January 20, 2022 (Source) — Viscount Mining Corp. (TSXV: VML) (OTCQX: VLMGF) (“Viscount” or “the Company”) is pleased to announce our first results on the TiCup Target from the 2021 work program on the 100% controlled Cherry Creek Project in eastern White Pine County, Nevada. Our partner Centerra Gold Inc. (Centerra) has been diligently doing geological mapping and geochemical sampling on the property.
The Target Area Location Map below shows the eleven target areas that have been the subject of focused prospecting, geochemical sampling and geophysics work. It also shows the outline of our enlarged claim position. All the targets will be discussed in upcoming news releases. This release highlights the TiCup Target Area.
The TiCup was a major silver producer in the Cherry Creek Mining District. The deposits occurred as high-grade lenticular chutes and replacements within the vein and a thrust fault. This mine was noted for having ore shoots of bonanza grade ore. For example, in 1874 when the shaft was at a depth of 73m and had only 137m of development work the 2.5ft vein at the bottom of the shaft assayed $234 per ton when the price of silver was $0.90 oz. The average grade of the silver mined in 1874 was 420-470 oz/t with the highest shipment reporting 4200 oz/t. (Source: University of Nevada Bulletin 14a, Nevada State Bureau of Mines and Mackay School of Mines. Author: F. C. Schrader geologist of the U.S. Geological Survey 1931). All of Schrader’s estimates are deemed to be historical and not 43-101 compliant.
The TiCup vein strikes northeast with a moderate dip to the west. It occurs within a thrust fault that separates massive limestone from an overlying shale. The vein has been traced for 3.5 miles and to a depth of 1,100 feet. The vein is truncated on the north by the Exchequer Fault which is likely the source of the mineralizing fluids. The vein is also bounded on the south by a post-mineral high-angle fault. Fred Anderson, the mine manager at the time of Tognani’s report, reported the mineralization to be open below the TiCup shaft. (Source: TiCup Mining Corp. Author: Michael A. Tognoni, TiCup Mining Corp. mining engineer, 1985). The estimates are deemed to be historical and not 43-101 compliant.
Additional exploration opportunities exist both at depth below the Ticup workings and further to the southwest along the Ticup and adjacent Fillmore Veins. Our recent sampling indicates numerous silver values in rock samples. These areas lie on patented mining claims controlled by Viscount Mining. The TiCup target area is 376.49 acres or 152.36 hectares.
The maximum rock sample silver for silver was 83.4 oz/t (2,860 g/t), while the maximum silver value in soils was 28.1 g/t. Forty-six rock samples ran greater than or equal 50 g/t silver, with ten rock samples assaying greater than or equal to 500 g/t; while two soil samples ran greater than or equal to 20 ppm silver. The TiCup is clearly a silver dominant target.
The silver geochemical values are presented on the TiCup Target soil and rock sample map below:
So far Centerra has taken 1005 rock chip samples and 1207 soil samples. They have collected 82.6-line km of IP, 8 square km of ground magnetics and 850-line km of airborne magnetics. In addition, they completed a small Tromino survey (passive seismic tool for mapping stratigraphy and structure under pediment cover). First pass mapping and sampling have been completed over large portions of the property. Additional work field work plans will be made after results are received and reviewed.
Centerra undertook the staking 278 new lode claims in 2021 bringing the total number of unpatented lode claims to 578. The property also includes 17 patented lode claims. These new claims strengthen our position in the district and cover permissive lithologies, known mineralization as well as mineralized projections.
After a short hiatus, Centerra has resumed IP geophysics work on the Western Anomaly before returning to the Ti-Cup area. This work is still in progress.
Road building and pad construction commenced with eleven pads completed.
Quality Assurance/Quality Control (“QA/QC”) Measures, Chain of Custody
The Company has implemented a rigorous QA/QC program using best industry practices at the Cherry Creek Property. Rock and soil samples are placed in securely sealed bags for transportation to the Bureau Veritas Mineral Laboratory in Elko, Nevada, for sample preparation and subsequent analysis at Bureau Veritas Mineral Laboratories Canada, in Vancouver. The insertion of standards, blanks and duplicates was conducted by Centerra personnel at the property site.
Analysis for rock samples is completed at Bureau Veritas using the following prep and analysis packages:
PRP 70-250 Crush, split and pulverize 250g rock to 200 mesh
FA450 50g Lead Collection Fire Assay Fusion – AAS Finish
AQ 201 1:1:1 Aqua Regia digestion ICP-MS analysis
Analysis for soil and sediment samples are completed at Bureau Veritas using the following soil and sediment prep and analysis packages:
DY060 Dry at 60C
SS80 Dry at 60C sieve 100g to -80 mesh
FA450 50g Lead Collection Fire Assay Fusion – AAS Finish
AQ 201 1:1:1 Aqua Regia digestion ICP-MS analysis
DISP2 Heat treatment of Soils and Sediments
This News Release was prepared by M.J. Abrams; BS and MS Geology, CPG #11451; Idaho PG #570; California PG#4138; Oregon RG#938. M.J. Abrams is a Qualified Person as defined by NI 43-101. The scientific and technical disclosure included in this news release was reviewed and approved by Harald Hoegberg PG, an independent consulting geologist who is a “Qualified Person” (QP) as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Viscount Mining (TSXV: VML) (OTCQX: VLMGF)
Viscount Mining is a project generator and an exploration company with a portfolio of silver and gold properties in the Western United States, including Silver Cliff in Colorado and Cherry Creek in Nevada.
The Silver Cliff property in Colorado lies within the historic Hardscrabble Silver District in the Wet Mountain Valley, Custer County, south-central Colorado. It is located 44 miles WSW of Pueblo, Colorado, and has year-around access by paved road. 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 early 1900’s. The property underwent substantial exploration between 1967 and 1984. The property is interpreted to encompass a portion of a large caldera and highly altered sequence of tertiary rhyolitic flows and fragmental units which offers potential to host deposits with both precious and base metals. This has been demonstrated in the mineralization historically extracted from the numerous underground and surface mining operations. Based on the accumulated data and feasibility study, Tenneco Minerals made the decision with silver at $5.00 USD an ounce to construct at that time a $35,000,000 USD milling operation for the extraction of the silver reserves at Silver Cliff. Shortly thereafter Tenneco’s Mining Unit was sold, and the planned milling operation was abandoned.
The Cherry Creek exploration property is in an area commonly known as the Cherry Creek Mining District, located approximately 50 miles north of the town of Ely, White Pine County, Nevada. Cherry Creek consists of 578 unpatented and 17 patented claims as well as mill rights. Cherry Creek includes more than 20 past producing mines. In January 2021, Viscount entered an exploration earn – in agreement with a wholly owned subsidiary of Centerra Gold Inc. Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide.
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
President, CEO and Director
For further information, please contact:
Viscount Investor Relations
Email: [email protected]
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.
This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to Viscount Mining’s operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Specifically, this news release contains forward-looking statements with respect to the Offering, the receipt of required approvals, the timing of thereof and the amount and use of proceeds therefrom. Generally, forward-looking statements can be identified by the forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “projects”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or “variations of such words and phrases or state that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will” be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Viscount Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of Viscount Mining’s projects, the actual results of current exploration, development activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future precious metals prices, as well as those factors discussed in the sections relating to risk factors of our business filed in Viscount Mining’s required securities filings on SEDAR. Although Viscount Mining has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Viscount Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.