Viscount Mining Commences Drilling at Cherry Creek, Nevada
Vancouver, November 29, 2018 - Viscount Mining Corp. (TSXV: VML) (OTCQB: VLMGF) ("Viscount" or "the Company") is pleased to announce it has started a two to four-hole (610 metres -1,464 metres) reverse circulation drill program to make an initial test of the Star and Exchequer vein systems. The program will be results driven and will be expanded as needed based on visual inspection of the samples logged on site.
Kaare Foy, Viscount Chairman stated: "In 2013 Snowden completed a NI 43-101 report and its geologists, while evaluating the Star mine property identified geological, structural, mineral and stratigraphic parallels with Newmont's Long Canyon mine to the north which they purchased for US$2.3 billion in 2011 but mentioned the mineralization hosted by the Long Canyon Mine is not necessarily indicative of the mineralization hosted on the Company's Cherry Creek Property."
Mark Abrams, Viscount geologist, added: "Assay results received from sampling also demonstrate the poly-metallic character of Cherry Creek's mineralization. Many of the highest assay values coincide with the known historic mining trends and the structural interpretations across the Cherry Creek property. The distribution of mineralized samples throughout the prospect, and accompanying alteration, suggests good potential for significant metal accumulations."
Star Mine
The Star Mine was the largest producer in the district. It produced from only a more or less east to west trending mineralized fault zone, with drifts following two veins hosted in the Pre-Cambrian quartzites, shales and limestones. (Snowden Mining Industry Consultants Technical Report, NI 43-101 May 20 2013). In reference to material extracted, Schrader (p. 35) states that "…it is said to average about a quarter of an ounce in gold and 20 ounces in silver to the ton, and about 8 per cent each in lead and zinc….Some….however, is very rich in both gold and silver and is said to run as high as 800 ounces in silver to the ton." (Schrader, Frank C., 1931, Spruce Mountain District Elko County and Cherry Creek (Egan Canyon) District White Pine County, Nevada State Bureau of Mines, University of Nevada Bulletin No. 7). The data disclosed by Schrader in 1931 has not been verified by a qualified person as defined in NI 43-101 because the actual production records are not known to be available for examination. The Star Mine has never undergone exploration using modern techniques or modern drilling. Recognizing that the range of grades cited by Schrader is only conceptual because of the limited information provided at the time, a significant exploration drill program nevertheless is considered to be warranted to test the potential.
Exchequer Mine, Blue Vein and New Century (Imperial) Mine
The Exchequer and Imperial (New Century) mines are some of the oldest in the district, and were considered the northern part of the Star Group of claims (Snowden, May 2013 and Bulletin No. 7 1931). There are two veins that are roughly parallel, 9 to 18m apart, and strike N 80 W. They are called the Exchequer to the north and the Blue Vein to the south. They are separated by a quartz monzonite that is hosted in argillite, shale and quartzite. They can be traced for about 915m and the quartz monzonite between the two veins was said to be of milling grade (Schrader 1931). The 915m or greater strike length of the Exchequer vein systems is considered to represent a gold and silver target with excellent upside.
Viscount also is currently in the final planning stages for a winter drill program at Silver Cliff to expand the indicated and inferred mineral resource announced by Viscount news release on May 30th of this year. This next phase will continue to confirm the historical data reported by Tenneco in order to expand the current resource and test new targets. Between 1987 and 1990 Tenneco Minerals completed a feasibility study after an intensive drilling campaign and announced plans to construct a $35 million mill at Silver Cliff. (This was the year before the parent company, Tenneco, decided to divest their mineral interests so the decision was reversed in 1991).
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Dallas W. Davis, P.Eng, FEC, an independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
About Viscount Mining (TSXV: VML) (OTCQB: VLMGF)
Viscount Mining is a project generator and an exploration company with a portfolio of silver and gold properties in the Western United States, including Silver Cliff in Colorado and Cherry Creek in Nevada.
The Silver Cliff property in Colorado lies within the historic Hardscrabble Silver District in the Wet Mountain Valley, Custer County, south-central Colorado. It is located 44 miles WSW of Pueblo, Colorado, and has year-around access by paved road. The property consists of 2,319.48 acres where high grade silver, gold and base metal production came from numerous mines during the period 1878 to the early 1900's. The property underwent substantial exploration between 1967 and 1984.
The property is interpreted to encompass a portion of a large caldera and highly altered sequence of tertiary rhyolitic flows and fragmental units which offers potential to host deposits with both precious and base metals. This has been demonstrated in the mineralization historically extracted from the numerous underground and surface mining operations. Drilling in the 1980s by Tenneco resulted in a historical pre-feasibility study on which basis it was planned to bring the property to production. The plan was abandoned following takeover by another company.
The Cherry Creek Property exploration property is focused in an area commonly known as the Cherry Creek Mining District, located approximately 30 miles north of the town of Ely, in White Pine County, Nevada. Cherry Creek consists of over 400 unpatented and patented claims as well as mill rights, and is comprised of more than 3238 hectares. Cherry Creek includes more than 20 past producing mines.
For additional information regarding the above noted property and other corporate information, please visit the Company's website at www.viscountmining.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim MacKenzie"
President, CEO and Director
For further information, please contact:
Viscount Investor Relations
Phone: 1 844 863 3622
Email: info@viscountmining.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Viscount Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Viscount Mining Corp. management on the date the statements are made. Except as required by law, Viscount Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.