Viscount Mining Corp. ("Viscount" or "the Company") is pleased to announce the Company has an update on field exploration and preparations for drilling at Silver Cliff, Colorado.
The exploration currently underway as announced on July 6, 2016 is to facilitate a confirmation of historic drill holes for a core drill program planned for September 2016. This program is intended to help define the structural setting that controls silver mineralization and other possibly economic commodities.
In late July 2016, the Company completed over thirty line-miles of magnetic geophysical surveying. The resulting extensive data package has subsequently been compiled and clearly shows a good correlation between high magnetic responses and silver mineralization encountered by historical drilling. Not only do the high magnetic responses correlate with known silver mineralization, but there also are other high response zones that remain open or untested by drilling. These represent areas to target for discovery of extensions to reported mineral inventories and additional zones of mineralization.
The activities at Silver Cliff currently ongoing are:
- Detailed geological mapping and sampling to verify previous historical work and geochemical assays
- Acquisition of additional maps and data to supplement the Company's extensive knowledge base
- Preparations for a phase one drill program planned for September 2016
- Digitalization of all critical information for use in an upcoming NI 43-101 technical report.
Past drilling at Silver Cliff was designed to test only the flat-lying shallow mineralized bodies with vertical holes but not the high-angle mineralized structures which are now interpreted to be the ultimate controls for ore emplacement. This indicates that follow-up drill programs need to include angle holes which will test these mineralized structures.
Drilling in the 1980s by Tenneco resulted in a historical pre-feasibility study which formed the company's decision to put the property into production. Plans were halted due to the restructuring of Tenneco after it was sold.
The Silver Cliff claim block is thought to overlie a large caldera and porphyry system which increases the potential to host a number of deposit types ranging from precious metals to base metals. This has been demonstrated in the mineralogy and grades reported in historical documents describing a number of underground mining operations dating back to the late 1800's and early 1900s.
Jim MacKenzie, the Company's President and CEO stated, "We are very excited to see Silver Cliff progressing forward at this accelerated pace. The upcoming drilling is expected to be a major step in moving Silver Cliff toward being a premier silver property in the Western US."
The Company further announces that pursuant to the Company's Stock Option Plan it wishes to grant 300,000 stock options at a price of $0.57 per common share to 3 directors, of the Company. As per the Company's Stock Option Plan, the options granted are exercisable until September 8, 2021. Grant of the options is subject to the approval of the TSX Venture Exchange.
About Silver Cliff Property
The Silver Cliff property lies within the historic Hardscrabble Silver District in Colorado. The Property consists of 96 lode claims where high grade silver, gold and base metal production came from numerous mines during the period 1878 to 1894. It is located 44 miles WSW of Pueblo, Colorado, and has year-around access by paved road. The property underwent substantial exploration between 1967 and 1984 for the purpose of defining mineral inventories. The major explorers were Freeport, Hecla, Homestake, Moly Corp, Coca Mines and Tenneco Minerals. Based on historical reports, 40 to 50 million ounces of silver is considered reasonable to target with the planned and successive phases of drilling, however, this potential quantity is conceptual in nature and it is uncertain whether further exploration will result in the targeted quantity being delineated as a mineral resource.
The scientific and technical information contained in this news release has been reviewed and approved by Dallas W. Davis, PEng, 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").