Drill Turns at La Virginia Gold-Silver Project, Sonora, Mexico
Vancouver, BC. Silver Viper Minerals Corp. (the “Company” or “Silver Viper”) (TSXV: VIPR) is pleased to announce completion of drill camp construction and the initiation of drilling at the remote La Virginia gold-silver project, in eastern Sonora, 220 kilometres (“km”) east-northeast of Hermosillo, Sonora, Mexico. Minor delays associated with wet season rains and heavy vehicle access to the field camp were encountered during the construction phase.
As announced previously, Phase I drilling will be concentrated within the Rubi-Esperanza group of claims currently under option by Silver Viper. The program will include a combination of confirmation drilling over known mineralized trends and exploration drilling on untested targets at a ratio of approximately 25% confirmation to 75% exploration. Confirmation holes are planned in and around the historic La Virginia and Con Virginia workings and seek to confirm previously reported widths and grades of the main mineralized trend. These holes are designed to complement existing data, testing gaps in the previous work and testing the main trends for continuity and grade. Exploration holes are planned for nearby prospect areas: La Colonia, La Cascada and El Rubi. Additional prospects may be tested during Phase I as the campaign progresses.
Silver Viper has received all environmental permits and land-owner agreements for the current programmed work and field operations will be conducted from the recently completed field drill camp. Silver Viper’s regional exploration effort continues to prospect and refine additional targets slated for drill testing in the coming months.
Silver Viper’s President and CEO Steve Cope states, “The slow start to Phase I drilling has required patience. We are now extremely happy to be underway. The project has great potential and we look forward to advancing the exploration effort to include additional areas of interest in the claim areas.”
Dale Brittliffe, P.Geo., Vice President of Exploration is a ‘Qualified Person’ under National Instrument 43-101, and has approved the scientific and technical information contained in this news release.
In addition, Silver Viper announces that it has granted 100,000 incentive stock options to a consultant to purchase up to 100,000 common shares in the capital of Silver Viper. The incentive stock options have an exercise price of $0.15 per share, expire five years from the date of grant and vest immediately. As a result of this option grant, Silver Viper has stock options outstanding that are exercisable into up to 3,940,000 common shares, representing 9.2% of the current issued and outstanding share capital.
About the Company
Silver Viper Minerals Corp is a Canadian-based junior mineral exploration company focused on precious metals exploration in northwestern Mexican state of Sonora. The company currently has an option to acquire a one hundred percent (100%) interest in the Rubi-Esperanza group of claims. The claims were most recently operated by Pan American Silver and form the core of the large La Virginia property, over which Silver Viper has a current LOI and is proceeding toward a definitive agreement. The project is an early stage exploration property targeting a series of laterally extensive intrusive dykes and breccia zones hosting low-sulphidation epithermal gold-silver mineralization. Silver Viper is under management provided by the experienced Belcarra Group Management Ltd (“Belcarra Group”). The Belcarra Group is comprised of highly qualified mineral exploration professionals.
On behalf of the board of directors,
President and CEO
Forward Looking Information
Information set forth in this press release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company’s limited operating history; the need to comply with environmental and governmental regulations; fluctuations in currency exchange rates; fluctuations in the prices of commodities; operating hazards and risks; competition and other risks and uncertainties, including those described in the Company’s Amended and Restated Prospectus dated July 21, 2017 available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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