manto Vein System, from underground stations ES710N-A and ES810N-A, installed on Level 25, led to the discovery of another new high-grade vein called the 1150 Vein, which occurs in the hanging-wall of the Manto Vein System and is interpreted as a splay off the Manto Vein. Multiple high gold grades were intersected from 21 multi-target drill holes (5,228 meters) on the main vein system with maximum intersection grades of 93.19 g/t Au and <0.3 g/t Ag over 0.54 meters on the 1150 Vein (ES-GM-U59-20).

Manto & 1180 Veins (Attachments 1 and 3)

In-fill exploration drilling on the northern block of the Manto Vein System, from underground stations ES900N-A, ES810N-A, ES872N-B and ES615N-A, installed on levels 22, 25 (ES810N-A/ES872N-B) and 26, respectively, was targeted to extend and better delineate the known ore-shoots on the Manto Vein, which is the master structure; and the 1180 Vein, which is a footwall splay off the Manto Vein. Drilling was successful in extending the Manto Vein’s ore-shoot from Level 25 to 28, and better delineated the ore-shoot on the 1180 Vein down-plunge. Multiple high gold grades were intersected from 45 multi-target drill holes (8,047 meters) on the main vein system with maximum intersection grades of 44.49 g/t Au and 98.5 g/t Ag over 0.35 meters on the Manto Vein (ES-GM-U17-21) and 73.03 g/t Au and 32.0 g/t Ag over 0.30 meters on the 1180 Vein (ES-GM-U17-21). High-grade mineralization associated with both ore-shoots remains open down-plunge and will be targeted by in-fill drilling in 2021.

The table below lists the key intercepts from the ongoing drilling campaign carried out in 2020-2021 by the Company’s Mine Geology Department:

HoleFrom (m)To (m)Width (m)Au (g/t)Ag (g/t)Vein
EL SILENCIO MINE
U-G Drilling station ES-NV40-A
ES-GM-U03-20*49.8050.200.4011.52**VEM
U-G Drilling station ES900N-A
ES-GM-U09-21*133.08133.700.6212.0714.21040
ES-GM-U12-21*106.81107.851.0440.6360.7VEM
ES-GM-U17-21*90.8091.150.3544.4998.5VEM
U-G Drilling station ES710N-A
ES-GM-U02-21*93.5993.950.3628.0268.51150
ES-GM-U05-21*109.44109.800.366.579.61150
U-G Drilling station ES610N-A
ES-GM-U01-21*112.10112.800.7074.39154.51040
ES-GM-U04-21*128.45130.181.7335.1830.81040
ES-GM-U06-21*116.64116.950.3114.8827.31040
ES-GM-U63-20*145.22145.760.5431.2938.01040
ES-GM-U64-20*123.78124.480.7013.7410.51040
U-G Drilling station ES615-A
ES-GM-U07-20*79.7080.000.3018.24**1180
ES-GM-U11-20*93.5594.601.0548.47**1180
ES-GM-U12-20*92.0092.950.957.74**1180
ES-GM-U13-20*9.309.760.467.70**VEM
ES-GM-U14-20*8.158.450.306.02**VEM
ES-GM-U16-20*7.848.200.3614.32**VEM
U-G Drilling station ES810N-A
ES-GM-U36-20*103.90104.460.5644.28**1150
ES-GM-U37-20*86.5686.900.3418.348.4VEM
ES-GM-U37-20*195.80196.220.4210.845.51040
ES-GM-U44-20*190.15191.391.2418.8025.91180
ES-GM-U49-20*96.6597.590.947.7130.51150
ES-GM-U49-20*197.24197.540.3073.0332.01180
ES-GM-U51-20*68.7069.560.866.218.31150
ES-GM-U51-20*163.51164.070.56137.4410.11040
ES-GM-U51-20*179.13179.970.8412.0229.3SNO
ES-GM-U59-20*61.2061.740.5493.19<0.31150
U-G Drilling station ES872-B
ES-GM-U52-20*40.0340.330.308.371.9VEM
ES-GM-U52-20*185.52185.900.3812.2232.21180
U-G Drilling station ES872-A
ES-GM-U21-20*37.0037.400.4011.9513.4VEM

* Denotes underground drill holes. Underground drill holes coded as GM were drilled by the Company’s Mine Geology Department. The underground infill holes were drilled at -0 to -79 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. Grades are for quartz vein intersections and are length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width.

** Silver was not assayed for these drill holes.

Vein name abbreviations: VEM: Manto Vein. 1180: 1180 Vein. 1150: 1150 Vein . 1040: 1040 Vein. SNO: unknown vein.

Results from in-mine exploration and infill drilling are reported for 59 holes (10,229 m) including: 3 holes (341 m) from station ES-NV40-A, 1 hole (103 m) from station ES230N, 3 holes (435 m) from station ES900N-A, 3 holes (600 m) from station ES710N-A, 8 holes (1,238 m) from station ES610N-A, 12 holes (918 m) from station ES615-A, 12 holes (2,682 m) from station ES810N-A, 13 holes (2,882 m) from station ES872-A, and 4 holes (1,030 m) from station ES872N-.B There are no results above cut-off grade for 35 holes and these holes are not listed in the table above.

Please refer also to the attached illustrative maps and section showing the El Silencio drilling programs.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Some of the samples were prepared and assayed by the Gran Colombia Mine Laboratory at Segovia (not certified). Gold was assayed by 30 g fire assay with AAS finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was not assayed in these samples. Standard, blank and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns approximately 44% of Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

Attachment 1 – El Silencio mine – In-fill Drilling Grade Intercepts on Manto and 1180 veins
https://www.globenewswire.com/NewsRoom/AttachmentNg/d60b06e3-0e1c-4085-8221-b1ccc5d8ae11

Attachment 2 – El Silencio mine – In-fill Drilling Grade Intercepts on 1150 and 1040 veins
https://www.globenewswire.com/NewsRoom/AttachmentNg/0bddabe3-5100-4aab-a756-514110441993

Attachment 3 – Cross section of the El Silencio vein system at northernmost end of the mine
https://www.globenewswire.com/NewsRoom/AttachmentNg/440c6e7a-98a5-41bb-bad2-d308d8fa93bf 

Attachment 1Attachment 2Attachment 3
Posted in featured_news | Tagged , , , , , , , , , | Leave a comment

Tocvan Drills 47.3 meters of 0.75 g/t Au from Surface in Step-out South of the Main Zone Also Drills 7.6 meters of 1.7 g/t Au and 7 g/t Ag at New 4-Trench Extension Target

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce results for the next six drill holes from its Phase II drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A Phase II drill program has concluded with over 3,500 meters of reverse circulation (RC) drilling in twenty (20) drill holes. Results for six drill holes are included in this release, highlighted by drill hole JES-21-47 which returned 47.3 meters at 0.75 g/t Au and 5 g/t Ag (0.80 g/t AuEq). Seven (7) drill holes from new target areas are pending assay results.

