Vancouver, British Columbia – September 22, 2021 – Silver Valley Metals Corp. (“Silver Valley Metals” or “the Company”) (TSX-V:SILV / FSE:L3UA / OTC:BNRJF) is pleased to provide a corporate update.
Silver Valley Metals President & CEO and Director, Brandon Rook commented “We are making steady progress at the Ranger-Page Project (“the Project”) in the Silver Valley, Idaho. Our ground geophysical surveys are ongoing – we expect to complete the multi-survey program during Q4, 2021. The survey, the first of its kind at Ranger-Page, will be critically important in our careful assessment of how we approach exploration and development at the Project. The Company is methodically working on three different ground geophysical surveys and a field program to later be integrated into our underground mining database in order to define high priority drill targets for the first drill program at the Project. According to the United States Bureau of Mines (“USBM”)(1), high-grade mineralization was mined on the Ranger-Page Project at both the Crown Point Mine and the Blackhawk Mine. Crown Point yielded average grades of 605 g/t silver equivalent, producing over 1.1 million ounces of silver equivalent, and Blackhawk yielded average grades of 386 g/t silver equivalent, producing over 2.4 million ounces of silver equivalent(2). Additionally, there are three more shallow mines on the Project all within a one kilometre radius that warrant further exploration.”
Update on Ground Geophysical Surveys and Lidar Survey
A high-resolution surface lidar and imagery collection over the entirety of the Project area has recently been completed and as previously announced on August 11th, 2021, the Company has commenced a ground geophysical survey on the entire Ranger-Page Project. The first phase is a continuous reading magnetometer survey in conjunction with a VLF-EM survey (readings every 10 meters) at 120 meter line spacing. The second phase, expected to start early in Q4, 2021, will be a high-resolution induced polarization (“IP”) survey oriented north-south at the same line spacing of 120 meters. The IP data is planned to detail the east-west vein systems and will be presented in 3D color contour plots.
3D Geological Model
The Company is finalizing its 3D geological model sourced from a comprehensive underground mining database. The 3D geological model continues to be refined and will be completed after the integration of both the fieldwork results and geophysical surveys, which are expected to be completed during Q4, 2021.
Opening of Corporate Office in Kellogg, Idaho
In the summer of 2021, the Company opened its corporate office and core lab facilities for its wholly owned subsidiary North Idaho Metals Corp. in Kellogg, Idaho.
Attendance at 2021 Silver Symposium in Coeur d’Alene, Idaho
The Company is also pleased to announce that it will be attending the 2021 Silver Symposium in Coeur d’Alene, Idaho on September 27th and 28th, 2021, hosted at the Coeur d’Alene Golf & Spa Resort. The mining and investment conference will include keynote speakers, meeting and connecting with other resource and mining companies and private 1-on-1 meetings. The Company will be presenting at 11:00 am, Monday, September 27, 2021 in Speaker Hall 2. A link to the 2021 Silver Symposium on LinkedIn is available here.
- Source: Data from the US Bureau of Mines (USBM) Western Field Operations Centre, Spokane, Washington.
- AgEq assumptions: Silver price of US$26.00/oz Ag, Zinc price of US$1.20/lb Zn, Lead price of US$0.90/lb Pb and Copper price of US$4.00/lb Cu. Conversion factors: 1 st = 0.9072 mt. 1 tr oz = 31.1035 g.
Timothy Mosey, B.Sc., M.Sc., SME, is the Qualified Person (“QP”) for the Company and qualified person as defined by National Instrument (“NI”) 43-101. Mr. Mosey supervised the preparation of the technical information in this news release.
About Silver Valley Metals Corp.
Silver Valley Metals is a brownfields exploration company focused on its flagship Ranger-Page Project located in the prolific Silver Valley of Idaho, 60 kilometres east of Coeur d’Alene and 1 kilometre from the I-90 freeway. Idaho was ranked the 9th best mining jurisdiction in the world in 2020 (Fraser Institute 2020 Annual Mining Survey). The Project is strategically located bordering two large mines, Bunker Hill to the east and Page to the west. Five historic mines are on the Project with underground mining data and surface geological data supporting high grade silver-zinc-lead mineralization present within the shallow, undeveloped mines. These mines remain open at depth, and laterally along strike, with no modern systematic exploration applied to the Project.
The Company also has a 100%-owned interest in a lithium and potassium bearing salar complex comprising 4,059 hectares on three mineral concessions (the “Mexican Projects”) 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 Company is led by an experienced group of mining, financing, and exploration specialists.
On behalf of the Board of Directors of Silver Valley Metals,
Brandon Rook, President & CEO, Director
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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.