VANCOUVER, BC, July 22,
2024 /CNW/ - Silver Viper Minerals
Corp. (the "Company" or "Silver Viper")
(TSXV: VIPR) (OTC: VIPRF) announces that further to its press
release April 6, 2023 and
October 20, 2023, it has completed
the terms of the amended Rubi-Esperanza Option Agreement (the
"Agreement") with respect to its right to purchase 100%
ownership of three mineral concessions covering 2,102 hectares at
the La Virginia Gold-Silver Project ("La Virginia" or the
"La Virginia Project"), located in the Sierra Madre of
eastern Sonora State, Mexico.
"Silver Viper is thrilled to announce that we now fully own
the entire La Virginia Project," said Steve Cope, CEO of Silver Viper Minerals Corp.
"Completing the terms of the Rubi-Esperanza Option Agreement and
acquiring 100% ownership of these key mineral concessions marks a
significant milestone for our company. This achievement not only
enhances our position in Mexico,
but also strengthens our commitment to advancing the La Virginia
Gold-Silver Project. We are excited about the potential this
project holds and look forward to the next phase of exploration and
development."
The Company made the final payment of US$775,000 (or C$1,042,142.50, based on a fixed exchange rate of
US$-C$ of 1.3447 set out in the amendment) of Shares issuable by
the Company to satisfy the final payment under the Agreement in
June 2024. Per the Amendment, the
Company must issue no more than 10,969,921 at a deemed price per
share of C$0.095. The Company
confirms it issued the vendors an aggregate of 10,969,921 Shares on
June 27, 2024. The Company also made
the final cash payment of US$200,000
to the vendors.
All Shares issued in connection with the Agreement are subject
to a statutory 4-month hold period from their respective date of
issue. In addition, for a one-year period following the expiry of
the applicable statutory hold period, the vendors may not sell such
Shares and then may only do so after providing at least 2 weeks'
notice to the Company of their intension to sell any such
Shares.
The vendors are at arm's length to the Company and its
Affiliates or Associates (as such terms are defined in the TSXV
Corporate Financial Manual).
About the Project
La Virginia is located 220 kilometres east-northeast of
Hermosillo, Sonora and is
prospective for low-sulphidation epithermal precious metal
mineralization. The property and historical exploration database
were acquired by way of option agreements made with two distinct
parties. Gold and silver mineralization at La Virginia occurs
within breccias, veins and stockworks, hosted primarily by
andesitic volcanics, often in close spatial association to, or
cross-cutting pre-mineral dacite dykes and controlled by fractures
and faults that define the regional structural trend. Silver
Viper's reconnaissance program identified key targets and trends
which are of primary interest and subsequently filed strategic
reductions in claims to attain the current project surface area of
6,882 hectares.
Silver Viper has completed a total of 141 drill holes at La
Virginia for a combined 44,687 metres. Exploration drilling has
paused awaiting the processing of the geophysical survey data along
with the interpretation of mapping and sampling data. Drilling has
been completed by Hermosillo-based
drill contractor, Globexplore Drilling Corp. Drilling by the
Company to date builds upon a sizeable database of recent
historical work.
About the Company
Silver Viper Minerals Corp. is a Canadian-based junior mineral
exploration company focused on precious metals exploration in the
northwestern Mexican state of
Sonora. The Company is operator and 100% owner of the La
Virginia Gold-Silver Project. Silver Viper is under management
provided by the Belcarra Group, which is comprised of highly
qualified mining professionals.
ON BEHALF OF THE BOARD OF DIRECTORS,
Steve Cope
President and CEO
Forward Looking Information
Information set forth in this press release contains
forward-looking statements. These statements reflect management's
current estimates, beliefs, intentions and expectations; they are
not guarantees of future performance. The Company 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 the Company's control. Such factors
include, among other things: risks and uncertainties relating to
exploration and development, the ability of the Company to obtain
additional financing, the need to comply with environmental and
governmental regulations, fluctuations in the prices of
commodities, operating hazards and risks, competition and other
risks and uncertainties, including those described in the Company's
financial statements available on www.sedar.com. 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, the Company
undertakes no obligation to publicly update or revise
forward-looking information.
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.
SOURCE Silver Viper Minerals Corp.