 

Drill Result Highlights

 

JES-21-47 (Figure 1)

  • – 47.3 meters at 0.75 g/t Au and 5 g/t Ag (0.80 g/t AuEq) from surface to 47.3 meters
    • – Including 12.2 meters at 1.1 g/t Au and 12 g/t Ag from surface to 12.2 meters

      – Also 19.8 meters at 1.06 g/t Au and 4 g/t Ag from 27.5 to 47.3 meters

      – Including 3.1 meters at 5.6 g/t Au and 22 g/t Ag from 44.2 to 47.3 meters

 

NEW 4-Trench Extension Target

JES-21-44

  • – 44.2 meters at 0.41 g/t Au and 4 g/t Ag (0.45 g/t AuEq) from 10.7 to 54.9 meters
    • – Including 7.6 meters at 1.7 g/t Au and 7 g/t Ag from 47.3 to 54.9 meters

 

“JES-21-47 is another significant step-out to our Main Zone, expanding the potential further southeast along trend”, commented VP Exploration, Brodie Sutherland. “With each hole we learn a little more about how this system behaves, giving us more confidence to test our new target areas at Pilar. In addition, we are starting to see results for the 4-Trench Extension target and we are excited to have intersected 7.6m at 1.7 g/t Au, in one of our first holes in that area. With the conclusion of our Phase II drill program, we look forward to releasing the remaining results once available and begin planning for the next phase of program development.”

 

Results Discussion

JES-21-44 – The hole was planned to test the 4-Trench Extension target. Drilling intersected a broad low-grade zone from 10.7 to 54.9m of 0.41 g/t Au, including a higher grade section at depth of 7.6m of 1.7g/t Au and 7 g/t Ag (see Table 1). Historic results from drill hole N-12 intersected 4.5m of 1.42 g/t Au, 40m to the east of JES-21-44 suggesting mineralization is widening to the northwest along this trend.

 

JES-21-47 – The hole was planned to test southeast along the Main Zone Trend 100m from drill hole JES-20-32. The hole also tested 60m down-dip of historic hole JES-18-03, which intersected 13.5m of 5.6 g/t Au and 22 g/t Ag. A broad zone was intersected from surface to 47.3m of 0.75 g/t Au and 5 g/t Ag with higher grade intervals up to 3.1m of 5.6 g/t Au and 22 g/t Ag.

 

Figure 1. Cross-Section of Drill Hole JES-21-47


Click Image To View Full Size

 


Click Image To View Full Size

Figure 2. Planview Map of Phase II Drill Program Update.

 

Table 1. Summary of Drill Results


Click Image To View Full Size

 

*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Gold equivalent (“AuEq”) is calculated using metal prices of $1,700/oz gold and $18/oz silver.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • – 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
    • – 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

      – 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;

      – 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

    – 17,700m of Historic Core & RC drilling. Highlights include:

    • – 61.0m @ 0.8 g/t Au

      – 16.5m @ 53.5g/t Au and 53 g/t Ag

      – 13.0m @ 9.6 g/t Au

      – 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 668 7855 EXT 101

Email:  dwood@tocvan.ca

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

 

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

 

Posted in featured_news | Tagged , , , , | Leave a comment

GR Silver Mining Reports Wide Gold and Silver Zones from the Final Drill Holes to be Incorporated into the Plomosas Mine Area Resource Estimation

 GR Silver Mining Ltd. (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) (“GR Silver Mining” or the “Company”) – is pleased to report assay results from the final drill holes to be incorporated into the resource estimation at the Plomosas Mine Area at the Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico. These results represent wide intersections of predominantly gold and silver-rich epithermal veining.

Drill highlights:

     PLI21-10

  • 41.7 m @ 1.13 g/t Au

     PLI21-14

  • 11.1 m @ 0.81 g/t Au

     279-IM

  • 13.0 m @ 328 g/t Ag, 0.5 % Pb, 1.2% Zn, 0.1% Cu and 0.2 g/t Au – 397 g/t AgEq1

A listing of significant drill results from the Plomosas Mine Area are presented in Table 1.

_________

1 AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1,600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.

GR Silver Mining President and CEO, Marcio Fonseca commented “This final batch of drilling results from drill holes PLI21-10 and 14, represent a step out of approximately 150 m to the north from the closest underground information in the Plomosas Mine Area. As a result, they confirm the presence of attractive gold and silver epithermal mineralization in unmined zones of the historic Plomosas Mine Area. These results represent the delineation of new prospective host rocks defining additional targets for future drilling beyond the area of the maiden resource estimation, which is currently in progress.”

The gold mineralization, as evidenced in drill holes PLI21-10 and 14, is hosted by hydrothermal breccias which commonly include irregular colloform banded quartz veins related to a NW-oriented structural trend. This mineralization style is illustrated by the core samples displayed in the following link: (see Link to Core Photos).

The following figure (Figure 1) illustrates the location of all surface holes released to date on the Plomosas Mine Area and a select group of results representing the Ag-Au rich mineralized intervals that are currently being incorporated into the maiden resource estimation for this area.

The longitudinal section (Figure 2) demonstrates the 2 km long N-S trend of the Plomosas Mine Area, extending northwards towards the historical old workings at El Ranchito and El Aguacate. The longitudinal section also includes geophysical anomalies outlining the preferential location of potential mineralized zones along strike, as well as grade times thickness pierce points of surface and underground drill holes in AgEq grams per tonne times metres (gtm).

The discovery of precious metal only mineralized epithermal veins has encouraged the Company to pursue an extensive surface core drilling program, outside of  areas under resource estimation, such as at Plomosas South (see News Release dated June 21, 2021), with the objective of identifying new discoveries in H2|2021.

Table 1: Drill Hole Assay Results

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

True
width
(m)

Ag
g/t

Au
g/t

Pb %

Zn %

Cu %

AgEq
g/t

PLI21-10

46.7

88.4

41.7

29.5

1

1.13

n/a

0.1

n/a

includes

48.6

61.4

12.8

9.1

1

2.12

0.1

0.1

n/a

PLI21-14

64.0

75.1

11.1

6.4

1

0.81

n/a

0.1

n/a

includes

64.0

70.0

6.0

3.4

1

1.38

n/a

0.2

n/a

PLS20-05

9.0

13.0

4.0

3.6

163

0.05

6.4

3.7

0.2

499

PLS21-06

8.1

14.3

6.2

6.1

120

0.48

2.8

0.7

0.1

285

PLI17-33

113.8

114.8

1.0

0.9

9

5.24

0.2

0.2

n/a

279-IM

25.3

38.3

13.0

11.8

328

0.19

0.5

1.2

n/a

397

311

1.0

2.0

1.0

1.0

680

0.04

0.6

2.4

0.08

774

5.0

10.0

5.0

4.9

143

0.02

1.2

4.3

0.09

397

AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1,600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu. All numbers are rounded. Results are uncut and undiluted. “n/a” = no relevant assays.

Table 2: Drill Hole Locations

Hole No.

