2016-09-13 - Silver Cliff "Mag" Survey lines up with drilling
News Release
Mr. Jim MacKenzie reports
VISCOUNT ANNOUNCES STRONG MAGNETIC CORRELATION WITH KNOWN SILVER MINERALIZATION AND DISCOVERY OF UNTESTED DRILL TARGETS AT SILVER CLIFF, COLORADO
Viscount Mining Corp. has provided an update on field exploration and preparations for drilling at Silver Cliff, Colo.
The exploration currently under way 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 30 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 continuing 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 National Instrument 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 prefeasibility 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 1800s and early 1900s.
Jim MacKenzie, the company's president and chief executive officer, 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 U.S."
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 57 cents per common share to three directors of the company. As per the company's stock option plan, the options granted are exercisable until Sept. 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 west-southwest of Pueblo, Colo., 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 million to 50 million ounces of silver are 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.
Qualified persons
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.
About Viscount Mining
Viscount Mining has a portfolio of gold and silver properties in the Western United States, including Cherry Creek in Nevada and Silver Cliff in Colorado. Cherry Creek comprises more than 10,000 acres, all 100 per cent owned, and includes more than 20 past-producing mines. Viscount has entered into an exploration earn-in agreement with Sumitomo Corp. covering the Cherry Creek property. Sumitomo can earn in up to a 75-per-cent interest in the property by producing a feasibility study and by spending in addition a minimum of $10-million (U.S.) in exploration and development expenses by the eighth anniversary of the earn-in agreement.
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