Silvore Fox Begins Test Drilling of Targets in Chile
October 05 2011 - 4:06PM
Marketwired
Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox")(TSX
VENTURE:SFX) is pleased to update the geological due diligence
program for the Totora and Harvest properties recently optioned in
Chile.
On September 15, 2011 Silvore Fox announced the signing of a
Letter of Intent ("LOI") with Sinotech Mineral Exploration Chile
Limitada ("Sinotech") to acquire a 100% interest in the Totora Gold
Property and the Harvest Property, each with no NSR.
Silvore Fox has contracted with Santiago, Chile based drilling
company Ingenieria Y Sondajes Limitada, and drilling has commenced
on the Totora property located south of Copiapo where a large shear
zone containing gold and copper bearing lodes occurs within
Paleozoic metamorphic rocks near the contact with a quartz diorite.
The planned drill program includes seven test holes (1,050 total
meters) of diamond NQ drilling.
Surface mapping and data interpretation by Sinotech, the
property vendor, had previously indicated mineralized widths of
vein system from 2 to 30m. The drilling will test two of the major
north south trending gold copper lode systems for continuity and
overall grade to depths of about 150m. The program is under the
supervision of Dr. S. Zhang, a Chilean based consultant under
contract to manage the Silvore Fox activities in Chile. Dr S. Zhang
was until recently the country manager for Sinotech.
On the Harvest Gold property a 19-line (1,200 meters per line)
Geophysical Induced Polarization (IP) program is currently underway
as part of a pre-drilling program to identify the most prominent
drill targets within the vein systems. Mapping and a ground
magnetic survey for the Harvest property were previously completed
by Sinotech.
The LOI provides Silvore Fox with 90 days to conduct significant
geological due diligence, including drilling. (Please refer to the
Press Release dated September 15, 2011 for details)
Management Comments
"After having an opportunity to further review some of
Sinotech's existing data on these properties the Silvore Fox team
is excited to get a drill turning on the Totora property and
continue pre-drilling work on the Harvest property. We are
continuing to perform our corporate and geological due diligence
for this important transaction in a thorough and professional
manner on behalf of our shareholders. Both Silvore Fox and Sinotech
expect to sign the Formal Agreement on or before December 14,
2011."
-- Mr. Harold Cabrita, President and CEO
Ian Chisholm, PEng, a qualified person as defined by National
Instrument 43-101, has reviewed and approved the technical
information contained in this news release.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Canadian public mineral
exploration company based in Toronto. We are focused on both base
and precious metal exploration projects within a diversified
portfolio of properties that attempts to minimize political risk
without limiting potential returns for our shareholders.
On November 17th, 2010, Silvore Fox entered into a Strategic
Agreement with Beijing Donia Resources Co. Ltd ("Donia") at the
China International Mining Conference, 2010. Donia is the single
largest shareholder of Silvore Fox currently holding approximately
30% of the Corporation's outstanding shares. This strategic
partnership provides the Corporation with a strong platform for
growth through mineral exploration expertise, funding and strategic
acquisitions. SFX has an experienced management and geological
team.
Harry Cabrita
President and CEO
Dr. Jingbin Wang
Chairman
This press release contains "forward-looking information" within
the meaning of applicable securities laws relating to the intention
of the Corporation to begin exploration activities on the
properties being discussed. Readers are cautioned not to place
undue reliance on the forward-looking information. Actual results
and developments may differ materially from those contemplated by
this forward-looking information depending on, among other things,
the risks of funding by the Corporation of the exploration and
development on the properties. Such forward-looking information is
based on current expectations that involve a number of known and
unknown risks and uncertainties that may cause actual results to
differ materially from those expressed or implied by the
forward-looking information. Factors that could cause actual
results to differ materially from any forward-looking information
include, but are not limited to, the risks of capital and operating
costs varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inflation, delays in the development of
projects, uncertainties relating to the interpretation of the
geology, and unanticipated operational or technical difficulties
and other factors. Such forward-looking information is based on a
number of assumptions, including but not limited to, the
availability of skilled labour, availability of equipment, and
future capital and operating costs. Should one or more risks and
uncertainties materialize or should any assumptions prove
incorrect, then actual results could vary materially from those
expressed or implied in the forward-looking information and
accordingly, readers are cautioned not to place undue reliance on
this forward-looking information. The Corporation does not assume
the obligation to revise or update this forward-looking information
after the date of this announcement or to revise such information
to reflect the occurrence of future unanticipated events, except as
may be required under applicable securities laws.
NEITHER THE 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.
Contacts: Harry Cabrita President & CEO (416) 847-0189 (416)
847-0157 (FAX)info@silvorefox.com
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