TSX.V:VIPR | OTCQX:VIPRF

PROJECTS

LA VIRGINIA PROJECT

Overview

The project hosts low-sulphidation epithermal-style gold-silver in quartz stockworks, veins and hydrothermal breccias controlled by the regional north-northwest trend. Mineralization is hosted by intermediate volcanics, and pre-mineral, dacite-rhyodacite dykes emplaced along fractures aligned to the regional trend. The structures are laterally extensive and often conspicuous due to the erosion-resistant nature of the coincident dykes. Work to date has identified anomalous gold and silver mineralization over many kilometres. Historical underground workings indicate that mineralized zones within dilationary jogs or bends along the target structures can achieve true widths of up to 20m.

Silver Viper Minerals’ property originally comprised 35,598 hectares in six mineral concessions collectively referred to as La Virginia Gold-Silver Project. In order to reduce claim maintenance costs, the Company completed a project-wide reconnaissance campaign to reduce the area of the large claims, allowing the company to focus on exploration of the recognized mineralized trend. The Company now owns 6,882 hectares (100% ownership), which is fully permitted until 2027.

The project is remote, and a field camp is in place on the property. Exploration work began with a regional targeting and reconnaissance survey and progressed to drill testing in September 2018. Recent exploration work has included two phases of diamond drill testing. Phase I drilling, designed as a first pass test along known mineralized trends and potential parallel structures, was completed in December 2018 and totaled 20 holes for 4,753 metres. Phase II focused on target areas north of the historical exploration areas, notably the El Rubi discovery area, and added 20 more holes for 6,955metres. Total meterage completed by Silver Viper at the pause in drilling totals 11,708 metres in 40 holes.

The El rubi discovery is 2.5 km north of the historic Pan American Silver & Minefinders area. It is structurally controlled by NNW trend. Its structural interpretation is fault-offset continuation of Las Huatas / La Virginia trend. Exploration activity shows multiple mineralized showings being advanced along strike.

Exploration Strategy

The project has seen small scale exploitation of gold-silver bearing veins and breccias, the last period of this type of work was in the 1970s, where some small-scale underground mining was completed at several locations over the property. The historical work is estimated at some 210m of development. No production records are available but the bulk of work was completed at two locations, the still accessible La Virginia and Con Virginia workings.

Following almost three decades of inactivity, the locations was rediscovered by Minefinders Corporation Ltd staff during a regional reconnaissance program in 2007. The property was acquired and fieldwork undertaken in the form of surface sampling and mapping. Exploration work began in earnest between 2010 and 2013 during which time Minefinders and later Pan American Silver completed 188 diamond drill holes for a total of 52,635m.

Exploration was continuous during the acquisition of Minefinders by Pan American Silver Corp in 2012. Pan American continued with the drilling until early 2013 and conducted some reconnaissance work over the exploration claims before pausing.

Upon completion of work in early 2013, Pan American Silver mothballed the project. Subsequent years saw the option agreement terminated and the central claims El Rubi, El Rubi Frac 1 and Esperanza returned to original claim owners. Silver Viper has now restored the property into a single group of claims and has embarked upon an exploration program which includes definition and extension of known mineralized zones as well as evaluation and testing of regional targets.

2018 saw the re-commencement of work on La Virginia, with a focus on testing additional, outlying targets not previously tested by the intense work of Minefinders and Pan American Silver.

Silver Viper’s maiden diamond drilling program at La Virginia began in late September 2018 and continued until December 2018 for a total of 4,753 metres in twenty holes. Follow up drilling ran from late 2019 to March 2020 and added twenty additional holes for 6955 metres.

Phase II exploration focused primarily on the El Rubi discovery area and has now in 2026, expanded to El Molino, Los Cantiles, Macho Libre and El Oriental.

The first phase 5000 m program will be split between El Rubi and El Molino. The 25,000 m drill program focus will be informed by first 5000 m, with the goal of making new discoveries at El Rubi, El Oriental, Macho Libre, or other targets of interest; and expansion drilling on potential discovery at El Molino, depending on results of the preceding 5000 m program.

Exploration map

Geology

La Virginia is situated in basin and range topography, the uplifted rocks of the escarpment expose intermediate volcanics, andesites, of the Lower Volcanic Sequence, common within the Sierra Madre. Rhyolite tuffs of the upper Volcanic Sequence cap some of the mountains in the target area, increasing frequency and thickness to the east.

Mineralization is characterized by epithermal style gold-silver in quartz stockworks, veins and hydrothermal breccias controlled by regional north-northwest trending structures. Veining/silicification is typically found within Lower Volcanic Sequence intermediate volcanics as well as dacite (to rhyodacite) dykes. The dykes pre-date mineralization and exploit the same regional structures, often forming low, relatively erosion resistant ridges which are conspicuous and extensive. Gold-silver mineralization is controlled by the north-northwest regional trend and anomalous geochemical results have been returned from these structures south to north for the length of the property.

Historical mining activities in the core claims, 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.

