PRESS RELEASE
November
16, 2016
VANCOUVER, Canada –- Viscount
Mining Corp. (TSX-V: VML) (OTCQB:
VLMGF) (“Viscount” or “the Company”), is pleased to announce it has
commenced drilling of its Silver Cliff property in the Hardscrabble Silver
District in Custer County, Colorado (the "Property"). The drill
program has the objective of confirming the historical documentation on one of
the Silver Cliff deposits known as “Kate” and will also include angle holes
which will test steeply dipping mineralized structures that have the potential
for enhancing historical estimates based on vertical holes that tested
flat-lying mineralized bodies.
In late July 2016, the
Company completed over thirty line-miles of magnetic geophysical surveying. The
resulting extensive data package has subsequently been compiled and clearly
shows a good correlation between high magnetic responses and silver
mineralization encountered by historical drilling. Not only do the high
magnetic responses correlate with known silver mineralization, but there also are
other high response zones that remain untested by the drilling.
In this first phase of
core drilling, the Company intends to complete 10 holes totaling 2,000 feet
(610 m). This program will begin to define the deposits. As stated
in previous news releases, the Company on the basis of historical estimates has
a target of 40 to 50 million ounces of silver on the Property. However,
potential quantity and grade is conceptual in nature, as there has been
insufficient exploration to define a mineral resource, and it is uncertain if
further exploration will result in the target being delineated as a mineral
resource.
Recent preliminary results
of representative, continuous rock chip sampling and geological mapping at a
scale of 1:240 around the perimeter of the 7960 bench in the existing aggregate
pit shows that silver, manganese, lead, zinc, gallium, and indium are present. Only
recently have indium and gallium become of great importance, with indium used
in LCD televisions and computer monitors, and, gallium in medical devices, microwave
circuits, high-speed switching circuits and infrared circuits. Semi-conductive
gallium nitride and indium gallium nitride produce blue and violet light-emitting
diodes (LED lights) and diode lasers.
Detailed geologic mapping
at a scale of 1:1000 by Viscount geologists done in the vicinity of the Kate
Deposit suggests that the polymetallic resource may be a combination of
epithermal vein and a carbonate replacement deposit. Previous work considered
the Kate Deposit to be of supergene origin. Supergene processes of enrichment produce
ore deposits that occur relatively near the surface as opposed to hypogene
processes which occur deeper below the earth's surface and result in deposits
that are much later discovered after being exposed by erosion and by drilling.
The detailed mapping
completed in October 2016 revealed a previously undocumented, silicified
carbonate reef complex. The silicification indicates replacement by
hydrothermal fluids. Further, both the Kate Deposit and the silicified
carbonate reef occupy the same stratigraphic position, directly above an
obsidian bed. If the carbonate reef was completely replaced by silica, it would
be a very brittle rock, easily shattered by minor tectonic adjustments,
creating a breccia whose matrix could become mineralized by hydrothermal fluids
from an epi- or hypothermal feeder vein. The discovery of the carbonate reef
complex has yielded a completely different genetic model for the Kate Deposit
than that proposed by previous geologists.
Jim MacKenzie, Viscount
President and CEO stated: "We are very pleased with the ongoing work
program at Silver Cliff. With the detailed mapping just completed revealing a
previously undocumented new reef complex, we made the decision to adjust the
drilling schedule to further investigate this new reef. We are very excited as this
newly identified complex represents a possible expansion of Silver Cliff."
About Silver Cliff
Property
The Silver Cliff property
lies within the historic Hardscrabble Silver District in Colorado. The Property
consists of 96 lode claims where high grade silver, gold and base metal
production came from numerous mines during the period 1878 to 1894. It is
located 44 miles WSW of Pueblo Colorado and has year-around access by paved
road. The property underwent substantial exploration between 1967 and 1984 for
the purpose of defining mineral inventories. The major explorers were Freeport,
Hecla, Homestake, Moly Corp, Coca Mines and Tenneco Minerals.
Silver Cliff is thought to
overlie a large caldera and porphyry system which increases the prospect's
potential to host a number of deposits from both precious metals to base
metals. This has been demonstrated in the mineralogy and grade historically
extracted from numerous underground mining operations dating back to the late
1800s and early 1900s.
Drilling in the 1980s by
Tenneco resulted in a historical pre-feasibility study which formed the
company's decision to put the property into production. Known historical silver
grades range from below detection to a high of 2,125 g/t (68 o/t) Ag over 13.4
metres. Known historical gold grades range from below detection to a high of
9.06 g/t (0.29 o/t) Au over 1.2 metres. Plans were halted due to the
restructuring of Tenneco after it was sold.
Qualified Persons
The scientific and technical information contained in this news
release has been reviewed and approved by Dallas W. Davis, P.Eng, FEC, an
independent consulting geologist who is a "Qualified Person" as such
term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
About Viscount
Mining (TSX VENTURE: VML) (OTCQB: VLMGF)
Viscount Mining
is an exploration company with a portfolio of gold and silver properties in the
Western United States, including Cherry Creek in Nevada and Silver Cliff in
Colorado. Cherry Creek is comprised of more than 9,000 acres, all 100% owned,
and includes more than 20 past producing mines. Viscount has entered into an exploration
earn-in agreement with Sumitomo Corporation covering the Cherry Creek
property. Sumitomo can earn in up to a
75% interest in the property by producing a feasibility study and by spending
in addition a minimum of US$10,000,000 in exploration and development expenses
by the eighth anniversary of the earn-in agreement. Silver Cliff in Colorado is comprised of 96
lode claims, covering much of the historical past-producing mineral districts
of Silver Cliff and Rosita Hills.
For additional
information regarding the above noted property and other corporate information,
please visit the Company's website at www.viscountmining.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim MacKenzie”
President, CEO and Director
For
further information, please contact:
Viscount Investor Relations
Phone:
604-960-0535
Email:
info@viscountmining.com
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.
Forward-Looking
Statements
This
news release contains certain statements that may be deemed
"forward-looking" statements. Forward looking statements are
statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans",
"anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although
Viscount Mining Corp. 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 may differ
materially from those in forward looking statements. Forward looking statements
are based on the beliefs, estimates and opinions of Viscount Mining Corp.
management on the date the statements are made. Except as required by law,
Viscount Mining Corp. undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or opinions, or
other factors, should change.
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