Rio Silver Completes Agreement with Local Community at Jorimina Project, Peru
23 July 2024 - 11:15PM
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) is
pleased to announce it has finalized a surface access agreement
(“the Agreement”) with the local Community for a period of one year
at the Company’s Jorimina Project, an advanced gold/silver project
near the city of Ayachucho in south central Peru.
A recently completed Environmental Impact Study and community
workshops aided by the President and Council of the local
community, represent the final steps of the drill permitting
application process and allow for the initiation of activities at
this highly prospective, bulk tonnage gold and silver target
located at the Company’s wholly owned, Jorimina, Gold / Silver
Project.
Jorimina was previously a joint venture project of Newmont, one
of the world’s largest gold producers, that earned its interest
from Southern Peru Copper by spending $US 7 million outlining that
it was in fact a precious metals dominant deposit. Newmont
performed extensive geophysical and geochemical exploration
programs followed by a detailed metallurgical review as part of an
internal preliminary economic analysis. This was based upon their
initial diamond drilling campaign, which was a fence or row of
widely spaced diamond core drilling holes, that transected the
property. A planned follow up, resource defining, diamond drilling
campaign was never realized due to a major market correction in
2012. The Company is in receipt of all the data generated and
summarized in the 2012 Newmont report, which strongly recommended
advancement of the project for which, upon a successful resource
defining drill evaluation, could be capable of supporting a robust
midsized mining operation.
Rio Silver expects receipt of the necessary drill permitting
late in Q3, 2024, and is working with potential drill contractors
to prepare to mobilize crews and equipment upon the receipt of the
permits and minor property access upgrades.
Rio Silver’s President, Chris Verrico, states” We are very
pleased to have been able to advance Jorimina towards resource
delineation, truly an exceptional milestone while we look forward
to very strong precious metals pricing. Newmont had used a $1200/oz
gold value at Jorimina in their preliminary economic analysis at
Jorimina. It is an exciting entry point for future valuation gains!
Rio Silver has a very successful track record of permitting
successes and a very focused and experienced team that can deliver
on our objectives. Our recent success with community engagement and
permitting advances, may aid our ability to engage the community
that is associated with the adjoining Ninobamba, high sulfidation,
epithermal silver/gold deposit located just 6.5 kilometers east
from Jorimina, under one continuous land holding and another
opportunity for an accretive valuation increase for Rio Silver
shareholders.
Rio Silver is a resource development company that has been
selectively acquiring and advancing precious metal assets that
afford the best possible leverage and returns in anticipation of an
increasingly more favorable precious metals bull market. Both our
Niñobamba and Jorimina area Au/Ag targets are suggestive of near
surface, bulk mineable open pit targets.
We remain ever impressed and optimistic by the resilience and
ingenuity of our host country as the Government continues to
endorse supportive mining policies ensuring continued growth and
opportunity throughout Peru.
ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER INC.
“Chris”Christopher Verrico
Director, 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.
For further information:
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
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