East (m)

North (m)

RL (m)

Azinuth (*)

Dip (*)

Depth (m)

Type

PLI21-10

451,209

2,552,085

771

118

0

180.0

UG

PLI21-14

451,039

2,552,058

740

230

-65

272.3

UG

PLS20-05

451,544

2,552,011

951

0

-90

150.5

Surface

PLS21-06

451,592

2,552,248

910

90

-50

109.5

Surface

PLI17-33

451,172

2,552,219

772

60

-22

162.2

UG

279-IM

451,158

2,551,655

735

90

24

76.8

UG

311

451,281

2,552,198

774

128

-45

77.5

UG

 All numbers are rounded. BOLD drill holes are drilled by GRSL; East (m) and North (m) are UTM coordinates in WGS84, zone 13.

Qualified Person

The scientific and technical data contained in this News Release related to the Plomosas Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P. Geo. He has approved the disclosure herein.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

The Company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc at Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

The recent drill holes, completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Lead and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is a Mexico-focused Company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets which lie on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico.

Plomosas Silver Project

GR Silver Mining’s 6,574 ha Plomosas Silver Project is located near the historic mining village of La Rastra and within 5 km of the Company’s San Marcial Silver Project, in the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas lead-zinc(-silver-gold) underground mine, operated a 600 tpd crush-mill-flotation circuit from 1986 to 2001, producing approximately 8 M ounces of silver, 73 M pounds of lead and 28 M pounds of zinc2.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company recently completed a drilling program with surface holes focused on expanding known mineralization along strike in two areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program targeted the extension of recent Au-rich discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at the San Juan Area. Both areas are currently the subject of NI 43-101 resource estimations.

The assets include all facilities and infrastructure including access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 M of previous capital investments. The previous owners invested approximately US$18 M in exploration, including extensive geophysics and geochemistry programs.

The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn+/-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas Mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.

__________

2 Historical production figures according to internal company production reports by IMMSA (Grupo Mexico)

San Marcial Project

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”), which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) resource estimate. The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down-dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 oz of gold3.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold4,5. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 M since 2006.

_________

3 Refer to Marlin Gold Mining Ltd. 2nd Amended NI 43-101 Technical Report dated February 1, 2013

4 Refer to Marlin Gold Mining Ltd. MD&A dated April 30, 2015, April 29, 2016, May 1, 2017, April 30, 2018, August 29, 2018

5 Refer to Mako Mining Corp. MD&A dated August 28, 2019, April 29, 2020

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold6, which is considered to be open along strike and down dip.

While the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is treating the 2011 resource estimate as a historical estimate. The company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

The Plomosas, San Marcial and La Trinidad Projects collectively represent a geological setting resembling the multi-million-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

_______

6 Refer to Oro Mining Ltd. NI 43-101 Technical Report dated March 18, 2011

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin Gold Mining Ltd. (“Marlin”) in March 2021, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

GR Silver Mining Ltd.
Mr. Marcio Fonseca, P. Geo.
President & CEO

Facebook LinkedIn Twitter

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

http://www.grsilvermining.com/

Posted in featured_news | Tagged , , , , , , , , , , , , | Leave a comment

Multiple Holes Yield Silver-Tin Polymetallic Intercepts in the Santa Barbara and Central Breccia Pipes at Eloro Resources’ Iska Iska Project, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 43 diamond drill holes totalling 20,030 metres (m) to test major target areas at Iska Iska. This press release reports drilling results from four (4) additional holes which tested the Santa Barbara Breccia Pipe (“SBBP”) and Central Breccia Pipe (“CBP”). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. One surface drill rig is completing first pass drilling of the CBP from the northern radial platform and a second surface drill is testing the major Porco (South) Target. The third drill, an underground rig, is testing the northeast part of SBBP and its mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. Figure 2 is a more detailed geological plan map of the SBBP and CBP areas. Figure 3 is a NW-SE geological section along the northwestern part of the CBP and the eastern part of SBBP showing locations of the main mineralized zone and of drill holes DSB-08, DSB-10 and DCN-2 in this release. Figure 4 shows the currently interpreted metal zoning pattern on this same section. Table 1 provides significant drilling results and Table 2 lists holes completed with assays pending as well as holes in progress in the three major target areas. Highlights are as follows:

Highlights:

  • Hole DSB-08, testing the northeast quadrant of the SBBP, encountered eighteen reportable mineralized intercepts beginning near surface to its terminus at 614.4 m. The longest intercept was 69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m.
  • Hole DSB-10, testing the southwest quadrant of the SBBP and northern part of the CBP, encountered twenty-nine reportable mineralized intercepts beginning near surface to its terminus at 1,019.4m. Tin was notably elevated in many intervals suggesting proximity to a mineralizing intrusive source in this area. Notable intercepts include 114.96 Ag eq/t including 0.325% tin (Sn) over 56.2m from 322.18m to 378.30m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m80.71 g Ag eq/t including 0.213% Sn over 74.39m from 474.86 to 549.25m and 118.69 g Ag eq/t over 10.77m from 829.97 to 840.74m.

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, stated: “We are continuing with our strategy of completing first pass drilling from both surface and underground to test major target areas of the SBBP, CBP and Porco (South). Targets drilled to date cover an area 2km long by 1.2km wide with additional targets further east in the caldera complex still to be tested, as shown in Figure 1. All holes drilled to date have intersected significant mineralization and it is becoming clearly evident that the Iska Iska mineralizing system is zoned both laterally and vertically. Mineralization at SBBP is more intermediate style polymetallic Ag-Zn-Pb-Sn, whereas recent results from the CBP suggest a deeper level higher temperature tin-dominant system. We are currently carrying out a down-hole induced polarization (IP) survey which will aid in determining the distribution of mineralization especially potential higher-grade areas which tend to have more sulphides. Currently we have approximately 2,600 samples in the laboratory pending analysis. ALS Global in Lima, Peru has advised us that they are gradually returning their operations to a more normal basis as the COVID-19 situation improves.  The backlog of samples has now been stabilized and they anticipate that in the next 4-6 weeks the sample back log will be significantly reduced allowing the laboratory to return to more normal turnaround times.  The preparation facility in Oruro continues to operate at normal compacity.”

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. and an expert on the geology of Bolivian mineral deposits said: “Diamond drilling at Iska Iska to date allows us to define a preliminary lateral and vertical metal zoning model in this large km-scale mineralized polymetallic system. This zoning is from a higher temperature core characterized by Sn moving outward to Sn (W-Au-Bi), Sn-Ag (Bi), Ag−Zn-Pb-(Sn-Au-Cu), and finally Zn-Pb-Au. These zones are arranged according to a decrease of temperature of deposition and increasing distance from the presumed heat source that is likely a Sn porphyry at depth. Mineralization can be telescoped depending on the geochemical environment, the character of metal-forming solutions and the extent of subsequent structural overprinting and remobilization. Remobilization is likely responsible for producing significant areas of high-grade mineralization within the more extensive lower grade envelope.”