New targets

Drilling Highlights

Phase I-III El Rubi selected mineralized intervals

El Rubi

Hole From (m) To (m) Interval (m) Ag (g/t) Au (g/t) Ag Equiv (g/t) Au Equiv (g/t)
LV26-345 236 248.2 11.7 352 9.18 994.26 14.2
INCL 244 248.2 4.2 955.08 24.79 2690.27 38.43
AND 244.7 246.2 1.5 2527.33 65.87 7138.23 101.97
AND 244.7 245.2 0.5 6850 183.5 19695 281.36
LV19-210 73 79 6 216 1.47 319 4.55
INCL 76 77 1 1071 6.32 1513 21.62
LV19-211 188 192.5 4.5 446 13.39 1384 19.77
INCL 189 190 1 1923 58.3 6004 85.77
LV20-215 188 195 7 86 14.4 1094 15.63
INCL 193.9 194.4 0.5 984 196.3 14725 210.36
LV20-217 265.5 273.5 8 401 4.45 713 10.18
INCL 270.5 272.5 2 1436 15.55 2524 36.06
AND 277.5 278.5 1 586 7.49 1110 15.86
AND 279.5 280.5 1 91 7.36 606 8.66
AND 301.5 303.5 2 201 8.44 791 11.3
LV20-218 184 187 3 530 5.82 937 13.39
INCL 185 186 1 1253 14.4 2261 32.3
AND 192 200 8 569 9.15 1210 17.28
INCL 194 197 3 1431 22.63 3015 43.08
LV20-219 182 186 4 249 1.55 357 5.1
INCL 185 185.5 0.5 1584 5.56 1973 28.2
LV20-284 79 126 47 44 0.77 98 1.4
INCL 81 82.35 1.35 329 5.39 706 10.1
AND 103 106 3 170 2.95 377 5.38
AND 138 139 1 324 8.54 922 13.2
AND 317.5 319 1.5 231 11.8 1057 15.1
LV21-289 280.5 410.5 130 18 0.69 67 0.95
INCL 292.38 293.5 1.12 172 9.9 865 12.4
INCL 321.4 323.5 2.1 123 6.55 582 8.32
AND 418.2 437.5 19.3 363 21.2 1849 26.4
INCL 428.7 430.2 1.5 3917 252 21541 308
INCL 429.2 429.7 0.5 10681 738 62369 891

Initial Mineral Resource Estimation

Silver Viper has defined a mineral resource estimate at La Virginia comprising 154,000 oz gold @0.78g/t,  and 6,920,000 oz Silver @35g/tInferred in the Indicated Category, and 260,000 oz gold @ 0.8g/t and 12,940,000 oz Silver @ 40g/t in the inferred category with tonnages and grades presented below. This resource is equivalent to 17,730,000 oz silver equivalent and 31,116,000 oz silver equivalent using a gold:silver price ratio of 1:70.

On May 3rd, 2021 Silver Viper announced the results of the initial mineral resource estimation, the first of its kind at La Virginia. A technical report prepared to the requirements of NI 43-101 is complete and will be filed within 45 days of the announcement date.

New Zones & Discoveries

  • Testing El Rubi Discovery & multiple anomalies
  • Broad new zone representing a second lode at El Rubi
  • Ongoing drill program to expand maiden resource and test new targets

Metallurgy & Ongoing Work

  • Recoveries: 90%-95% Au, 61.9%-75.9% Ag (initial tests)
CLICK TO DOWNLOAD THE FULL NI 43-101
Area Type Class Tonnes Au Grade (g/t) Contained Gold (oz) Ag Grade (g/t) Contained Silver (oz)
El Rubi Open Pit Indicated 6,179,000 0.78 154,300 35 6,929,000
El Rubi Open Pit Inferred 3,255,000 0.90 94,100 36 3,750,000
Con Virginia Open Pit Inferred 3,279,000 0.66 69,500 36 3,837,800
El Oriental Open Pit Inferred 91,000 1.47 4,300 28 81,900
Las Huatas Open Pit Inferred 3,169,000 0.76 77,300 47 4,749,000
Las Huatas Sur Open Pit Inferred 83,000 0.40 1,100 26 70,200
Con Virginia Underground Inferred 39,000 1.52 1,900 121 152,700
El Oriental Underground Inferred 25,000 2.11 1,700 47 37,000
Las Huatas Underground Inferred 152,000 1.90 9,300 51 249,800
Las Huatas Sur Underground Inferred 11,000 3.19 1,100 34 12,000
Total Indicated 6,179,000 0.78 154,300 35 6,929,000
Total Inferred 10,104,000 0.80 260,300 40 12,941,300

The mineral resource model was estimated using drilling data generated by Silver Viper and previous operators, and includes two main areas along the mineralized trend, “El Rubi” and “Virginia”. El Rubi resource represents the focus of Silver Viper’s drilling efforts since 2019 and includes indicated and inferred categories. The Inferred category Virginia resource includes four deposits along a roughly 3.2 kilometres stretch of the mineralized trend.

The Mineral Resources for the La Virginia Project are reported in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101; and have been estimated in conformity with generally accepted CIM “Estimation and Mineral Resource and Mineral Reserve Best Practices” guidelines. It should be noted that mineral resources are not mineral reserves and do not have demonstrated economic viability.

LEARN MORE
ABOUT SILVER VIPER
MINERALS

Newsletter Sign Up

Sign-up to follow our journey with news, events, and updates delivered straight to your inbox.

CORPORATE PRESENTATION

Everything you need to know about Silver Viper Minerals:

CORPORATE PRESENTATION

Newsletter Sign Up

Please complete the form below and someone from our team will be in touch