VANCOUVER, BC, Sept. 27, 2021 /CNW/ -- Silverton Metals Corp.
(TSX-V: SVTN) (OTCQB: SVTNF) ("Silverton" or the "Company") is pleased to
announce the commencement of exploration at the Pluton
silver-zinc-lead project in the state of Durango, Mexico.
The Pluton property is within the prolific carbonate
replacement, gold, silver, zinc and lead Ojuela-Mapimi Mining
District in northern Durango,
Mexico. The property covers 6,534 hectares and is located
near Excellon Resources' Platosa mine, one of the highest-grade
silver producers in Mexico. In the
first six months of 2021, Platosa grade was 506 g/t silver with a
silver equivalent metal production of over one million
ounces1. Not only does Pluton share a similar geological
environment to Platosa, but it also lies along strike from the past
producing La Ojuela mine, historically one of the richest silver
mines in Mexico and one of the
first mines developed by Peñoles in the late 1800's. La
Ojuela was in production for over 350 years. Exploration targets at
Pluton are Platosa and Ojuela style silver-lead-zinc manto and
chimney carbonate replacement deposits ("CRD"), which may lie
beneath the shallow alluvium and strongly altered clastic rocks
that overlie the productive carbonate rocks.
Mr. John Theobald, President
& CEO of Silverton comments,
"I am very pleased to start working on Pluton, the district is a
major hydrothermal system with favourable lithologies, structure,
alteration and widespread mineralisation yet despite this remains
relatively unexplored. Pluton is a district scale project targeting
high-grade carbonate replacement type silver-zinc-lead deposits
which are typically in the range of tens of millions of tons such
as the Santa Eulalia mine in
Chihuahua and represent robust exploration targets. The nearby
Platosa mine is Mexico's
highest-grade silver mine with a silver equivalent grade of over
1,000g/t2."
Aeromagnetic and ZTEM surveys show that Pluton, Platosa and the
Ojuela-Mapimi district lie in close proximity to a 25 km x 10 km
area of intrusions which do not outcrop. The aeromagnetic and ZTEM
results along with geochemical and IP surveys identified five
targets and resulted in a 3900m
nine-hole diamond drill program in 2011. All holes encountered
silver-lead-zinc mineralization in veins in an altered shale
(hornfels) that overlies the carbonate horizon which host the along
strike extension of the Ojuela mine. None of the holes were drilled
deep enough to intersect carbonate rocks. The vein mineralization
discovered is interpreted as leakage into the nonreactive
shale-hornfels and is potentially connected to mineralized bodies
in the carbonate rocks below. The high-grade target of silver-rich
massive sulfides could lie at the contact of the limestone and the
downward projection of the mineralized fractures seen in the
hornfels. An ancillary advantage to the district is that the
Peñoles Torreon smelter is only
50km away, and transport and power infrastructure is excellent.
Silverton will focus on the Dos
Amigos target in the north of the licence area and San Jose in the south (Figure 1). Initial work
will include three-dimensional modeling of geophysical data as well
as seismic and gravity surveys to rank targets to be tested with
drilling. Mineralisation at the Platosa mine and La Ojuela mine,
however, are not necessarily indicative of mineralisation at the
Pluton property.
1Excellon Resources News Release July 21. 2021.
2Excellon's website, Corporate Presentation
July 2021.
Figure 1. Geology and mineralization of the
Ojuela-Mapimi, Platosa, Pluton mining district showing
Pluton's target areas (discontinuous black-line ellipses) and
property limit (continuous black line). The horizontal projection
of the Ojuela deposits is shown in red color, productive limestones
are shown in blue, overlying, less-reactive to barren clastic rocks
(shales, siltstones) are shown in green. Extensive alteration
of the clastic rocks, which results in hornfels, is also shown in
green. Alluvial cover is in yellow.
Appointment of Vice-President, Corporate Development
The Company is pleased to announce the appointment of Mr. W.
Barry Girling as Vice President,
Corporate Development. Mr. Girling has been active in various
aspects of mineral exploration since 1977, he holds a B.Com.
(Finance) degree from the University of
British Columbia and currently provides consulting services
to a number of junior resource companies. He has strong capital
markets experience and serves as a Director for Silverton Metals
Corp., I-Minerals Inc., Silver One Resources Inc. and Santa Cruz
Silver Mining Ltd.
Qualified Person
Mr. P. Born, P.Geo, a Qualified Person under National Instrument
43-101, has reviewed and approved the technical information
contained in this news release.
About Silverton Metals Corp
Silverton Metals Corp is a Canadian company focused on the
exploration and development of quality silver projects. The company
holds a 100% interest in three significant silver assets in
Mexico – Pluton, in Durango,
Peñasco Quemado in Sonora and La
Frazada in Nayarit. Silverton management and board have extensive
experience identifying and evaluating acquisition targets and
exploration prospects. The company intends to build a strong
portfolio of silver and gold-silver projects to drive future growth
by exploration success and from later stage projects with
production potential. To achieve this growth the Silverton business plan calls for a dynamic
combination of development of its existing properties,
acquisitions, and partnerships.
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Silverton cautions that all forward looking
statements are inherently uncertain, and that actual performance
may be affected by a number of material factors, many of which are
beyond Silverton's control. Such
factors include, among other things: risks and uncertainties
relating to Silverton's limited
operating history and the need to comply with environmental and
governmental regulations. Accordingly, actual and future
events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, Silverton undertakes no obligation to publicly
update or revise forward-looking information.
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.
For further information please contact:
Silverton Metals Corp.
John Theobald, CEO and Director
(604) 683-0911
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SOURCE Silverton Metals Corp.