VANCOUVER, BC, Oct. 25, 2021 /CNW/ -- Silverton Metals Corp.
(TSX-V: SVTN) (OTCQB: SVTNF) ("Silverton" or the "Company") is pleased to
provide an update of exploration activities at the Pluton
silver-zinc-lead project in the state of Durango, Mexico. Recent processing and
3D-modelling of geophysical data commissioned by the company
reveals new target areas and features not previously identified,
which are potentially related to mineralization. To date,
magnetometry reprocessing has been completed while ZTEM and gravity
modelling are in progress. Permitting is underway for a
seismic test line scheduled to be surveyed before year end. The
seismic profile is expected to determine the depth to carbonate
rocks that host silver-rich manto-chimney deposits (aka CRD's or
carbonate replacement deposits) in the district (see SVTN
September 27 news release).
Mag 3D modelling of magnetic data, in addition to having
identified a new target, has refined the location and shape of
magnetic bodies (interpreted as intrusive rocks), alteration zones
and structures, all especially useful for the selection of drill
targets.
The new target area called San
Andres, located south of the Dos Amigos target, is added to
the five targets previously identified (Fig 1). The prospectivity
of the Dos Amigos-San Andres area is highlighted by surface assays
on dumps (between 4%-5.5% Pb-Zn) and assays of drill hole 2 drilled
in Dos Amigos area (6.6% Pb, and 9.5% combined Zn-Pb in sub-meter
(0.6m) veinlets intercepts 80 meters
and 160 meters below surface, respectively). These vein intercepts
occur in capping shales and are interpreted to be connected to
larger mineralized bodies once the veinlets reach the favourable
carbonate horizons that underlie the shales. Magnetic 3D modelling
indicates deep magnetic bodies below the Dos Amigos-San Andres area
suggesting potential mineralized bodies rooted in intrusive rocks
at depth (Fig 2).
In addition to the magnetic, electromagnetic (ZTEM) and gravity
data mentioned above, Silverton
also obtained ground NSAMT data as well as an extensive dataset of
rock and soil geochemical data that will be integrated with
geological information and evaluated to rank drill targets.
Mr. John Theobald, President
& CEO of Silverton comments
"I am very pleased to have retrieved original geophysical
databases and be working with top experts to evaluate the data.
Modern 3D processing, integration and reinterpretation of multiple
datasets including geology, geochemistry and geophysics, will be
very valuable to refine and rank drilling targets. Pluton district
is a major hydrothermal system with excellent potential to locate
high-grade silver-lead-zinc manto-chimney deposits similar to those
mined in the historic Ojuela Mine and the nearby Platosa mine,
which is Mexico's highest-grade
silver mine with a silver equivalent grade of over
1,000g/t1. We look forward to completing the analysis of
the geophysical data in the next few weeks and have results of the
seismic survey by 1Q2022. Subject to results of data
evaluation, drilling permitting is planned for 1H2022 and drilling
of selected targets for 2H2022".
1 Excellon's website corporate presentation
July 2021
Figure 1. Total magnetic intensity showing target areas
identified to date and location of historic drill holes.
Infographic -
https://mma.prnewswire.com/media/1668446/Silverton_Metals_1_Infographic.jpg
Figure 2. 3D Magnetic vector inversion (3DMVI) at a
1,000 meters depth. Source: heliborne magnetic survey flown
by Geotech in 2010 with 150 meter line spacing at an average of 57
meters mag sensor ground clearance. Targets outside the
colored block were selected based on geological, geochemical and
regional magnetic data. (Regional mag map shown in Fig 1).
Infographic -
https://mma.prnewswire.com/media/1668445/Silverton_Metals_2_Infographic.jpg
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Peter Born, P. Geo., a Qualified Person for the
purpose of NI 43-101.
On behalf of the Board
John Theobald
President, CEO & Director
Silverton Metals Corp
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.
For further information please contact:
Silverton Metals Corp.
W. Barry Girling, VP Corporate
Development and Director
(604) 683-0911
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
www.silvertonmetals.ca
(604) 683-0911
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SOURCE Silverton Metals Corp.