Dr. Arce continued: “Drill hole DSB-10, drilled in the SBBP and crossing into the CBP at depth, intersected primarily tin mineralization corresponding to the highest temperature and deeper part of the mineralizing system. The tin intersections have local silver and gold values that likely belong to the edge of a higher-level epithermal event. The strong tin mineralization is widely distributed in this hole with the best intersection being 0.325% Sn over 56.2m which included a 28.86m section grading 0.535% Sn. Although not continuous a total of 211.34m cumulative intersections of Sn mineralization were obtained in the lower part of hole DSB-10 collectively grading 0.22% Sn (102.27 Ag eq/t). These higher-grade intersections have a distinctive alteration of tourmaline, silicification and jarosite within a much broader pervasive alteration of tourmaline and silicification with anomalous values of Sn. These grades of tin are comparable to grades reported for other well-known tin deposits in Bolivia including Llallagua, Huanuni and Chorolque.”

Finally, Dr. Arce noted that: “Hole DPC-01, the first hole drilled in the Porco target zone, intersected 767 meters of an intercalation of mineralized granodiorite and intrusion breccia with aphanitic dacite and sandstone clasts which confirmed that Porco is likely a major breccia pipe. The last 72m of this hole intersected medium to coarse granodiorite which is still mineralized. Mineralization in this hole is related to breccia veins, veins and veinlets of pyrite, cassiterite, tourmaline, chalcopyrite, sphalerite, galena, pyrrhotite, siderite and alunite collectively up to 7%. Assays on this hole are pending but the potential metal contents appear to be more comparable to the higher level SBBP than the deeper level CBP. As previously reported (March 29, 2021), channel sampling of the Porco adit located approximately 200m to the south of the Porco breccia pipe target (Figure 1) returned a 50m strike length averaging 519.35 g Ag eq/t (236.13 g Ag/t, 1.89g Au/t, 0.2% Bi, 0.87% Cu, 0.31% Pb and 0.055% Sn) over an average channel width of 2.5m supporting this conclusion.”

Dr. Quinton Hennigh, Senior Technical Advisor to Eloro commented: “Every hole drilled at Iska Iska to date has encountered multiple mineralized intercepts. Porco, the most recently tested target, is yielding visible indications of long mineralized intercepts. Even though we have now drilled numerous holes within an area 2km north-south and 1.2km east-west, we have yet to find the ultimate limits of this immense system. Every hole displays hydrothermal alteration and zones of mineralization. While it is becoming clear that mineral zonation is present within this huge system, there is still a lot of work to do to fully determine such patterns. It is entirely possible that there are multiple magmatic drivers within this immense complex. It is truly exciting to see continued discovery with every hole that is completed.”

Table 1: Significant Diamond Drilling Results, Iska Iska, as at July 5, 2021.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ebd3df4f-fd1a-473e-8e9f-343d82ab1244

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling. Percentage metal contents are shown for each element.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows:

ElementPrice (per kg)Ratio to Ag
Ag$875.001.00000
Sn$28.000.03200
Zn$2.800.00320
Pb$2.100.00240
Au$57,40065.6000
Cu$8.800.01006
Bi$12.760.01458
In$305.000.34857
Cd$5.500.00629

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of July 6, 2021.

Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
m
Underground Drilling Huayra Kasa – Santa Barbara Area
DHK-18UG205421.27656358.74152.6180-10446.45
DHK-19UG205422.77656359.84151.6145-45329.80
DHK-20UG205421.27656359.24151.4180-50350.80
DHK-21UG205418.57656360.04151.9235-70512.90
DHK-22UG205418.57656360.04151.9210-60600.00
Subtotal2,239.95
DHK-23UG205418.57656360.04151.9270-50In progress
Santa Barbara Breccia Pipe – Surface Radial Drilling from Centre
DSB-11S205118.887656205.74356.0125-40665.30
Subtotal665.30
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-03S204902.07655860.04420.0135-60464.50
DCN-04S204902.07655860.04420.00-80851.40
DCN-05S204902.07655860.04420.090-60524.30
DCN-06S204902.07655860.04420.0180-80626.40
Subtotal2,466.60
DCN-07S204902.07655860.04420.0270-60In progress
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-01S204852.07655612.84429.690-601,007.50
DCS-02S204852.37655612.44429.6135-60800.50
DCS-03S204852.17655612.34429.7225-60443.50
Subtotal2251.50
Porco Central – Surface Radial Drill Program
DPC-01S205457.27655110.94175.0270-60767.50
Subtotal767.50
DPC-02S205457.27655110.94175.0225-60In progress
TOTAL8,390.85

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 20,030m in 43 holes (17 underground holes and 26 surface holes) with one underground and two surface holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (“NI 43-101”), has reviewed and approved the technical content of this news release.   Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.

Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis, As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (“SBBP”) approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (“CBP”). The SBBP thus far extends 800m along strike by 400+m wide and extends to at least 700m depth. CBP extends for 700m along strike by 400+m wide and extends to at least 900m deep.

A substantive mineralized envelope which is open along strike and down-dip extends around the breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 gAg/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m. Hole DSB-10, drilled from Santa Barbara Breccia Pipe platform, encountered over 500m of continuous sulphide mineralization in a position several hundred metres below mineralization encountered in hole DCN-01. Assays are pending. The target zone is more than 1km long by 800m wide, over 500m thick and open in all directions.

Geological mapping and satellite interpretation has located a third major breccia pipe target Porco (South) that is approximately 600m in diameter (South) located southeast of CBP in the southern part of the Iska Iska caldera complex. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 mineralization by late fall. A ground magnetic survey was recently completed over the property and an induced polarization survey will commence shortly to further define drill targets. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets and diamond drill holes.
https://www.globenewswire.com/NewsRoom/AttachmentNg/bbe63c9a-c90c-4915-b361-72dbfa10ea2b

Figure 2: Detailed Geological Plan Map of the Santa Barbara and Central Breccia Pipe areas showing locations of diamond drill holes.
https://www.globenewswire.com/NewsRoom/AttachmentNg/eec70115-e425-4175-98d8-9bd7b64ea3d6

Figure 3: SW-NE Geological Cross Section of the Central Breccia Pipe and Santa Barbara Breccia Pipe, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/a8e5dfe9-0d46-41e6-be22-707dc405ab06

Figure 4: SW-NE Geological Cross Section showing Metal Zonation of the Central Breccia Pipe and Santa Barbara Breccia Pipe, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/71af10d1-4d50-4ef3-807a-10f546253edb

Table 1Figure 1Figure 2Figure 3Figure 4
Posted in featured_news | Tagged , , , , , , , , | Leave a comment

GR Silver Mining Announces Appointment of Eric Zaunscherb as Chairman of the Board

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to announce the appointment of Eric Zaunscherb as the Company’s Non-Executive Chairman of the Board of Directors effective July 1, 2021.  Mr. Zaunscherb has been a director of the Company since April 2020.

