PRESS RELEASE May 1, 2017
VANCOUVER, Canada – - Viscount Mining Corp. (TSX-V: VML) (OTCQB:
VLMGF) (“Viscount” or “the Company”), is pleased to announce the
identification of promising gold and silver exploration targets on its 100%-owned
Cherry Creek project in northwestern White Pine County, Nevada.
Viscount’s Cherry Creek property has a long history of gold,
silver, lead, zinc and tungsten production from high-grade veins and
replacement deposits. This included production from the Blue Bird, Fillmore,
Last Chance, Exchequer/New Century Mine, Star, Ticup and Motherlode mines. In
addition to the historic mines, recent exploration in the Flint Canyon area of
the Cherry Creek property recognized stratigraphic, structural and geochemical characteristics
that are similar to those at sediment-hosted gold mines in eastern Nevada,
including Newmont’s Long Canyon Mine and Pilot Gold’s Kinsley Mountain Mine.
Now, new data collected by Summit Mining Exploration Inc.
(Summit) on the Cherry Creek property shows several areas with strong gold and
silver exploration potential that have not yet been adequately tested by
focused geologic work or drilling.
In December 2016, Summit completed the second full year of an
evaluation program that was part of fulfilling an earn-in agreement on the
Cherry Creek project. The Summit program included comprehensive geologic
mapping of the claim block, extensive soil and rock-chip sampling, and two
distinct programs of reverse-circulation exploration drilling. Viscount has now
received all of the high-quality data from the Summit program, including: geologic
maps, multi-element analyses of the surface samples and drill cuttings, lithologic
logs from the drill holes, and accompanying digital maps and databases. The data also included subsurface interpretations
and comprehensive summary reports prepared by the Summit exploration team,
which included geologists from Rangefront Geological of Elko, NV. The Summit
program identified several areas with favorable geologic settings and
geochemical signatures that were not further evaluated. The acquisition of the Summit database allows
Viscount geologists to delineate areas with strong exploration potential that
have not been fully exploited.
Viscount Director and senior
geologist, Mark Abrams said, “Summit conducted a very solid program on which we
can build. The geology of the Cherry Creek district remains very permissive for
finding precious and base metal deposits and we intend to advance the project
forward utilizing our knowledge of the district and surrounding areas, and our
extensive database.”
Viscount is currently vetting the following exploration target
areas for further work in 2017:
Flint
Canyon
The Flint Canyon area was the focal
point of the Summit 2016 exploration program.
It is on the northwest side of the claim block, three kilometers west of
the historic mining district. The Flint
Canyon area had no historic production and displays very little evidence of
modern exploration. Rock-chip and soil
sampling identified widespread anomalous gold in jasperoid and silicified
breccias, primarily along the contact between Marjum limestone and Dunderberg
Shale, but also locally along the Notch Peak Limestone/Pogonip Formation
contact. Elevated levels of gold in
rock-chip samples were commonly on the order of 0.1–0.5 g/t, although were
locally as high as 4 g/t Au. The stratigraphic section and geochemical
signature encountered at Flint Canyon resembles those at the two currently
operating mines in the region. Sediment-hosted gold mineralization at the
Newmont Long Canyon Mine occurs near the Pogonip-Notch Peak contact. At the Pilot Gold Kinsley Mine, the primary
zone of oxidized disseminated gold mineralization occurs along the contact
between the Dunderberg Shale and Hamburg Formation (Marjum equivalent).
Summit conducted a 32-hole
reverse-circulation drilling program in the fall of 2016 designed to test
surface gold anomalies on the west side of the Flint Canyon gold anomaly. Drill holes encountered anomalous gold in
several stratigraphic positions. In general, the strongest gold concentrations
occurred in near-surface silicified zones in the Marjum limestone. Elevated gold concentrations also occurred in
local silicified zones along the Dunderberg/Marjum contact, in collapse
breccias and silicified strata in the Pogonip Formation, and in silicified
breccia in undifferentiated dolomite. Intercepts with the highest gold grades
were commonly between 5 and 30 meters thick with average concentrations between
0.1 and 0.4 g/t Au. The maximum gold
concentration encountered in the program was 4.03 g/t in a 3-meter thick sample
of strongly altered dike.
The lack of disturbance from historic
mines and the absence of existing roads through the Flint Canyon anomaly
greatly influenced the 2016 drilling program.
The targets on the west side of project area were tested because they
required the least of amount of new road to be built for access, which expedited
the permitting process with the BLM. Strong exploration targets defined by
structure, stratigraphy, and gold in surface samples are scattered throughout
the Flint Canyon anomaly, which covers an area approximately two kilometers
long and one kilometer wide. Future
exploration programs in the area will process existing data, acquire new data,
rate the targets, and determine the best methods to access the strongest
targets for exploration drilling.
Silver
Canyon
The Silver Canyon area had historic silver
production in the northeast corner of the claim block. Recent exploration was limited to geologic
mapping at a scale of 1:2500 and scattered rock-chip sampling. The historic mines produced high-grade silver
from jasperoid breccia zones along the contact between Dunderberg Shale and
Marjum limestone. Rock-chip samples collected in the Summit program from the
Silver Canyon (Blowout Mine) ore zones had silver concentrations in the 200‐500
g/t range, and commonly displayed weakly anomalous gold.
In addition to the historic silver
mines, the Silver Canyon area displays structural and stratigraphic similarities
to the Flint Canyon area. A thick section of Dunderberg Shale crops out with
strong local jasperoid development along the lower contact with the Marjum
limestone. The Dunderberg/Marjum section
in Silver Canyon is truncated on the south by the Black Metal Fault that
displays approximately 2 to 3 kilometers of strike-slip displacement and is
commonly associated with mineralization throughout the Cherry Creek
property. Several scattered rock-chip
samples from altered limestone on the south side of the Black Metal Fault
contained elevated gold concentrations, with a maximum of 0.74 g/t Au. Additional
geologic mapping and geochemical sampling could identify viable gold and silver
exploration drill targets in Silver Canyon.
