VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 14, 2015) – Viscount Mining Corp. (TSX VENTURE:VML) (OTCQB:VLMGF) (“Viscount” or “the Company”), is pleased to confirm that Phase 1 drilling has commenced at its flagship Cherry Creek Nevada Property (the “Property”), which is currently being managed and funded by Summit Mining Exploration Inc. (“Summit”), a wholly-owned US subsidiary of Sumitomo Corporation, under the Exploration-Earn In Agreement.
Historical Cherry Creek Mining District
The Cherry Creek Mining District is located in White Pine County approximately 56 miles or 90km north of Ely, NV. The district has a long history of gold, silver, lead, zinc and tungsten production from high-grade vein and replacement deposits. The first mine in the Cherry Creek area was the Ticup, discovered in 1872. This initial discovery brought an immediate rush of prospectors to the area. Following the Ticup were the Star, Exchequer and Grey Eagle mines. By 1874 there were a reported 20 mines of various production rates in operation.
The silver mineralization in the Ticup and Fillmore Veins occurs in lens -shaped chutes with the Ticup Mine occurring in one that according to historical records produced more than 3,000,000 ounces of silver with some grades exceeding 3500 ounces (oz)/tonne (t) silver. By 1927, the mines had underground workings of more than 7.6 miles or 12.2 km. (Source: University of Nevada Bulletin, Aug 1 1931, prepared by F.C Schrader, Geologist US Geological Survey, prepared and published by the Nevada State Bureau of Mines and The United States Geological Survey)
From 2010 to 2015, Viscount accumulated all 20 known historic mines and formed a land package in excess of 10,000 acres. The significance is that this will be the first time in 140 years that modern exploration techniques will be used on a large consolidated land package in the Cherry Creek Mining District.
Most of the current highest assay values coincide with the known historic mining trends and the structural interpretations made from the 2014 and 2015 rock chip sampling programs by Summit’s exploration contractor, Rangefront Geological, across the Cherry Creek property. The rock chip sampling results indicate widespread occurrences of anomalous to high grade gold, silver, and base metal mineralization thereby confirming the information cited in historic reports.
Reverse Circulation (RC) Drilling Program
Drilling has begun at Cherry Creek and is being conducted by Harris Exploration Drilling & Associates Inc. of Fallon, NV. Assay results will be released as they become available from ALS Labs Limited. The drill program will comprise approximately 10 to 12 holes totaling 10,000 feet (3,050 m). The reverse circulation (or “RC”) drilling has started and the first hole is targeting the high grade silver (+/- gold, zinc, lead) mineralization at the Ticup Mine area.
At the Ticup Mine a large block of highly altered and mineralized Wheeler Shale and Swasey Limestone is interpreted by Rangefront to be the down-faulted lateral extension of the Doctor’s Cut vein. The drilling will test structural intersections and lithological contacts.
The drill program is being managed by Summit Exploration’s Executive Vice President, Exploration and Mineral Resources, David Tretbar, a Qualified Person as defined by NI 43-101.
Jim MacKenzie, Viscount President and CEO stated: “We are very pleased with the commencement of the first drill program, which is intended to validate the soil and rock samples from the last three surface work programs. Based on the history of production at Cherry Creek it has the potential to host large bodies of mineralization.”
The scientific and technical information contained in this news release has been reviewed and approved by Dallas W. Davis, PEng, FEC, an independent consulting geologist who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”).
About Viscount Mining (TSX VENTURE:VML) (OTCQB:VLMGF)
Viscount Mining is an exploration company with a portfolio of gold and silver properties in the Western United States, including Cherry Creek in Nevada and Silver Cliff in Colorado. Cherry Creek is comprised of more than 10,000 acres, all 100% owned, and includes more than 20 past producing mines. Viscount has entered into an exploration earn-in agreement with Sumitomo Corporation covering the Cherry Creek property. Sumitomo can earn in up to a 75% interest in the property by producing a feasibility study and by spending in addition a minimum of US$10,000,000 in exploration and development expenses by the eighth anniversary of the earn-in agreement. Silver Cliff in Colorado is comprised of 96 lode claims, covering much of the historical past-producing mineral districts of Silver Cliff and Rosita Hills.
For additional information regarding the above noted property and other corporate information, please visit the Company’s website at www.viscountmining.com.
About Sumitomo Corporation
Sumitomo Corporation is one of the largest integrated trading and investment companies in Japan. Sumitomo Corporation, a Fortune 500 company, conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry. Summit Mining Exploration, Inc. is a wholly-owned subsidiary of Sumitomo Corporation and is headquartered in Colorado, USA. For more information about Sumitomo Corporation, visit www.sumitomocorp.co.jp.
ON BEHALF OF THE BOARD OF DIRECTORS
Jim MacKenzie, President, CEO and Director
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.
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Viscount Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Viscount Mining Corp. management on the date the statements are made. Except as required by law, Viscount Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.