TORONTO, March 05, 2018 (GLOBE NEWSWIRE) — VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) today announces that it has received approval from SEMARNAT for 22 new drilling sites, in addition to 13 already approved, on its Samalayuca Property in northern Chihuahua State, Mexico. The results of the drilling will be used to define copper mineralized zones intersected in the first 2 drilling phases and test other artisanal pits on the property. The Phase 3 drilling program is planned to start in late April.
Phase 3 Drilling Plan
The Phase 3 program continues the evaluation of the main artisanal, previously mined areas, of Samalayuca to define the thickness and grade of the mineralized zones. Phases 1 and 2 were focused primarily on La Gloria and La Gloria Extension. The four goals for Phase 3 are:
- Definition of the mineralization from the Phase 2 drilling in La Gloria Extension area, particularly holes 22 and 23 which show significant near surface mineralization. A series of holes along the 1 km+ mineralized zone will further define the copper mineralization.
- Evaluation of La Concha pit area along the 800-m mineralized zone previously mined by artisanal miners.
- Drilling the Zorra zone, the artisanal pit at the highest elevation on the Samalayuca Property, which gives the highest copper grades from surface chip samples. Three channel samples taken by VVC geologists, across the true width of the zone, over a 175 m strike length, gave copper values of 1.19% over 4 m, 0.28% over 7 m, including 0.63% over 2 m, and 2.25% over 6.5 m. Note that these results are chip samples and are not necessarily representative of the overall grade of the zone.
- Drilling additional holes in the Zorra, Julianna, Suerte and Trinadad pit areas to evaluate the mineralized zones as well as define any connections between them.
Figure 1 shows a total of 35 sites approved, and available for drilling plus the drill holes already completed. These sites which cover a 7 km strike length are designed to further evaluate the economic potential of the Samalayuca Property.
Exploration Summary 2017
From August to December, 2017, a total of 2702 m were drilled in 23 diamond drill holes to test targets discovered and mined by artisanal miners (gambusinos) in the 1950’s and 1960’s. Phase 2 drilling intersected extensive near surface copper mineralization in the Gloria and Gloria Extension areas (NR Feb. 8/18). The results of the first two phases of the drilling can be viewed on the Company’s website at: www.vvcexpl.com/mining-data.
The Samalayuca property covers copper mineralisation in the Samalayuca Sierra, characterised as a Stratiform Copper Deposit type, as recognized by qualified persons, Michel Gauthier and Jocelyn Pelletier (2012), and Jacques Marchand and Michel Boily (2013). Fine disseminated chalcopyrite-bornite and associated oxide copper minerals, common to these deposits, are noted in a wide chloritized zone along the Sierra. Mineralized zones are from 3 to 36 m wide, true thickness, as defined in the old surface pits. The stratigraphy strikes NW and dips gently, approximately 25 degrees, to the NE although it is somewhat variable. Vertical faults can generate supergene copper enrichment when they cut the mineralised strata. The old mining works by the artisanal miners (gambusinos) targeted the higher grade, surface, copper zones, exploiting them by shallow (< 20 m deep) open pits and hand cobbing the ore for direct shipping to the smelter.
This news release was reviewed for accuracy and compliance under National Instrument 43-101 by Peter M. Dimmell, BSc., P.Geo. (NL ON), VVC Director, a Qualified Persons as defined by NI 43−101 Standards of Disclosure for Mineral Projects. He has approved the scientific and technical disclosure in the news release.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, with our main emphasis the Samalayuca copper prospect in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects in Sonora (Cumeral) and Sinaloa (La Tuna) States, Mexico and a grassroots gold/VMS prospect in the Timmins area of northern Ontario. Visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact:
Patrick Fernet – (514) 631-2727
E-mail: [email protected]
Jim Culver, President & CEO – (212) 689-4100
E-mail: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VVC EXPLORATION CORPORATION
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward -looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, the start of the Phase 3 drilling program, the four primary goals of the drilling program and our intention to further evaluate the economic potential of the Property.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the Drilling Program, financing efforts, future development and growth, plans for and completion of projects by Company’s third-party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of Company’s anticipated projects, delays or changes in plans with respect to the development of Company’s anticipated projects by Company’s third-party relationships, risks affecting the ability to develop projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the efforts by Company will be successful. Additional assumptions and risks are set out in detail in the Company’s MD&A, available on SEDAR at www.sedar.com.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Investors are cautioned that notwithstanding the expectations described herein, there can be no assurance that the plans described herein will be completed as proposed. Trading in the securities of VVC should be considered highly speculative. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c35ab80c-7025-4c27-8a52-beebe64755b2