Exploration At The Corcoran Canyon Silver-Gold Project


TORONTO - Nevada Silver Corporation (NSC) reported on exploration activity at the Corcoran Silver-Gold Project in Nye County, Nevada. Corcoran includes the Silver Reef near-surface epithermal silver-gold deposit which is a NE-trending mineralized zone 300 meters wide and 1 kilometer long at Silver Reef Hill near the centre of the Project. The Silver Reef deposit is open laterally and at depth and NSC plans to test the mineralization within the area of previous drilling as well as peripheral to the deposit, including a 12 square kilometer zone of prospective rock alteration containing areas of anomalous precious metals.

Drilling will include verification, in-fill and step-out drilling at the Silver Reef deposit. The work is expected to commence in the third quarter of 2021 and will be undertaken in two consecutive stages.

Eight HQ-sized diamond core verification drill holes (approximate total 1200 meters) are intended to confirm strongly mineralized drill intersections reported by other companies at Silver Reef and will form the first stage of the program. The historical drill holes were mostly completed in the mid-1980's and used a variety of sampling equipment and dated analytical procedures. The planned NSC drilling will provide comparative analytical data for representative silver and gold mineralized intersections reported by earlier explorers.

Historical reported drill intersections to be tested in the verification drilling program include: CC02 (1.5m @ 3,531g/t Ag) as well as (1.5m @ 4,114g/t Ag and 0.27g/t Au); CC30 (42.7m @ 390g/t Ag and 0.34g/t Au) as well as (4.6m @ 521g/t Ag and 0.45g/t Au); CC38 (6.1m @ 1,874g/t Ag and 2.57g/t Au); CCD04 (7.6m @ 1,150g/t Ag and 1.99g/t Au); CCD09 (1.5m @ 4,103g/t Ag and 4.08g/t Au); CCD15 (23.1m @ 39g/t Ag and 2.15g/t Au) as well as (1.8m of 1,186g/t Ag and 0.89g/t Au); and CCD21 (14.9m @ 268g/t Ag and 0.38g/t Au).

An immediate follow-on program of approximately 20 HQ holes (total 2-3km) will test for extensions to the Silver Reef mineralization both below and marginal to the area where an inferred mineral resource calculation was established (see below details of the inferred mineral resource calculation) and will also provide considerable in-fill data. This drilling is expected to extend the area of known mineralization and will form both the basis for an updated NI 43-101-compliant resource estimate as well as material for metallurgy and mineralogy studies. Additional drill holes may also be undertaken for groundwater, geotechnical and processing investigations.

Access track clearing and drill pad preparation are intended during the next several weeks and commencement of drilling is anticipated in the third quarter of 2021. Results will be progressively reported following geological logging and laboratory analyses of drill core samples.

During May, the first eight planned drill locations were pegged, mapped and sampled. A total of 88 surface samples including 18 meters of rock channel composites and soil profiles were collected and dispatched for laboratory analyses. Assaying and reporting of results are expected to be completed in July. Follow-on surface sampling and mapping will continue when drill rig access preparation commences.

NSC is intending to commission a fixed wing airborne multispectral survey of 40 square kilometers centered on the Silver Reef deposit and including the 12 square kilometer area of alteration and other exploration targets within the Project.

The study will identify clay alteration assemblages and indicator minerals which will enhance the targeting of mineralization, lithology and alteration patterns within the surface bedrock and soils, as well as providing a base for future surface mapping and sampling. The survey is expected to be flown in late June and results processed and interpreted in July.