Eric Zaunscherb is a Canadian geologist with over thirty years of experience as a mining and capital markets analyst. He has enjoyed working in TorontoVancouver, and London, learning best practices in capital markets, and reviewing and evaluating hundreds of exploration, development and mining projects globally. He embraces new technologies and industry initiatives in diversity and socially responsible investing, ensuring that local communities receive lasting benefits from mineral resource development. He is now focused full-time as an independent corporate director.

Mr. Zaunscherb commented, “I am very honoured to be appointed Chairman of the Board of Directors of GR Silver Mining. Management has created an extraordinary opportunity, beginning with the artful consolidation of the highly prospective Rosario Mining District around the La Rastra community in Sinaloa, Mexico, growing a respectful and productive relationship with the people of the surrounding communities, and building a powerful team of geologists, technicians, and support staff. This team is successfully peeling the geological onion, expanding known mineralization and generating exciting new targets. I am excited to contribute to the Company’s efforts for the benefit of its stakeholders.”

GR Silver Mining CEO, Marcio Fonseca commented, ” We are pleased to welcome Eric Zaunscherb as the Company’s Non-Executive Chairman and welcome his proven track record of mining excellence over many decades. Mr. Zaunscherb’s significant experience in the capital markets and expertise in identifying and adding value to district scale mineral deposit opportunities are of notable value given the Company’s focus on its 100% owned leading portfolio of Ag-Au mineral assets in the Rosario Mining District.”

About GR Silver Mining Ltd.
GR Silver Mining Ltd. is Mexico-focused Company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets which lie on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico.

Plomosas Silver Project

GR Silver Mining’s 6,574 ha Plomosas Silver Project is located near the historic mining village of La Rastra and within 5 km of the Company’s San Marcial Silver Project, in the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas lead-zinc(-silver-gold) underground mine, operated a 600 tpd crush-mill-flotation circuit from 1986 to 2001, producing approximately 8 M ounces of silver, 73 M pounds of lead and 28 M pounds of zinc.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company is completing a drilling program with surface holes focused on expanding known mineralization along strike in two areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program is targeting the extension of recent Au-rich discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at the San Juan Area. Both areas are currently the subject of NI 43-101 resource estimations.

The assets include all facilities and infrastructure including access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 M of previous capital investments. The previous owners invested approximately US$18 M in exploration, including extensive geophysics and geochemistry programs.

The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn+/-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas Mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.

San Marcial Project

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”), which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) resource estimate. The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down-dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 oz of gold1.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold2,3. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 M since 2006.

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold4, which is considered to be open along strike and down dip.

While the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is treating the 2011 resource estimate as a historical estimate. The company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

The Plomosas, San Marcial and La Trinidad Projects collectively represent a geological setting resembling the multi-million-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

1 Refer to Marlin Gold Mining Ltd. 2nd Amended NI 43-101 Technical Report dated February 1, 2013

2 Refer to Marlin Gold Mining Ltd. MD&A dated April 30, 2015, April 29, 2016, May 1, 2017, April 30, 2018, August 29, 2018

3 Refer to Mako Mining Corp. MD&A dated August 28, 2019, April 29, 2020

4 Refer to Oro Mining Ltd. NI 43-101 Technical Report dated March 18, 2011

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin Gold Mining Ltd. (“Marlin”) in March 2021, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

Qualified Person

The scientific and technical data contained in this News Release was reviewed and/or prepared under the supervision of Marcio Fonseca, P. Geo.  Mr. Fonseca is the President, CEO and director of GR Silver Mining Ltd. He has approved the disclosure herein.

GR Silver Mining Ltd.
Mr. Marcio Fonseca, P. Geo.
President & CEO

Facebook LinkedIn Twitter

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

Related Links

http://www.grsilvermining.com/

Posted in featured_news | Tagged , , , , , , , , | Leave a comment

Newlox Gold Appoints Prof. Giorgio de Tomi to Lead Brazil Initiative

Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE:LUX ) (Frankfurt/Stuttgart:NGO) | PINK (OTC:NWLXF) (CNSX:LUX.CN) welcomes Professor Giorgio de Tomi, Ph.D., CEng, FIMMM to the Newlox Gold team. Professor de Tomi will head up Newlox’s Brazilian division to undertake market research and development, including the assessment of projects for Newlox Gold.

Newlox announced on June 16th, 2021, that the Company had entered the Brazilian market to develop future ESG-focused precious metals projects in partnership with local artisanal mining groups. This continues Newlox Gold’s growth through an ESG-centered partner mining model to provide environmental and social benefits to all stakeholders while supporting economic development in traditional artisanal mining communities.

Dr. de Tomi has over 30 years of experience in the resource sector and has a degree in mining engineering from the University of Sao Paulo, a Ph.D. from the Imperial College, London, and an MSc from Southern Illinois University, USA. He leads the Centre for Responsible Mining, at the University of São Paulo (USP) in Brazil, as an associate professor and former Head of the Department of Mining and Petroleum Engineering.

Dr. De Tomi is a Fellow of The Institute of Materials, Minerals & Mining (FIMMM, UK), Chartered Engineer CEng (Engineering Council, UK). He is a member of SME (USA) and acts as mining QP and CP for numerous mining enterprises worldwide. Currently, he is a member of the Technical Board of CBBR (Brazilian Commission for Mineral Resources and Reserves), a member of the Executive Board of EMBRAPII’s Unit Tecnogreen, a Research Scholar with FAPESP and CNPq (Brazil) and a member of the Editorial Board of the Mining Technology journal and the Brazil Mineral journal (Please see the link here to Dr. De Tomi’s professional biography: https://bit.ly/3qd93PQ).

 

The Company, with the guidance of Dr. De Tomi and the support of NAP.Mineração/USP, has identified two highly prospective areas suitable for the deployment of Newlox Gold’s ESG-focused precious metals processing plants. The projects represent a significant opportunity to the Company and are currently in due diligence.

 

A Message from Ryan Jackson, President & CEO:

“We are delighted to welcome Professor Giorgio de Tomi to the Newlox team and are looking forward to deploying the Company’s environmentally and socially positive resource development model to Brazil. We are fortunate to have the knowledge and experience of Dr. de Tomi to guide our Brazilian initiative.

The Company has established a close connection with Brazil over many years through its Chief Technical Advisor Dr. Marcello Veiga, who has worked closely with Newlox Gold since 2014 and now heads up the Company’s research and development division. Through our relationship with Dr. Veiga, the Company has been developed a team focused on identifying and assessing expansion opportunities in Latin America, with Brazil at the heart of the endeavour.

We are excited to see Newlox Gold begin its growth program in 2021 and believe that an ambitious expansion in Brazil will be a significant milestone in the Company’s growth strategy. The Brazilian mining industry is several orders of magnitude larger than what is found in Costa Rica, with over 250,000 known artisanal miners operating in the Amazonia region alone.

Dr. De Tomi is currently conducting a World Bank sponsored program in this area to design programs to reduce the social and environmental impact of the artisanal mining sector.  Newlox Gold’s partner mining model could play a significant role in the effort.

