Silver Viper Minerals Corp. (VIPR:TSX.V; VIPRF:OTCQB) discovered a new zone of broad mineralization at its La Virginia silver-gold project in Mexico, it announced in a news release.
The drill bit encountered the zone through LV20-245, an eastward-oriented scissor hole drilled in the El Rubi target. The Vancouver-headquartered explorer stated it took this approach to test its hypothesis that the stringers are high angle secondary structures next to the main zone.
The newly discovered zone spanned 110.5 meters (110.5m) and demonstrated average grades of 38 grams per ton silver (38 g/t Ag) and 0.76 g/t gold (Au), starting at 75m downhole. Silver and gold equivalent values for the interval were calculated at 92 g/t Ag and 1.31 g/t Au, using a silver:gold ratio of 70:1.
LV20-245 also encountered two additional broad zones of mineralization. One high-grade silver-gold intercept included 1m of 854 g/t Ag and 20.7 g/t Au.
"We are extremely pleased to see the second of our scissor holes at El Rubi intercept a long run of mineralization, starting at a depth of 75 metres down hole. The hole was designed to intercept thin but often high-grade stringers we have seen in the footwall of the El Rubi structure. While not unexpected, the length of this interval reached 110m of gold-silver mineralization, which is a very positive result," President and CEO Steve Cope said in the release. "This discovery requires rigorous and extensive follow-up, but it appears to support our belief that the western zone could reveal itself as a significant part of the El Rubi story."
The Canadian company noted that it is continuing to drill at El Rubi as part of its phase 2, 26 hole, 6.651m diamond drill program at La Virginia. It completed drilling the 11 holes in Macho Libre, results of two of which are pending. With the second rig, Silver Viper is now targeting the second El Molino target, Rubi East, which is 1.2 kilometers to the east of the El Rubi trend.
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