Ticup-Doctor’s Cut-Jacob's Cut Areas
Geologic mapping and surface
geochemical data from the Summit program identified several gold and silver
exploration target areas in the Ticup-Doctor’s Cut-Jacob’s Cut area (Viscount
news release, August
5, 2015).
The Ticup Mine was the richest historic silver producer in the district. In 2015, Summit conducted a limited, 12-hole reverse-circulation
exploration drilling program to test some of those targets. Drill holes encountered elevated silver
concentrations in projected extensions of the Ticup ore zone, which is a steeply-dipping
silicified breccia along the contact of the Swasey Limestone and Wheeler
Shale. The silver intercepts were
commonly between 6 and 12 meters thick and contained silver concentrations
between 40 and 117 g/t, with a maximum silver grade of 506 g/t in a 3-meter
interval. In addition to the Ticup
targets, a drill hole that tested a down-dip extension of exposed
silver-bearing siltstone at the Doctor’s Cut intersected a 27-meter zone with
an average grade of 52 g/t Ag.
Similarly, a hole that tested a projected extension of silver
mineralization exposed in the Jacob’s Cut encountered a 30-meter interval of
Swasey Limestone with an average concentration of 50 g/t Ag. The results of the 2015 drilling program were
discussed in a Viscount news release from February
4, 2016.
Surface geochemistry and subsurface geologic interpretations indicate
that additional drilling in this area could extend the mineralized zones and
possibly increase the grade of the silver encountered in the holes.
Exchequer-Grey Eagle-Star
The historic Exchequer, Grey Eagle,
and Star mines produced gold and silver from high-grade vein deposits on the
eastern side of the Cherry Creek property. Recent work in this area included
geologic mapping and surface sampling, as well as the review of historic
underground maps and assay data. This data indicates that the mineralized zone
in the Exchequer Mine could extend beyond the historic mine workings and that a
potential intersection of the Grey Eagle and Star veins occurs at depth in an
unexplored area between the two mines.
Future exploration drilling could test these concepts.
Lead
Mine Canyon
Mapping south of Flint Canyon drill
area identified a frontier gold exploration target in Lead Mine Canyon. The target lies in a 250 x 75 meter
exposure of Marjum siltstone. Pods of jasperoid and coarse calcite occur along
the limestone/siltstone contact and in minor faults that cut the contact. Four
samples of jasperoid from those silicified zones contained gold values between
0.283 and 1.085 g/t. Soil samples from the siltstone commonly contained
elevated gold values between 0.02 and 0.1 g/t, with one sample containing 0.5
g/t. As part of the vetting process,
Viscount geologists will be examining this area to determine if it will be
included in the 2017 exploration program.
Future
Exploration Program For 2017
Viscount Mining is planning for an
exploration drilling program to test the strongest of the gold and silver exploration
targets delineated by the recent evaluation program, as outlined above. In
addition, joint venture partners will be sought to assist in the future
exploration of this extensive, highly-prospective property.
Dr. Jamie Robinson, Viscount Senior
Consulting Geologist, stated, “The comprehensive, high-quality data collected in
the Summit exploration program will allow focused evaluation of gold and silver
targets located on the large Cherry Creek claim block, which displays
widespread mineral occurrences in a variety of geologic settings.”
Qualified
Persons
The scientific and technical
information contained in this news release has been reviewed 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").
About Viscount Mining (TSX
VENTURE: VML) (OTCQB: VLMGF)
Viscount Mining is project generator and an
exploration company with a portfolio of silver and gold properties in the
Western United States, including Cherry Creek in Nevada and Silver Cliff in
Colorado.
The
Cherry Creek Property is focused on exploration in the immediate vicinity of an
area commonly known as the Cherry Creek Mining District, located approximately
30 miles north of the town of Ely, in White Pine County, Nevada. Cherry Creek
consists of over 400 unpatented and patented claims as well as mill rights, and
is comprised of more than 9,000 acres. Cherry Creek includes more than 20 past
producing mines including Blue Bird, Chance Mine, Filmore, Last Chance,
Exchequer/ New Century Mine, Ticup and Motherlode mines.
The
Silver Cliff property in Colorado lies within the historic Hardscrabble Silver
District in the Wet Mountain Valley in south-central Colorado in Custer County.
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 the late
1896. Subsequently, there was little activity until the late 1960s to early
1990s when the property underwent periods of exploration and evaluation,
including at least one prefeasibility study. The major explorers were Freeport,
Hecla, Homestake, Moly Corp, Coca Mines and Tenneco Minerals. In January 2017,
Viscount Mining reported additional high grade silver intersections from the
drill program completed in December 2016.
For additional
information regarding the above noted property and other corporate information,
please visit the Company's website at www.viscountmining.com
ON BEHALF
OF THE BOARD OF DIRECTORS
“Jim
MacKenzie”
President,
CEO and Director
For further information, please
contact:
Viscount
Investor Relations
Phone: 1 844 863 3622
Email: info@viscountmining.com
Neither
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.
Forward-Looking
Statements
This
news release contains certain statements that may be deemed
"forward-looking" statements. Forward looking statements are
statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans",
"anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although
Viscount Mining Corp. believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements
are not guarantees of future performance and actual results may differ
materially from those in forward-looking statements. Forward-looking statements
are based on the beliefs, estimates and opinions of Viscount Mining Corp.
management on the date the statements are made. Except as required by law,
Viscount Mining Corp. undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or opinions, or
other factors, should change.
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