Silver Valley Metals Provides Corporate Update
VANCOUVER, BC, Sept. 18, 2023 /CNW/ - Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) ("Silver Valley" or the "Company"), a brownfield exploration Company with two potential high impact projects that comprise silver-zinc-lead located in north Idaho, USA and lithium - potassium (sulphate of potash) located in Zacatecas and San Luis Potosi, Mexico respectively, is pleased to provide a corporate update for both of its high priority projects: the MexiCan Lithium-Potassium (sulphate of potash) Project ("the Mexico-Canada Project" or "MexiCan Project") and the Ranger-Page silver-zinc-lead Project in the Silver Valley ("the Ranger-Page Project").
As previously announced May 10, 2023, Silver Valley entered discussions with LitioMX, (the national lithium company of Mexico), with the goal of these discussions to ultimately formalize a partnership agreement to explore and produce lithium in Mexico. Silver Valley maintains its 100% ownership of the Potassium Sulphate ("sulphate of potash" or "SOP") component of the dual commodity MexiCan Lithium-Potassium Project.
Discussions are active and advancing with LitioMX, and near-term plans are in place to come together to potentially finalize a partnership agreement. The Company will update shareholders' when and if there is material news to report.
Highlights of the Project include:
- Significant grades of lithium, potassium sulphate, and boron are located on surface in unconsolidated sediments; the unique character of the project may contribute positively to future sustainable, and cost-effective extraction methods due to its unique sediment makeup.
- The brine potential has not been tested to date; the Company has reported highly elevated levels of potassium in water in perforated PVC columns emplaced in the salars where recharge of the water is measured and the mineral content of the water is measured – potassium in water readings averaged 13,000 mg/L with measurements up to 27,000 mg/L – these results are indicative that the potassium in the sediments is liberating itself which may be an indicator of potassium in the brine at depth or minimally, the separation of potassium from the sediments.
- Deep basin large aquifer brine potential defined by regional geophysics surveys, remains to be tested.
- The inferred resource has been tested from surface to an average 5 metres depth; the Company anticipates the sediment basin could range from 40 metres to greater than 100 metres deep, so the prospect of expanding the sediment resource at depth is substantial.
- 12.3 million tonnes of Potassium Sulphate and 243,000 tonnes of Lithium Carbonate Equivalent ("LCE") (1) defined thus far; contemplating today's spot prices, the in-situ value in the first five metres of the deposit(s) is already significant.
- On the ground community support – the team in Mexico has continued exemplary work from inception through to the present day, notwithstanding the times the project has been delayed for circumstances out of the Company's control. The importance of the community supporting our project cannot be overstated.
- Excellent infrastructure in place, including abundance of skilled labour, an international airport, modern highways, railways, and sufficient power.
Exploration at the Ranger-Page project has been active throughout the summer with a 24-hour per day project-wide trenching program targeting numerous prospective areas at the project which were defined from its inaugural 2022 exploration program. More than 3 kilometres were trenched, including new road building for drilling access and drill platform preparations. The trenching program was recently concluded for the year.
Field mapping, geochemical assaying, further groundwork, and geological modelling are continuing to define and refine drill targets. Further news will be released as the Company receives and compiles the data. The Company anticipates several high priority drill-ready targets to be prioritized in the coming month.
Recently, Silver Valley released first results from the summer trenching program at the Crown Point Mine area of the project which was a discovery of two significant vein structures on surface extending the Crown Point mine along strike to the west.
See June 28, 2023, press release:
Highlights of the discovery are:
- Crown Point mineralization discovered at surface extending historic Crown Point mine 220 meters to the west.
- Discovery located 1,000 meters west from the Bunker Hill Mine.
- The Crown Point structural zone discovery defined up to 16 metres wide.
- Within the structural zone an east-west trending mineralized vein structure up to 2.5 meters wide and steeply dipping south identified.
- A second north trending mineralized vein structure identified within the structural zone measuring up to 2.87 meters wide and steeply dipping to the southeast.
- Discovery on surface is approximately 75 metres up dip from the depth of the historic Crown Point mine.
- The structural orientations are typical of the Coeur d'Alene mining district and are consistent with the geologic modeling, mapping, and ground IP results conducted by the Company.
Link to Website: http://www.silvervalleymetals.com
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References:
(1) |
To review the NI-43-101and inferred resource referred to in this press release please click: https://silvervalleymetals.com/wp-content/uploads/2022/05/kmax-ni43-101.pdf Report title: NI43-101 Technical Report On The Organimax Salar Sediment Deposits, Mexico; Author: SRK Consulting; Date of Submission: February, 2019 |
Timothy Mosey, BSc, MSc, SME, is the qualified person for the company and qualified person as defined by National Instrument 43-101.
Mr. Martin Pittuck, CEng, MIMMM, FGS, is responsible for the Mineral Resource statement and is an "independent qualified person" as such term is defined in NI 43-101.
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.
The Ranger-Page Project ("The Project") is in the Silver Valley, 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 reserves and remains open at depth and along strike beyond what has been identified to date.
Historical mining on the properties have shared underground infrastructure from the larger Page mine to the Blackhawk mine. 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.
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.
On behalf of the Board of Directors of Silver Valley Metals,
"Brandon Rook"
Brandon Rook, President & CEO, Director
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.
SOURCE Silver Valley Metals Corp.
604-800-4710, Email: [email protected]
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