It was only a few days ago that I wrote an introductory article about Viscount Mining Corp. (TSXV: VML | OTCQB: VLMGF) titled: Viscount Mining identifies “potentially the largest silver deposit in the U.S.” Then today Viscount Mining announced further results that ‘exceeded company expectations’ at their 100% owned flagship asset, the Silver Cliff Project in Colorado, USA. I did not expect results so soon and it just goes to highlight how fast the Company is moving.
Viscount Mining’s Silver Cliff Colorado Project is potentially the largest silver deposit in the USA
Source: Company presentation
Here is a brief summary of the key news from the latest drilling results from the Kate Deposit at the Silver Cliff Project:
- Four holes were drilled in this zone with very encouraging results, finding evidence that the higher grade zone may be continuous. Below are the results.
- Hole DDH-20-01 encountered 99.6 g/t of silver over 21.5 m, with higher concentrations of silver of 137.9 g/t between 19.5 m and 25.3 m, and 202.7 g/t silver from 35.4 m and 41.1m.
- Hole DDH-20-02 encountered 63.9 g/t silver over 10 m.
- Hole DDH-20-03 drilled into some highly anomalous silver concentrations. It assayed 702.7 g/t silver over 14.9 m, with a 7.6 m zone that assayed 1,259.1 g/t.
- Hole DDH-20-04 had a best intercept of 105.1 g/t silver over 15.3 m.
- All holes drilled in the Kate East zone encountered significantly higher grade than the cut-off grade (35 g/t silver) used in the 2018 NI 43-101 report and of previous estimates.
- Drilling to determine where the Kate Resource extends included Hole DDH20-10 to the South-East which assayed 51.9 g/t over 19.4 m and DDH-20-07 to the West which encountered an interval from surface to 20.1 m that showed a silver concentration of 46.1 g/t.
- Viscount Mining stated: “There seems to be good indications that the Kate resource can be extended in three directions.”
Given high grade silver is anything above 50g/t silver we can see all of the above drill results at the Kate Resource/Deposit were very good. The anomalous finding of 702.7 g/t silver over 14.9 m was excellent. Furthermore there looks to be potential for expansion in 3 directions.
Viscount Mining has previously stated:
“(Silver Cliff is) believed to overlie a large caldera and porphyry system, supported by the mineralogy and grade from the previous operators (high grade silver, gold and base metals).”
Viscount Mining’s Silver Cliff Project currently has a 43-101 Resource estimate (2018) of M&I 5.6 million oz contained silver and Inferred 7.1 million oz, averaging 70-84 g/t silver. The Project does have two reported historical resource estimates not yet compliant and not yet to be relied upon (50 million oz Ag at the Kate Deposit and 64 million oz Ag at the Passiflora Deposit).
Viscount Mining’s Silver Cliff Project in Colorado continues with very good drill results as they work towards building a potential 40-50M+ oz silver resource
Source: Company website
Viscount Mining says their next steps are a second drilling phase in February with plans to focus on expanding the silver resource to the east and to continue to define the Kate East zone. They also plan some additional exploration drilling in the Passiflora target. A third phase will commence in the mid to late summer of 2021 with targets still to be determined followed the next phase of drilling.
Viscount Mining Corp. trades on a market cap of just C$33 million.