Viscount Mining shares rocket after colossal silver find at Silver Cliff

Viscount Mining Corp (CVE:VML) shares shot up as much as 16% on Wednesday after the company announced that it had drilled a colossal 1,778 g/t of silver at a depth of between 60 and 80 feet below surface as well as on average 837 g/t at a depth of 50 to 105 feet at its Silver Cliff Colorado site.

The finds were at drill hole K16-01, the first of nine holes, is considered a big strike. The Silver Cliff property lies within the historic Hardscrabble Silver District in Colorado.

The 2016 drill program that Viscount began in mid-November of this year had as its primary objective the confirmation of historical drilling and mineral resource documentation on one of the Silver Cliff deposits known as the Kate Silver Resource (the “KSR”).

Nine holes with a total of 1,502 ft. (457.8 m) were completed as part of the drill program and this release is reporting values from K16-01, which was the first hole drilled and assayed at ALS Canada Ltd., at their laboratories in Reno, Nevada, and Vancouver, BC.   

Assay results for confirmation hole K16-01 drilled at an inclination of minus 60 degrees averaged 1,778 parts per million (ppm, i.e. g/t and which equals 57.2 oz/t) over 20 ft. (6.1 m) from 60 to 80 ft. (18.3 to 24.4 m) of core interval.

Each analyzed sample in this interval represented 5 ft. (1.52 m). The 50 ft. (15.24 m) of mineralized core from 55 to 105 feet (16.76 to 32.00 m) averaged 837.35 ppm (26.92 oz/t). The collar of K16-01is estimated from historic maps and field evidence to be within 4 ft. (1.2 m) of historical drill hole DDH 73-2 for which reports show 1,927.7 g/t silver over 13.5 m (62 oz/t  over 44.29 ft.). 

 Viscount’s technical team attributes the difference in silver values between 2016 drill hole K16-01 and historical drill hole DDH73-2 to the fact that such replacement typically is not uniform. The mineralized siliceous zone intersected by K16-01 is located at a depth from which it could be mined efficiently utilizing open pit techniques, and, because the reef appears to be nearly flat-lying, there is potential for lateral extensions of the mineralization. 

“The high silver values represent a solid starting point toward addressing our primary goal for Silver Cliff which is to confirm the historical mineral resource and then look to enlarge that resource by extending the drill program outside the perimeter of the original resource on which the PEA was done by Tenneco (in the 1980s),” said Kaare Foy, Viscount Chairman.

Future exploration work at Silver Cliff’s KSR region will depend on the evaluation of the current confirmatory drill program once all of the assay results have been received and interpreted by Viscount’s technical team.

Viscount shares were up 3.3% at C$0.63 having earlier hit a seven-week high of C$0.71.

Story by ProactiveInvestors