Newlox Gold has established a beachhead in Brazil through its partnership with Dr. De Tomi and NAP.Mineração/USP. We are eager to initiate the Company’s expansion program beyond Costa Rica and look forward to updating shareholders as we make progress assessing the multiple opportunities available to the Company.”

A Message from Professor Giorgio de Tomi, PhD, CEng, FIMMM:

 

“It is very encouraging to see Newlox Gold interested in the development of an ASM (artisanal and small scale) mining business in Brazil. Newlox Gold will create partnerships focused on sustainable development that will connect responsible mining with the needs of local communities, generating a framework for economic growth and regional integration.”

 

Forward-Looking Information

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct.  Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).

 

Technical Disclaimer

 

The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.

 

On Behalf of the Board, Newlox Gold Ventures Corp.

 

Contact Newlox Gold

 

Ryan Jackson

Newlox Gold Ventures Corp., President

Website:                                                         www.newloxgold.com

www.newlox.tech

Email:                                                                 ryan@newloxgold.com

Phone:                                                                 +1 778 738 0546

Posted in featured_news | Tagged , , , , , | Leave a comment

GR Silver Mining Mobilizes Seven Drill Rigs in the Rosario Mining District and Announces Expanded 14,000 m Exploration Drill Program to Test New Ag-Au Vein and Breccia Targets

GR Silver Mining Ltd. (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) (“GR Silver Mining” or the “Company”) – is pleased to announce that it has initiated a 14,000 m exploration drill program targeting newly identified and untested silver-gold (Ag-Au) veins on its concessions within the Rosario Mining District, Sinaloa, Mexico. Seven drill rigs are being mobilized to undertake this program at new project sites on the Company’s extensive Ag-Au vein systems that extend over structural trends covering a combined 75 km strike length of the Plomosas, San Marcial and La Trinidad Project Areas (Figure 1).

After successful completion of the resource drill programs at the Plomosas Mine Area and the San Juan Area (both within the Plomosas Project), exploration efforts are now focused on testing Au and Ag-rich veins that have seen little or no exploration activity. While the program includes previously identified veins, several of the targets to be drilled are new discoveries identified by the Company’s mapping and prospecting teams.

Among the recently discovered epithermal vein and breccia targets to be tested are the GAP Area system, which connects the San Marcial and San Juan areas, and also Au-rich epithermal mineralization identified to the south of the Plomosas Mine Area (“Plomosas South”). The first two rigs have commenced a 16-hole drill program at Plomosas South that provides step-out extension potential to the resource estimate currently underway on the Plomosas Mine Area.

The GAP Area was covered by the recently completed NW extension of the San Marcial ground geophysical (IP and magnetometry) program (see News Release dated February 22, 2021), extending from the San Marcial Project northwesterly to the San Juan Area (Figure 1).

Another new area that is being prepared for drilling is the Loma Dorada structure, an epithermal Au vein target which is on the northern extension of the La Colorada vein system, where the Company recently released high grade results from LCS21-04 containing 0.65 m at 10,777 g/t AgEq  (see News Release dated June 10, 2021). A significant mapping and drill program has commenced at the El Saltito vein system in the western portion of the Plomosas concessions. Further details on specific programs at the new drill target sites will follow.

GR Silver Mining VP Exploration, Honza Catchpole commented, “We are excited to commence this new phase of our exploration program after the successful conclusion of the resource drilling at the Plomosas Mine and San Juan Areas. With the mobilization of seven rigs, we can now begin to test new Ag-Au vein targets that we have had our eyes on for some time. Our goal is to test a series of new project drill sites that can prove we are dealing with an expansive Ag- and Au-rich system of veins and hydrothermal breccias. Additionally, we aim to connect the proven mineralized structures of the Plomosas and San Marcial Projects by filling the geological gaps in places where we have already mapped important vein structures on surface. We expect our new drilling program to significantly expand the strike length of our vein system in the key structural trends”.

Qualified Person

The scientific and technical data contained in this News Release related to the exploration program was reviewed and/or prepared under the supervision of Honza Catchpole, P. Geo. He has approved the disclosure herein.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is Mexico-focused Company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets which lie on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico.

Plomosas Silver Project

GR Silver Mining’s 6,574 ha Plomosas Silver Project is located near the historic mining village of La Rastra and within 5 km of the Company’s San Marcial Silver Project, in the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas lead-zinc(-silver-gold) underground mine, operated a 600 tpd crush-mill-flotation circuit from 1986 to 2001, producing approximately 8 M ounces of silver, 73 M pounds of lead and 28 M pounds of zinc.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company is completing a drilling program with surface holes focused on expanding known mineralization along strike in two areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program is targeting the extension of recent Au-rich discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at the San Juan Area. Both areas are currently the subject of NI 43-101 resource estimations.

The assets include all facilities and infrastructure including access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 M of previous capital investments. The previous owners invested approximately US$18 M in exploration, including extensive geophysics and geochemistry programs.

The silver-gold mineralization on this Project displays the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal mineralized vein/breccia system. Previous exploration was focused on polymetallic (Pb-Zn+/-Ag-Au) shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas Mine. The E-W portion of the mineralization and extensions of the main N-S Plomosas Fault remain under-explored.

San Marcial Project

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project. The Company filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”), which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) resource estimate. The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down-dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 oz of gold1.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold2,3. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 M since 2006.

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold4, which is considered to be open along strike and down dip.

While the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is treating the 2011 resource estimate as a historical estimate. The company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

The Plomosas, San Marcial and La Trinidad Projects collectively represent a geological setting resembling the multi-million-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

_____________________

1 

Refer to Marlin Gold Mining Ltd. 2nd Amended NI 43-101 Technical Report dated February 1, 2013

2 

Refer to Marlin Gold Mining Ltd. MD&A dated April 30, 2015, April 29, 2016, May 1, 2017, April 30, 2018, August 29, 2018

3 

Refer to Mako Mining Corp. MD&A dated August 28, 2019, April 29, 2020

4 

Refer to Oro Mining Ltd. NI 43-101 Technical Report dated March 18, 2011

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin Gold Mining Ltd. (“Marlin”) in March 2021, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

GR Silver Mining Ltd.
Mr. Marcio Fonseca, P. Geo.
President & CEO

Facebook LinkedIn Twitter

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

Related Links

http://www.grsilvermining.com/

Posted in featured_news | Tagged , , , , , , | Leave a comment

Gran Colombia Publishes Inaugural ESG Report; Announces May 2021 Production; Declares Monthly Dividend to be Paid on July 15, 2021

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it has published its inaugural ESG report entitled “2020 Sustainability Report” which is available on its website at www.grancolombiagold.com.

Lombardo Paredes, Chief Executive Officer of Gran Colombia, said, “As we reflect on 2020 in our inaugural Corporate Sustainability Report, I feel immense pride and gratitude when thinking about our journey and all that we have achieved in our 10 years of operating in the region of Antioquia, Colombia. With 90% of our workforce from the region and by generating a little over 4,000 jobs, we have become tied to the community. Our community investments are focused on improving the lives of our workers, their families and local suppliers, as well as others who are not affiliated with the mine. Our COVID-19 response plans, investments in education and healthcare, technical skills training, environmental initiatives and support for the economic empowerment of women are all examples of our commitment toward responsible mining and the economic well-being of our employees and the communities in which we operate.”

