Silver Viper Minerals Signs Non-Binding Letter of Intent to Acquire Core Claims of La Virginia Gold-Silver Project, Sonora, Mexico
TSX VENTURE: VIPR
VANCOUVER, Dec. 13, 2017 /CNW/ - Silver Viper Minerals Corp. (the "Company" or "Silver Viper") (TSX-V: VIPR) is pleased to announce the signing of a non-binding Letter of Intent ("LOI") on three mineral concessions forming the core of the La Virginia Gold-Silver Project ("La Virginia"), located in the Sierra Madre Occidental, 220 kilometres ("km") east-northeast of Hermosillo, Sonora, Mexico.
Terms specified by the LOI provide for Silver Viper to earn 100% ownership of the 2,102 hectare project by making cash payments to the owners totaling US$4.5 million in staged, escalating payments over a 4- year period as per the following schedule;
- First Anniversary of Effective Date, US$200,000 cash payment
- Second Anniversary of Effective Date, US$500,000 cash payment
- Third Anniversary of Effective Date, US$1,000,000 cash payment
- Fourth Anniversary of Effective Date, US$2,800,000 cash payment
Silver Viper will assume responsibility for claim taxes and maintenance costs. Claim owners will retain a 2% Net Smelter Return (NSR) which may be purchased by Silver Viper for US$2.0 million within 5 years of the effective date, or for US$3.0 million after the 5th Anniversary. The LOI also provides Silver Viper with a 120 day due-diligence period to complete data compilation and verification. Not all project data is available at this time and the due diligence period will allow Silver Viper to locate, compile and interpret all information generated during the project's history as it advances toward the Definitive Agreement.
La Virginia is characterized by laterally extensive epithermal style gold-silver mineralization in quartz stockworks, veins and hydrothermal breccias hosted in andesites and felsic dykes. Mineralization is controlled by structures related to the north-northwest regional trend, anomalous geochemical results have been returned from these structures from the length of the property. Historical mining activities evidenced by several underground workings are developed on zones of increased silica alteration and veining. The largest historical workings, "La Virginia" and "Con Virginia" are still accessible and host mineralization ranging between one metre to greater than twenty metres in thickness.
Minefinders Corporation Ltd ("Minefinders") explored La Virginia between 2010 and 2012, spending $3.5 million on 48 diamond drillholes for a total 15,686 metres of exploration drilling during 2011 alone (Minefinders MD&A dated December 31, 2011). Minefinders was acquired by Pan American Silver Corp. in 2012, primarily for its flagship asset, Dolores silver mine, located some 100km south-southeast of La Virginia (Pan American news release dated January 23, 2012).
Silver Viper's President and CEO Stephen Cope states, "La Virginia is a highly prospective gold-silver property aggressively explored by Minefinders, whose last reported assays, prior to their acquisition, were highly encouraging. The property may have been overlooked as a non-core asset during the transition. Silver Viper sees in La Virginia an opportunity to build a portfolio of exciting exploration projects and advance work to date in the prolific Sierra Madre Occidental."
Dale Brittliffe, P.Geo., Vice President of Exploration is a 'Qualified Person' under National Instrument 43-101, and has approved the scientific and technical information contained in this news release.
About the Company
Silver Viper Minerals Corp. is a Canadian-based junior mineral exploration company focused on precious metals exploration in northwestern Mexican state of Sonora. The company has an option to acquire a one hundred percent (100%) interest in the Clemente Precious-Base Metals Property, a highly prospective exploration project located within the prolific Sonora-Mojave Megashear. Silver Viper is under management provided by the experienced Belcarra Group Management Ltd ("Belcarra Group"). The Belcarra Group is comprised of highly qualified mining and financial professionals.