- 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 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.
Vancouver, British Columbia – June 28, 2023 – Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) (“Silver Valley” or the “Company”), is pleased to announce results of trenching activities at its first high-priority target area, Crown Point, of six areas to be tested at its Ranger-Page Project, North Idaho, USA. The Crown Point Mine is located immediately west within one kilometre of the Bunker Hill Mine, one of the largest underground mines in the United States.
As announced in the June 8th, 2023, press release, the Company’s multi-kilometre exploration trenching project commenced with work in the eastern end of the project on the Crown Point target, which was the site of the project’s historic high-grade silver mining activities. A strong ground IP anomaly and positive soil geochemistry results from 2022 justified trenching the Crown Point area to expose vein structures at surface. Approximately 400 meters of trenching has been completed to date in the Crown Point target area, exposing an east-west trending structural zone of mineralization greater than 16 metres wide which extends Crown Point over 220 meters to the west, and at least 75 meters up dip from the Crown Point mine toward the surface.
Assay results from the vein structures in the Crown Point trenches show anomalous silver grades as high as 27.4 g/t, 8,300 ppm lead, 3,100 ppm zinc, and 1,900 ppm copper within two significant vein structures measuring 2.87 metres and 2.50 metres wide (see Table 1 below). These results represent an increase in silver and base metal concentrations when compared to geochemical results from the 2022 exploration program, as well as historic results from past mining major, Asarco in the 1970’s.
It is well understood that many Coeur d’Alene style veins contain significant iron, lead and zinc sulphides, which when dissolved, acidify ground water, leading to additional leaching of metal sulphides over time. For this reason, leached outcroppings in the Coeur d’Alene mining district that contain discrete limonitic structures and gossan grading +20 g/t silver is considered anomalous and prospective. These results meet our expectations for surface exposures of the Crown Point vein system, which had head grades of 301 g/t silver and 10% lead. Zinc was not tracked or recovered at Crown Point historically. Our assay results suggest zinc is present at surface and at depth.
Silver Valley’s Exploration Director, Dale Moore, commented, “For the first time on this project we’re getting a clear look at the Crown Point mineralization in outcrop. These results have improved upon the assays reported from the historic bulldozer cut completed by Asarco in the 1970’s, showing elevated base metals versus what was previously reported. Silver-lead ratios are similar to what we expect in this area of the District, and +20 gram silver at surface is a strong result given our geology and climate. We have a wide east-west zone trending parallel to Crown Point, and we’re seeing additional mineralized structures in the hanging wall of the Crown Point fault. We’re very happy with the progress thus far with the trench results.”
Figure 1: Plan view of trenching area showing silver results, mineralized trend, and channel (C) and grab (G) sample locations
Figure 2: Plan View of Crown Point Anomaly with Trench and Soil Geochemical Results.
Figure 3: Long section looking north showing trenching results relative to Crown Point workings and IP anomalies.
Figure 4: Gossan from sample c-008 in a zone that is approximately 0.64m wide – see Table 1 below
Figure 5: Close up of sample c-008 in outcrop located in a Crown Point trench
The Crown Point target is located 1,000 metres northwest from Bunker Hill, one of America’s largest underground mines, and 650 metres due east from the past producing Blackhawk Mine (owned by Silver Valley) which remains open at depth below 365 metres. The Crown Point Mine is located 1,650 metres east from the Company’s top ten historical producer in the District, the Page Mine. The East Curlew target, one of Silver Valley’s other high priority targets, is located 220 metres south of Crown Point on the Curlew Fault, which also hosted mineralization at the Blackhawk Mine.
Figure 6: Crown Point Trench Location and High-Priority 2023 Trenching Target areas
To view a 3D Video depicting Geophysical Anomaly, Soil geochemistry and Historic Underground Mine Workings, click here.
Sampling Methods and Lab Analysis
Trenching locations were guided by geologic modeling, mapping, IP results, and soil geochemical data from 2022. Trenching extents were staked out, and soil removed with a backhoe to expose bedrock. When a structure is exposed, grab samples were taken to the lab for initial assay. The zone was then channel sampled at a right angle to the structure and the widths recorded. Mineralized zones were separated from barren zones by sample breaks in the channels. Sampled widths are close to true widths due to the nature of sampling the zone in outcrop. Samples were located via GPS or surveyed in by hand with a tape and brunton compass.
Assays were sent to American Analytical Services (AAS), an ISO/IEC 17025 accredited laboratory, located in Osburn Idaho. All samples sent to AAS were checked for accuracy between the chain of custody and the samples with the client present. Samples are dried before starting the prep process. The prep process includes crushing the sample in its entirety to 80% passing a 10 mesh, split in a riffle box to make a 250g sub-sample and pulverized to 85% passing a 140 mesh. Atomic absorption analysis was completed for silver, lead, zinc, copper and iron. Detection limits for silver and lead are 0.1 ounce per ton, and 0.1% respectively, and 0.01% for zinc, copper and iron. Results below detection limits were replaced with a trace value. AAS internal QC program includes a duplicate analysis or blank check assay for each batch of assays. QC results were within tolerance for all batches. Silver results were converted from ounce per ton to grams per tonne by multiplying by a factor of 34.286. Percent results were converted to ppm by multiplying by a factor of 10,000.
Assay Results
Table 1:Table of channel (c) and grab (g) samples reflecting silver, lead, zinc and iron grades in grams per tonne and ppm.
Qualified person
Timothy Mosey, BSc, MSc, SME, is the qualified person for the company and qualified person as defined by National Instrument 43-101. Mr. Mosey supervised the preparation of the technical information in this news release.
About: Silver Valley Metals:
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.
About: Ranger-Page project:
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 shared underground infrastructure which connected the larger Page mine with other shallow historic mines within the larger Project area. 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.
About: MexiCan lithium – potassium (sulphate of potash) project:
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 “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.
Link to Website: http://www.silvervalleymetals.com
On behalf of the Board of Directors of Silver Valley Metals,
“Brandon Rook”
Brandon Rook, President & CEO, Director
For further information please contact Doug Dobbs, Corporate Development Director and Investor Relations at:
509-475-1173, or
604-800-4710
Email: [email protected]
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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.