- Early success identifying vein structures at surface at the silver-rich Crown Point Mine and surrounding target area
- First of six high priority targets project-wide to be exposed at surface
- Early success at Crown Point exposing vein structures at surface validating the first phase mineralization identification program from 2022 that included ground geophysics, surface geochemistry, structural mapping, underground database compilation, 3D modeling
- Final phase of exploratory work that is refining drill targeting and de-risking the inaugural drill campaign anticipated to commence later in 2023
VANCOUVER, BC, June 8, 2023 /PRNewswire/ - Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) ("Silver Valley" or the "Company") announces that the Company has commenced a multi-kilometer trenching program at its Ranger-Page Project located in the Silver Valley of north Idaho, USA. The trenching and field program is designed to expose veins on surface at multiple areas. By exposing vein structures in multiple areas on surface, the dip and trend of these structures will be clearly identified.
A comprehensive geological model has been developed along with the integration of the highly anomalous results from the first modern exploration program in 2022 at Ranger-Page. These results, combined with the field and trench program, will significantly assist the Company in targeting the vein structures near surface and at depth for the upcoming drilling campaign scheduled later this year.
Work that has just been initiated at the Company's first high-priority target, the Crown Point Mine and surrounding area has already revealed significant vein structures being identified on surface in multiple locations (see Figure 1). These new discoveries which were found in quick order validates the comprehensive exploration program from 2022. Results at these new surface discoveries will be reported after assay data is received and compiled.
A video depicting a 3D view of the Crown Point exploration anomaly can be viewed here: https://www.youtube.com/watch?v=0FwaLUxMLTA
CEO, Mr. Brandon Rook, commented, "We are extremely pleased to have identified the first surface expression of the Crown Point vein structure as it validates the team's conclusions from the first phase of exploration. By understanding the location of the vein structures on surface in multiple locations, we are better able to situate the drill platforms for the upcoming drilling program.
This exciting development is consistent with the IP and Resistivity geophysics, surface geochemistry analysis, and field work of 2022 which confirms what we were anticipating at this stage - to identify vein structures on surface associated with the historic Crown Point mine and, more importantly, laterally away from the small underground footprint of workings before we drill test for mineralization at depth."
The Company plans to trench other high priority targets that are located parallel to Crown Point, working southward to the other high priority targets: first, East Curlew then to Ranger-Wyoming followed by Buckeye, then to Spring and lastly, the upper Blackhawk (see Figure 1).
The historic Crown Point mine operated between 1886 and 1940, producing silver and lead only. Zinc was never recovered due to the lack of technology to recover zinc at that time. The Company expects a component of zinc to be present when the Crown Point is drilled. Silver produced from the Crown Point mine represented the highest grades of any of the historic mines on the Ranger-Page project.
The Crown Point target is located 1,000 metres northwest from the Bunker Hill mine, one of America's largest underground mines, and located 650 metres due east from the past producing Blackhawk Mine (owned by Silver Valley Metals Corp.) which remains open at depth below 365 metres. The Crown Point Mine is located 1,650 metres east from the Company's top ten historical producer in the District, the Page Mine. The Page Mine has exploration drilling with compelling intercepts that extend mineralization beyond high-grade historical reserves located at the bottom of the mine.
Qualified person:
Timothy Mosey, BSc, MSc, SME, is the qualified person for the company and qualified person as defined by National Instrument 43-101. Mr. Mosey supervised the preparation of the technical information in this news release.
About Silver Valley Metals Corp.:
Silver Valley Metals Corp. is a Canadian exploration company comprised of a group of experienced exploration, mining, and financing specialists focused on the pursuit of mineral discovery and development. We are focused on the advancement of strategic and precious mineral properties including Lithium-Potash in Mexico and Silver-Zinc-Lead in northern Idaho, USA.
About Ranger-Page project:
The Ranger-Page Project ("The Project") is in the Silver Valley of northern Idaho, USA, 60 kilometres east of Coeur d'Alene and 1 kilometre from the I-90 freeway. In 2020 Idaho was ranked the first in the world in policy perception and 9th best mining jurisdiction (Fraser Institute Annual Mining Survey). The Project borders the famous Bunker Hill Mine to the east and for the first time consolidates the western extent of the prolific Silver Valley mining corridor by one operator in the past 100+ years.
The Project comprises 6 historical mines on patented claims, without royalties. The largest of these, the Page Mine, was a top ten producer in the Silver Valley yielding over 1.1 billion pounds of zinc and lead and 14.6 million ounces of silver. The Page Mine has high grade silver-zinc-lead historic resources and remains open at depth and along strike beyond what has been identified to date.
Historical mining on the properties shared underground infrastructure which connected the larger Page mine with five shallow historic mines within the larger Project area. The Company has underground mining data and surface geological data that supports high grade silver-zinc-lead mineralization present within the shallow, undeveloped mines. These mines remain open at depth, and laterally along strike.
Exploration potential beyond the historic mines is considered significant as modern systematic exploration is being applied to the project for the first time.
About MexiCan Lithium - Potassium (sulphate of potash) Project:
Silver Valley Metals Corp. owns a 100% interest in a lithium and potassium bearing salar complex comprising 4,056 hectares on three mineral concessions ("the Mexico-Canada Project" or "MexiCan Project") located on the Central Mexican Plateau in the states of Zacatecas, and San Luis Potosi, Mexico. The NI 43-101 inferred mineral resource contains 12.3Mt of Sulfate of Potash (SOP) and 243,000 tonnes of lithium carbonate equivalent (LCE) and remains open in all directions for expansion.
On behalf of the Board of Directors of Silver Valley Metals Corp.,
"Brandon Rook"
Brandon Rook, President & CEO, Director
Link to Website: http://www.silvervalleymetals.com
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THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
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SOURCE Silver Valley Metals Corp.
