HILTON HEAD, S.C., Sept. 30, 2011
/PRNewswire/ -- Silver Scott Mines,
Inc. (OTC: SILS) is pleased to announce it has increased its
mineral concession holdings in the Quitovac Mine area in northern
Sonora state. The Company had previously announced the acquisition
of the Quitivac Mine concessions (Feb. 10,
2011). The Quitovac mine
area previously acquired consists of 13 older concessions totaling
about 2500 hectares covering more than a 3 km. long zone of shear
related gold mineralization. Previous property operators have
calculated shallow drill hole based historic resources ranging from
a low of 112,000 ounces gold in a resource averaging 3.14 grams Au
per tonne (Technical Report, 2002) ranging up to 325,560 oz. Au in
a resource averaging 1.35 grams per tonne.
The new 12,000 hectare concession acquired by the Company covers
a large area south and west of the older concessions but on trend
of the gold mineralization from the mine area. Much of the
new concession area is pediment gravel covered. The
previously mined La Choya gold
mine operated by Hecla Mining Co. is located about 8 km southeast
of the Quitovac mine and 2 kms
east of the new concession. Paved highway, electric power, and
water are available within 3 km of the project site.
The majority of the recent historic exploration done at
Quitovac consisted of drill
programs of Penoles-Fresnillo and Santa
Cruz respectively in 1988 and in 1997. Significant
exploration remains to be completed with future planned drill
programs expected to greatly expand the resource at the project.
Mining was active around 1900.
The Quitovac mine is located
within a regional gold mineralized belt known as the Sonora-Mojave
Megashear which has the geological character of a broad fold thrust
belt more than 300 km long. This belt hosts 11 gold deposits
in production or near production and most located in Mexico. The largest gold deposits in
this belt are the Mesquite Gold mine (owned by New Gold) located
north of Yuma, Arizona and the
Herradura Gold mine complex (owned by Fresnillo and Newmont). The Herradura complex
consists of five large gold deposits reportedly containing more
than 11 million oz. Au. These mines are low grade open pit heap
leach operations..
John Ryan, CEO of Silver Scott
commented, "We are very pleased to have acquired this expanded land
position to support what is shaping up to be a very productive and
exciting gold play in Mexico. With
gold at historic high metal prices, we expect Quitovac can produce as a low cost heap leach
mine. Additionally, we are excited to begin detailed
examination of the entire Quitovac
property which will help us target our drilling which includes
testing part of the gravel covered pediments. Quitovac is a project which is amenable to our
overall corporate strategy of defining resources capable of
initiating production of gold from heap leach processing with
progressive expansions of the operations."
For further information please contact:
John Ryan
Silver Scott Mines, Inc.
301 Central Ave. #384
Hilton Head, SC 29926
1.404.418.6203 phone
1.843.842.7248 fax
The source of this news release is Silver Scott Mines, Inc. This
press release may contain certain forward-looking statements within
the meaning of Section 27A of the Securities and Exchange Act of
1933, as amended, and Section 21E of the Securities and Exchange
Act of 1934, as amended, which are intended to be covered by the
safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainties and
therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to be
accurate.
SOURCE Silver Scott Mines, Inc.
