Rio Silver Finalizing Access Agreements for Jorimina Property, Peru
04 April 2024 - 12:00AM
Rio Silver or the "Company", TSX.V: RYO, is pleased to announce it
is finalizing an access agreement with the local community for its
100% owned Jorimina project "Jormaina", Department of Ayacucho,
Peru. This agreement facilitates a diamond drill program planned to
commence later this year.
Jormina is located within the Niñobamba Project
which covers an area of 4205 hectares. The Main Niñobamba zone is
located 7 kilometres to east of Jormina where a significant Au-Ag
high sulphidation is present. Joramina was extensively explored by
Newmont Mining Corp. “Newmont” from 2009 to 2011. The Company
acquired the area from Newmont in 2016 along with an extensive
database including surface and drill results and reports from an
exploration program encompassing four prospective precious metal
targets. The exploration programs identified extensive alteration
zones believed to also be part of an extensive high-sulphidation
silver-gold system identified at the Company’s adjacent Niñobamba
zone.
The Company is extremely pleased to have achieved
this important milestone. Jorimina was recognized by Newmont as
having all the necessary elements to be capable of hosting a
precious metal epithermal resource. Newmont completed thirteen
diamond drill holes totaling 4377 metres at Jorimina. Drill
highlights from the historic reports available showing hole JOR-001
returning 72.3 metres of 1.19 grams per tonne (“g/t”) Au starting
at 53 metre depth. Historic drill holes were widely spaced in an
area covering 100 hectares with drill holes spaced over 150 metres
apart. Results are historic in nature and should not be relied on.
Rio Silver initially plans to confirm the historic surface results
and drill results and to determine the shape and the orientation of
the precious metal mineralization. The Company is scheduled to
receive all necessary permits by Q3, 2024 necessary to initiate a
small drill program to confirm the Au-Ag mineralization.
The surface rights of the Company’s Main Niñobamba
Zone located east is controlled by a different community. The
Company plans to initiate a new dialogue in 2024 to obtain a permit
for surface drilling in 2025. Historical diamond drilling results
conducted by Anglogold on the "Main Zone” in 2001 reported assay
results at DDH-2 of 87 g/t silver over an interval of 130 metres
starting from a depth of nine metres, and DDH-4, reporting 54 g/t
silver over a drilled interval of 96 metres starting from 23
metres. Highlights from the trenching program conducted by the
Company in 2012 at the Niñobamba “Main Zone” discovered a new
gold-silver mineralized zone which included 56 metres of 1.03 g/t
Au and 98.9 g/t Ag in trench TR-01 and 21.77 metres of 1.32 g/t Au
and 102.46 g/t Ag in TR-04 ending in mineralization (see Rio Silver
News Release of January 14, 2013). These results show that the main
zone on the Niñobamba property has a strong gold component, and
further exploration is required to determine the precious metal
zonation, alteration patterns and widths. The trenches were cut
approximately perpendicular to the mineralized structure, and the
true width of mineralization cannot be determined at this time.
Jeffrey Reeder, P.Geo., Advisor and a qualified
person as defined in National Instrument 43-101, has approved the
scientific and technical disclosure contained in this news
release.
About Rio Silver Inc.
Rio Silver is a resource development company that
has been selectively identifying and acquiring precious metal
assets that afford the best possible leverage and returns in
anticipation of an increasingly more favorable precious metals bull
market. Our Peruvian precious metal assets are wholly owned with no
royalty obligations. The Ninobamba area Au/Ag targets are
economically attractive as the mineralization suggests near
surface, bulk mineable open pit targets.
Rio Silver is pleased with our host country as the
Government continues to support mining policies ensuring continued
growth and opportunity throughout Peru.
ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER
INC.
“Chris Verrico”
Christopher
Verrico604-762-4448Chris.verrico@riosilverinc.comDirector,
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation
Services Provider accepts responsibility for the adequacy or
accuracy of this release.
This news release includes forward-looking
statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to
be considered forward looking. Although the Company 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 or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. We do not assume any obligation to update
any forward-looking statements except as required by applicable
laws.
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