May 2021 Production Update

Gran Colombia produced 17,936 ounces of gold and 18,569 ounces of silver at Segovia in May 2021 bringing the total for the first five months of the year to 84,467 ounces of gold and 95,342 ounces of silver, up from 78,661 ounces of gold and 72,309 ounces of silver in the first five months of 2020.

Gran Colombia processed 49,089 tonnes in May at its Maria Dama plant, representing a daily processing rate of 1,584 tonnes per day (“tpd”), and head grades averaged 12.63 g/t in the month. This brings the daily processing rate for the first five months of 2021 to an average of 1,522 tpd with an average head grade of 12.72 g/t compared with 1,242 tpd at an average head grade of 14.39 g/t in the first five months of 2020.

With its trailing 12-months total gold production amounting to 202,161 ounces, Gran Colombia remains on track to produce between 200,000 and 220,000 ounces of gold in 2021 from its Segovia Operations.

Monthly Dividend Declaration

Gran Colombia also announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on July 15, 2021 to shareholders of record as of the close of business on June 30, 2021.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to production guidance, the payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

Posted in featured_news | Tagged , , , , , , , | Leave a comment

Tocvan Drills 35.1 meters of 0.72 g/t AuEq in 100 meter Step-out East of the Main Zone at Pilar

Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN)  (“Tocvan” or the “Corporation”) is pleased to announce results for the next four drill holes from its Phase II drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A Phase II drill program is currently in progress with 3,500 meters of reverse circulation (RC) drilling in twenty (20) drill holes. Results for four drill holes are included in this release, highlighted by drill hole JES-21-43 which returned 35.1 meters at 0.66 g/t Au and 6 g/t Ag (0.72 g/t AuEq). Thirteen (13) drill holes are pending assay results.

 

Drill Result Highlights

 

JES-21-43 (Figure 1)

  • – 35.1 meters at 0.66 g/t Au and 6 g/t Ag (0.72 g/t AuEq) from 97.6 to 132.7 meters
    • – Including 13.7 meters at 1.7 g/t Au from 119 to 132.7 meters

      – Including 3.1 meters at 6.8 g/t Au and 7 g/t Ag from 119 to 122 meters

      – Also Including an upper elevated Ag zone, 7.6 meters at 17 g/t Ag from 97.6 to 105.2 meters

 

“JES-21-43 is a significant step-out to our Main Zone, 100-meters east of our Phase I drill hole JES-20-32”, commented VP Exploration, Brodie Sutherland. “This not only expands the potential width of our Main Zone but also shows a continuation of mineralization down dip towards the east. Pending assay results for the remaining drill holes includes a series of holes stepped further east to test the 4-Trench Extension and the continuation of mineralization at depth.”

 

Results Discussion

JES-21-40 – The hole was planned to test the Main Zone at depth and to the east. Drilling intersected a broad low grade zone from surface of 58m of 0.19 g/t Au. (see Table 1). Results from drill holes JES-20-33 (41.2m at 1.14 g/t Au) and JES-13-15 (34.5m at 1.27 g/t Au) through the same area of the Main Zone intersected higher grade, but were drilled from the opposite direction to JES-21-40, suggesting drilling from the east to the west through the zone is the optimal angle for intersecting mineralized structure.

 

JES-21-41 – The hole was planned to test 50m down dip of drill hole JES-20-32, which returned 94.6m at 1.6 g/t Au. Several zones of anomalous gold were intersected including, 3m of 0.54 g/t AuEq, 4.6m of 0.43 g/t AuEq, 1.5m of 0.54 g/t AuEq and near the bottom of the hole from 199.8 to 212m, 12.2m of 0.28 g/t AuEq. The results from JES-21-43 suggest mineralization can widen with depth as the system dips to the east, stepping out to the east of this area remains a strong target for drill testing.

 

JES-21-42 – The hole was planned to test quartz veining and alteration recorded at surface along the 4-Trench Extension in a new corridor with little previous drilling. Anomalous gold was intersected, highlighted by 1.5m at 0.46 g/t Au and 5 g/t Ag.

 

JES-21-43 – The hole was planned to test the eastern extent of the Main Zone which correlates with a resistivity anomaly from a CSAMT survey. An oxide zone with quartz veinlets was recorded from 41m depth to 93m followed by several quartz veins in oxidized andesite from 93m to 130m. 35.1m at 0.66 g/t Au and 6 g/t Ag was drilled from 97.6m to 132.7m. The interval is significant as it is spatially 100m to the east of drill hole JES-20-32 and historic drill hole JES-18-19, both which returned grade above 0.75 g/t Au over wide intervals (see Figure 1).

 

Figure 1. Cross-Section of Drill Hole JES-21-43


Click Image To View Full Size

 


Click Image To View Full Size

 

Table 1. Summary of Drill Results

Hole IDFrom (m)To (m)Width* (m)Au (g/t)Ag (g/t)AuEq (g/t)
JES-21-401.5259.4857.960.1910.20
JES-21-4144.2347.273.040.36170.54
and65.5870.154.570.3940.43
and85.4086.921.520.4770.54
and199.78211.9712.190.1940.24
JES-21-4212.2013.721.520.4650.51
JES-21-4397.60132.6835.080.6660.72
including118.95132.6813.731.6531.68
including118.95122.003.056.7976.87
also97.60105.227.620.01160.19

 

*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Gold equivalent (“AuEq”) is calculated using metal prices of $1,700/oz gold and $18/oz silver.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
    • o94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
    • o41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;
    • o24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
  • 17,700m of Historic Core & RC drilling. Highlights include:
    • o61.0m @ 0.8 g/t Au
    • o16.5m @ 53.5g/t Au and 53 g/t Ag
    • o13.0m @ 9.6 g/t Au
    • o9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

Quality Assurance / Quality Control

RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 28 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 668 7855 EXT 101

Email:  dwood@tocvan.ca

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

 

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

 

Posted in featured_news | Tagged , , , , | Leave a comment

Black Mountain Gold USA Corp. Receives Assay Results from Channel Sampling on Its Mohave Gold Project

Black Mountain Gold USA Corp. (TSXV: BMG) (“BMG” or the “Company”) is pleased to announce it has received encouraging assay results from its recent mechanical rock chip-channel sampling program at its Mohave Gold Project in Mohave County, Arizona. Channel sampling was completed at several gold prospects in the northern half of the Project and confirmed the widespread nature of gold mineralization outlined in the M3 Metals sampling program in 2020 (see M3 Metals press release dated May 5, 2020) returning values up to 53.80 g/t Au and 94.2 g/t Ag over 2.8m.

