VANCOUVER, British Columbia, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) ("Viscount" or "the Company"), is pleased to announce it has signed an agreement acquiring leases on an additional 22.5 acres of patented claims in the Hardscrabble District as part of the ongoing enrichment of their Silver Cliff silver project in Colorado. Terms of the agreement include claim payments and a 1.5% NSR. These claims have previously not been available to Viscount for exploration. These claims bridge the continuity and access to the Kate extension which is a highly prospective mineral tenure contiguous with the Silver Cliff claim block. The claims are located on the south west side of the Kate deposit. This acquisition increases the size of the Silver Cliff land package to 2319.48 acres.
Viscount is currently in the planning stages for a drill program at Silver Cliff to expand the indicated and inferred mineral resource of 12,704,800 ounces of silver announced 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. 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.
Mark Abrams Viscount Director and Geologist stated, "The acquisition of this claim block is likely to contribute to the expansion of the Kate deposit. These additional claims will greatly aid in the development of additional targets."
Viscount also announces that it has applied to the TSX Venture Exchange for approval to extend the expiry date of 5,000,000 common share purchase warrants that were issued as part of a non-brokered private placement completed by the Company in August 2017. The Warrants are exercisable for common shares of Viscount at a price of $0.35 per share. The Company is proposing to extend the expiry date of the warrants by an additional two Years (2) to 4:30 p.m., Vancouver time on August 29, 2020. All other terms and conditions of the warrants, including the exercise price, will remain the same. The proposed extension of the expiry is conditional upon the receipt of Exchange approval.
About Viscount Mining VML 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 2319.48 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 take over by another company.
The Cherry Creek Property is focused on exploration in the immediate vicinity of an area commonly known as the Cherry Creek Mining District, located approximately 50 miles north of the town of Ely, in White Pine County, Nevada. Cherry Creek consists of over 276 unpatented and 18 patented claims as well as mill rights, and is comprised of more than 6,000 acres. Cherry Creek includes more than 20 past producing mines including Blue Bird, Chance Mine, Filmore, Last Chance, Star, Exchequer/ New Century Mine, Ticup and Motherlode 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
