News Release | April 06, 2016
- Summit recognizes that Viscount’s Flint Canyon area exhibits alteration and mineralization characteristic of Carlin-type gold deposits
- Drilling budgeted for 32 holes at 24,000 feet or 7320 m
VANCOUVER, Canada –- Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) (“Viscount” or “the Company”), is pleased to announce the 2016 work program which will commence shortly on the Cherry Creek Property, Nevada. The program will be conducted by Summit Mining Exploration, Inc. (“Summit”), a wholly owned subsidiary of Sumitomo Corporation. The Cherry Creek Mining Property is located in White Pine County approximately 56 miles or 90km north of Ely, NV. The district has a long history of gold, silver, lead, zinc and tungsten production from high-grade vein and replacement deposits.
This program follows up on the successful 2015 work program on Flint Canyon about which Summit stated, “Flint Canyon is a very high priority target area for 2016” as was indicated in the Viscount new release from October 29, 2015.
Kaare Foy, Viscount Chairman stated: “We have a great exploration partner with Sumitomo Corporation and are encouraged with the 2015 work program results. In 2016 we will be working in two very prolific gold and silver jurisdictions and expect it to be a very exciting year for Viscount shareholders.”
Flint Canyon 2016 Work Program
The Flint Canyon area contains highly dissected fault blocks of the Dunderberg Shale and is generally recessive with the underlying Marjum Limestone and overlying Notch Peak Limestone. The Dunderberg shale appears to be moderately altered throughout its distribution at Cherry Creek, and at Flint Canyon it experienced widespread and significant alteration by hydrothermal fluids. The Flint Canyon jasperoid and carbonate rock chip samples from 2015 work program are highly anomalous in gold mineralization.
At Flint Canyon, the Pogonip Formation overlies the Notch Peak and both units are important host rocks for Carlin-type gold mineralization in east‐central Nevada. Jasperoid occurrences in Nevada are significant in context to Carlin-type gold deposits and mineralized jasperoid outcrops are common throughout the Flint Canyon area. They occur principally along the base of the Dunderberg Shale but other outcrops are found along Pogonip‐Notch Peak contact. Many major gold discoveries have been made based on the presence of outcropping, weakly mineralized jasperoid hosted in and along bedding contacts of carbonate rocks. At Flint Canyon, jasperoid is found in the same carbonate rocks that are prolific host rocks at Newmont Mining’s nearby Long Canyon gold deposit.
The program is as follows:
- Continue soil sampling program on the standard 75 m by 75 m grid. Minimum 1,200 samples to cover Flint Canyon and western flank of the mountain range, as well as much of the remainder of the property.
- Continuation of geologic mapping and chip sampling. Remap and sample Flint Canyon area in greater detail. Extend mapping up and outward into areas not covered in 2015 program.
- Submit plan for permitting of drilling at Flint Canyon.
- The drilling will target an area measuring 1 km by 2 km of anomalous gold associated with jasperoid outcrops occurring in carbonate rocks and with nearby Eocene intrusive dikes.
Exchequer/New Century Mines and Star/Grey Eagle Mines 2016 Work Program
Recent mapping and sampling by the project geologists have verified the anomalous gold in this area, from the Star Mine up to and past the Grey Eagle vein which is subparallel to the Exchequer vein. Since the Star structure strikes northwest, it may extend to the Exchequer vein. Therefore, the potential target area extends from the Star Mine to the Exchequer structure. The drill programs will test the possibility of a major deep seated gold-silver and base metals deposit in this general mineralized area. This could become a significant new area with economic grade mineralization. With the possibility of connecting the three past producing mines underground, could mean a significant cost saving in mining if an economic grade deposit is discovered.
The program is as follows:
- Satellite imagery – high resolution satellite imaging of the entire property and generation of rectified 1m topography to be loaded to Vulcan and ArcGIS programs.
- Detailed mapping and interpretation of faulting and structures and develop a structural & lithological reconstruction model of the Cherry Creek range.
- Transfer mapping and sampling data from ArcGIS to the Vulcan program to allow for dimensional geological interpretation and modeling.
- Submit drilling plan for permitting at Star/Gray Eagle Mines, and Exchequer/New Century Mines.
- Property-wide drilling budgeted for 32 holes at 24,000 feet (7320 m).
The scientific and technical information contained in this news release has been reviewed by Mark J. Abrams, M.Sc., P.G., R.G., C.P.G., 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 (TSX VENTURE: VML) (OTCQB: VLMGF)
Viscount Mining is an exploration company with a portfolio of gold and silver properties in the Western United States, including Cherry Creek in Nevada and Silver Cliff in Colorado. Cherry Creek is comprised of more than 10,000 acres, all 100% owned, and includes more than 20 past producing mines. Viscount has entered into an exploration earn-in agreement with Sumitomo Corporation covering the Cherry Creek property. Sumitomo can earn in up to a 75% interest in the property by producing a feasibility study and by spending in addition a minimum of US$10,000,000 in exploration and development expenses by the eighth anniversary of the earn-in agreement. Silver Cliff in Colorado is comprised of 96 lode claims, covering much of the historical past-producing mineral districts of Silver Cliff and Rosita Hills.
For additional information regarding the above noted property and other corporate information, please visit the Company’s website at www.viscountmining.com
About Sumitomo Corporation
Sumitomo Corporation is one of the largest integrated trading and investment companies in Japan. Sumitomo Corporation, a Fortune 500 company, conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry. Summit Mining Exploration, Inc. is a wholly-owned subsidiary of Sumitomo Corporation and is headquartered in Colorado, USA. For more information about Sumitomo Corporation, visit www.sumitomocorp.co.jp
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
For further information, please contact:
Viscount Investor Relations
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.
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.