Graham Harris, CEO and Director, commented, “BMG is very pleased with the results from the channel sampling program at our Mohave Gold Project confirming the nature of the widespread gold values encountered previously. Particularly encouraging are the high grade gold values such as 53.8 g/t Au over 2.8m suggesting potential for higher grade feeder zones to the epithermal system. Equally encouraging are some of the wider intersections such as channel C36 at the Scout Prospect where sampling over 24.75m yielded 0.71 g/t Au which suggests potential for an open pit mining scenario. We look forward to our next channel sampling program which will target the southern prospects at the Project as we continue with the permitting process in preparation for drilling.”

Channel sampling was focused on the northern half of the Project with the prospects Klondyke, Apex, Jim & Jerry and Scout tested to confirm the widespread gold values outlined by rock chip sampling completed by M3 Metals in 2020. Results of composited channel samples are presented in Table 1 and indicate that gold grades vary from 0.31 g/t Au to 53.8 g/t Au and composited widths vary from 1m to 24.75m. Sampling focused on areas of low sulfidation epithermal gold mineralization hosted by quartz-calcite veins, stockwork zones and breccias associated with low angle structures. Zones of gold mineralization varied from quartz-calcite veins and breccia returning 53.8 g/t Au and 92.4 g/t Ag over 2.8m to large zones of stockwork veining dominated by quartz-calcite in altered andesite which yielded up to 24.75m of 0.71 g/t Au and 4.2 g/t Ag.

Results from the channel sampling program confirm the widespread nature of the gold mineralization in the northern half of the Project identified in the 2020 program completed by M3 Metals. Numerous zones of relatively high grade gold mineralization over short widths (see Table 1, Figure 1) suggest potential for high grade feeder structures to the epithermal system and warrant further exploration. In addition wider zones of lower gold grades such as at the Jim & Jerry prospect where channel sampling over a quartz-calcite stockwork zone approx. 24.75m wide returned 0.71 g/t Au and 4.2 g/t Ag indicating potential for a near surface open-pittable target. All data generated by the sampling program will be incorporated into the Mohave Project geological model to aid in drill hole targeting. A follow-up channel sampling program on several other prospects in the north as well as various prospects in the southern portion of the Project is planned for Q3, 2021.

Table 1 Composite assay results

CHANNEL #PROSPECTTYPESAMPLED LENGTH (m)AU GRADE (G/T)AG GRADE (G/T)
C1KlondykeOutcrop2.301.481.30
C2KlondykeOutcrop2.801.441.70
C3KlondykeOutcrop3.500.771.20
C4KlondykeOutcrop2.800.391.80
C5KlondykeOutcrop2.000.893.10
C6KlondykeOutcrop2.8053.8094.20
C7KlondykeOutcrop2.802.755.50
C8KlondykeOutcrop1.900.172.10
C9KlondykeOutcrop1.800.231.10
C10KlondykeOutcrop7.150.792.40
C37KlondykeOutcrop2.502.054.50
C11ApexOutcrop8.401.143.40
C12ApexOutcrop1.801.103.60
C13ApexOutcrop3.700.394.50
C14ApexOutcrop3.500.162.10
C15ApexOutcrop3.003.077.40
C16ApexStope2.251.200.90
C17ApexOutcrop2.400.300.10
C18Jim & JerryOutcrop1.902.597.10
C19Jim & JerryOutcrop3.505.0413.50
C20Jim & JerryOutcrop2.601.665.70
C21Jim & JerryOutcrop1.100.202.40
C22Jim & JerryOutcrop4.109.0011.80
C23Jim & JerryOutcrop6.403.8512.20
C24Jim & JerryOutcrop2.056.0217.40
C25Jim & JerryOutcrop2.806.9619.90
C26Jim & JerryOutcrop3.706.6125.60
C27Jim & JerryOutcrop3.302.174.40
C28ScoutOutcrop3.302.704.50
C29ScoutOutcrop4.901.261.70
C30ScoutOutcrop5.101.253.20
C31ScoutOutcrop4.003.360.90
C32ScoutOutcrop3.504.395.70
C33ScoutOutcrop7.006.398.40
C34ScoutOutcrop4.302.254.50
C35ScoutOutcrop2.352.013.70
C36ScoutOutcrop24.750.714.20

 

Cannot view this image? Visit: https://i0.wp.com/orders.newsfilecorp.com/files/4674/86606_e2b85facc4a78b3a_001.jpg?w=570&ssl=1

Figure 1 Location of 2021 composite channel sampling at Mohave Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4674/86606_e2b85facc4a78b3a_001full.jpg

Samples were generally oriented perpendicular to the strike of the zones of quartz-calcite veins, stockwork veining and brecciation wherever terrain permitted and samples lengths below are not true widths. Composite lengths in Table 1 may not be strictly continuous due to terrain restrictions nor do they necessarily delineate the entire width of the mineralized zones. A portable mechanical rock saw with dual diamond blades was utilized for sampling via cutting two continuous parallel lines 2.5cm apart and approx. 3cm deep and then chiseling out the rock sample. Sampling was completed to produce more reliable data via channel sampling than the rock chip sampling and to expand the sampling done in 2020. In general the channel sampling data provides a more reliable sample due to increased depth penetration into the rock and more consistent systematic sampling than standard rock chip sampling with a rock hammer.

Quality Assurance / Quality Control (QAQC)

All sampling was done using a portable mechanical rock saw with dual diamond blades via cutting two continuous parallel lines 2.5cm apart and approx. 3cm deep and then chiseling out the rock sample. In general sampling was done perpendicular to the main strike length of the zones quartz calcite veins and stockwork veining where terrain permitted. Quality control of the sampling program includes insertion of reference standards and blanks. One hundred samples were submitted to American Assay Laboratories in Sparks, Nevada and the results from the blanks and standards do not suggest any issues in the sample prep and analytical procedures.

Robert Johansing, Economic Geologist, M.Sc., Q.P., has been responsible for all phases of sample collection, labelling, bagging and transport from the project to his base in Santa Barbara, California and then via FedEx to American Assay labs of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other elements were determined by Aqua Regia ICP-AES, over limit samples were determined by fire assay and gravimetric finish. Standard sample chain of custody procedures were employed during field work until delivery to the courier and analytical facility.

Robert Johansing, Economic Geologist, M.Sc., is a Qualified Person as defined by National Instrument 43-101 for the above-mentioned project. The QP is a Qualified Professional in good standing of Mining and Metallurgical Society of America (MMSA). Mr. Johansing has reviewed and approved the technical information disclosed above and is independent of the Company.

To find out more about Black Mountain Gold USA Corp. please contact Investor Relations at (604) 662-8184 or email info@blackmountaingoldusa.com.

BLACK MOUNTAIN GOLD USA CORP.

“Graham Harris”

CEO, Director

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.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Arizona which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for gold/silver, changes in exploration costs and government royalties, export policies or taxes in Arizona and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Mohave Gold Project may be impacted by economic uncertainties arising out of COVID-19 pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Mohave Gold Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

Posted in featured_news | Tagged , , , , , | Leave a comment