Sep 8 2016
Viscount Mining Corp., is pleased to provide an update on its flagship Cherry Creek Nevada Property (the "Property"). The Phase 1 drilling has commenced at Flint Canyon and is being managed and funded by Summit Mining Exploration Inc. ("Summit"), a wholly-owned US subsidiary of Sumitomo Corporation, under the Exploration-Earn In Agreement.
Phase 1 Reverse Circulation (RC) Drilling Program at Flint Canyon
Drilling has begun at Flint Canyon and is being conducted by Boart Longyear of Salt Lake City, Utah. The Global Drilling Services Division of Boart Longyear, founded in 1888, operates in over 30 countries for a diverse mining customer base, spanning a wide range of commodities, including gold, silver copper, nickel, zinc, uranium, and other metals and minerals.
The drill program will comprise approximately 18 reverse circulation ("RC") holes totaling 14,366 feet (4,380 m). The Flint Canyon area contains highly dissected fault blocks of the Dunderberg Shale with the underlying Marjum Limestone and overlying Notch Peak Limestone. The Pogonip Formation overlies the Notch Peak and both units are important host rocks for Carlin-type gold mineralization in east-central Nevada. Assay results will be released as they become available from ALS Labs Limited of Elko, Nevada.
Mark Abrams of the Viscount Technical Advisory Board, who was recognized for his work on developing the Pequop Trend where Cherry Creek is located in eastern Nevada, stated, "In my experience, the well-developed plumbing system, the large size and amount of the jasperoids, the amount of altered rock and the focused nature of the soil anomalies combine to make the drill targets as compelling as any I have seen elsewhere at important projects and mines in eastern Nevada. This bodes well for the project. Flint Canyon has continued to deliver exceptional results and I am very enthusiastic about the current drill program."
Property Road Access Improvements
Road contractor Legarza Exploration & Construction has completed construction on the 6700 ft. new access road and nine drill pads at Flint Canyon.
About Flint Canyon
The 2015 and 2016 mapping at Flint Canyon found the faulting to be more complex than previously indicated on the Adair 1961 geologic base map. Summit's mapping program found that east-west orientated faults and fractures, which are important ore controlling structures at the Ticup and Star Mines, also occur in the area. The Flint Canyon area contains highly dissected fault blocks of the Dunderberg Shale with the underlying Marjum Limestone and overlying Notch Peak Limestone. The Pogonip Formation overlies the Notch Peak and both units are important host rocks for Carlin-type gold mineralization in east-central Nevada.
Jasperoid occurrences in Nevada are extremely significant in context to Carlin-type gold deposits and mineralized jasperoid outcrops are common throughout the Flint Canyon area. They occur principally along the base of the Dunderberg Shale, but other outcrops are found along the Pogonip-Notch Peak contact. Many major gold discoveries have been made based on the presence of outcropping, weakly mineralized jasperoid hosted in and along bedding contacts of carbonate rocks. At Flint Canyon, jasperoid is found in the same carbonate rocks that are prolific host rocks at nearby large gold deposits (Newmont Mining-Long Canyon and Kinross Gold Corporation-Bald Mountain deposits).
The jasperoid beds, interpreted as west dipping tabular features, occur along the base of the Dunderberg Shale and within the Pogonip group limestone. Summit's geological team indicates that the Dunderberg Shale is generally recessive and is exposed mainly along the outcropping contacts with more competent rocks. The Dunderberg appears to be moderately altered throughout its distribution, and, at Flint Canyon, it experienced widespread and significant alteration by hydrothermal fluids. The underlying Marjum Limestone is usually competent and unaltered, while the overlying Pogonip exhibits variable alteration.
Mineralization identified by this work is hosted within and extending out from silica bodies known as jasperoids formed at the Pogonip Limestone/Notch Peak Limestone contact, within the Dunderberg Shale, and within and extending out from jasperoids formed at the Dunderberg Shale/Marjum Limestone contact. Jasperoids form from silica and iron replacement of the limey component of rocks when warm springs carrying silica, iron and potentially metals such as gold circulate through the rock column. As the silica and iron rich waters percolate through the rock, the limey component of the rock dissolves, migrates away and redeposits as calcite veins (calcium carbonate) in areas outboard of the warm spring waters. The host rock, depending on its content of limey material, may form caves or even collapse as the limey component is flushed out. Collapse features have been noted in outcrop and in new road cuts in the anomaly areas of Flint Canyon. This event makes the rock more permeable and allows even more silica rich waters to flow in. As the waters flush in they begin to deposit silica and iron as jasperoids. Gold deposition can occur as part of this process and, in fact, has at Flint Canyon.
The Cherry Creek district, including Flint Canyon, is cut by very deep seated fault structures. These faults would have provided a very good plumbing system that allowed - mineralizing waters to circulate through the rock column over a large area. In looking at the gold mineralized rock at Flint Canyon, one can see more than one event of silica, iron and likely gold introduction into the rock. Multiple events like this have been known to drive up the gold grade at other projects and may also have done so at Flint Canyon.
Jim MacKenzie, Viscount President and CEO stated: "We are very pleased with completion of the new road and the commencement of the first drill program at Flint Canyon, which we anticipate will validate the soil and rock samples from the previous work programs. Based on the history of Carlin type deposits, we feel it has the potential to host large bodies of mineralization."
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Dallas W. Davis, P.Eng, FEC, an independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
The exploration and drill programs are being managed by David Tretbar, Summit Exploration's Executive Vice President, Exploration and Mineral Resources, a Qualified Person as defined by NI 43-101. Mr. Tretbar is a registered Professional Geologist in Arizona (#48036) and a Certified Professional Geologist (CPG #11086) with the American Institute of Professional Geologists. Mr. Tretbar holds a Master's Degree in Geochemistry from the Mackay School of Mines, University of Nevada Reno.
The Company further announces that it has granted 255,000 stock options to consultants of the Company. The option grants will vest immediately and as per the Company's Stock Option Plan, the options granted are exercisable until August 8, 2021. Grant of the options is subject to the approval of the TSX Venture Exchange.