Proactiveinvestors United Kingdom Viscount Mining Corp. Proactiveinvestors United Kingdom Viscount Mining Corp. RSS feed en Wed, 19 Jun 2019 19:46:11 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Viscount Mining’s US gold and silver assets offer huge potential upside ]]> How is it that a property like Cherry Creek in Nevada, which has the potential to develop into something of the scale of Newmont’s Long Canyon mine, has remained undeveloped?

The answer, says Jim MacKenzie, the chief executive of Viscount Mining Corp (CVE:VML), which is now putting it all together, is essentially a story of nearly a century of fragmentation.

READ: Viscount Mining says latest Silver Cliff assays expand the resource potential

“This is a project that was producing mainly silver up to 1919 or 1920,” says MacKenzie.

“The property then closed until the 1940s, when the US government went in and mined some tungsten for the manufacturing of munitions during World War 2. But after that, it really sat without anything happening to it at all. There were five families that controlled the area, and they did not see eye-to-eye.”

Clearly, there was always an opportunity to consolidate, but also a need for some water to flow under bridges first.

In 2010, MacKenzie took the initiative.

“I met with the gentleman that owned the largest portion,” MacKenzie explains. “I wrote him a cheque as a down payment. It then took a year to put it all together, till we had 2,600 acres, all patented with 20 previously producing mines and we ended up getting a 43-101 done by Snowden.”

So it was that Summit Mining Exploration Inc was brought into the picture by Viscount, and set to work. Summit reported samples grading up to 8,700 grams silver and 76 grams gold.

READ: Viscount Mining expands flagship Silver Cliff project in Colorado

In 2015, 12 drill holes were completed in the historic silver mining area of Cherry Creek which identified high grade, wide-spread silver mineralization.

Cherry Creek is located on trend and shares the same characteristics with Kinross Gold's Bald Mountain mine, Newmont Mining's Long Canyon project and Agnico-Eagle's West Pequop project.

Summit Mining stated: “Anomalous gold in soil and rock‐chip samples from the Pogonip Formation indicate that there could be a disseminated gold deposit at a depth that is analogous to Newmont Mining Corporation's Long Canyon Mine currently in production.”

Newmont purchased Long Canyon for just over US$2bn in 2010. Hardly surprising then that MacKenzie says that Viscount is “very excited” about Cherry Creek.

And it’s not just Viscount.

“We have a number of confidentiality agreements in place,” he says.

Working out exactly what to do next will involve a number of high-level board decisions, but in the meantime, excitement is also building around Viscount’s other asset, the Silver Cliff project in Colorado.

In fact, Silver Cliff has been generating much of Viscount’s newsflow for the past 12 months or so. In particular, a recent initial resource estimate showed that there are more than 12mln ounces of silver in the ground, with over 5mln ounces indicated and more than 7mln ounces inferred. Not surprising then that the company has also been staking more ground in the surrounding district.

“We got this property about three years ago,” says MacKenzie.

“In the 1980s, Tenneco identified 50mln ounces of silver in an open pit scenario and was about to put it into production but was bought out by a Belgium conglomerate that had no interest in the resource sector.”

What’s particularly attractive are the grades. Historically, grades have run as high as 2,125 grams per tonne silver over 13.4 metres, which is equivalent to 68 ounces per tonne. But lest anyone think that that was just a one-off, MacKenzie can reel off other attractive intercepts almost at will from their 2016 and 2017 drill programs.

“There was 26 ounces over 16 metres,” he says, “14 ounces over nine metres, 57 ounces over six metres and 12 ounces over 13 metres.”

High grade

Those are very high-grade drill hits. Other high-grade holes with some drilled from the surface are a great start to proving up the historical resource and possibly more.

How much silver could there ultimately be? Possibly as much as 50mln ounces, although Viscount isn’t pushing towards that target quite yet. To prove that sort of number up, MacKenzie reckons 200-300 drill holes would be required. As it stands, only 20 have been done so far.

Instead, says MacKenzie, the company is doing a “proof of concept.” Part of that proof has already been delivered, with the 12mln ounces resource. But more follow-up work will be done. In particular, a drill programme is now in the planning stages, with the aim being to confirm the historical data generated by Tenneco before it sold out of the mining space in 1991.

There’s cash in the bank for that, and if needed, probably plenty more on offer. Outstanding warrants might be one source of further funds, but the Company is in any case, supported by a stalwart network of high net worth individuals.

They don’t need telling twice that this is a team that knows how to build a mining company. Kaare Foy was instrumental in building up Great Panther Silver (TSE:GPR) from scratch to a market cap of US$600mln before retiring.

And, by Foy’s account, MacKenzie himself works like a Trojan. The combination of their assets and these people should go a long way in a mining market that’s now beginning to recover its poise.

Tue, 06 Mar 2018 12:14:00 +0000
<![CDATA[News - Viscount Mining says latest Silver Cliff assays expand the resource potential ]]> Canadian explorer Viscount Mining Corp (CVE:VML) says recent drilling results have expanded the resource potential at its flagship Silver Cliff project in Colorado, USA.

Viscount undertook a drilling campaign at the property in Custer county towards the end of 2017.

READ: Viscount Mining expands flagship Silver Cliff project in Colorado

It has reported results from seven of the ten holes, and today's assays come from the remaining three.

The main aim of the work was to verify historical drill results for a current mineral resource on one of the deposits on the project called Kate.

Hole P17005 saw assays, which included 279.6 g/t (grams per ton) of silver over 15 metres (m). That included an intersection of 714 g/t over 3 m.

Drill hole P17008 hosted 39 g/t over 6 m, while hole P17009 boated 60.5 g/t over 6 m from 11 m to 17 m.

"Additional geologic sampling will most likely enlarge the areas that will be targeted for additional drilling and further increase the resource opportunity," said Harald Hoegberg, the geologist and supervisor of the 2017 drill program.

"The drilling in 2016 and 2017 was in rhyolite units which on a visual basis appear to be separate and are part of the Silver Cliff caldera complex.

"Both volcanic units are thought to be of Miocene age. The 2016 drilling was done in a white to cream colored unit and the 2017 drilling in what is thought to be a slightly older unit that is also flow banded but highly fractured with pervasive black manganese staining and yellow to red iron staining. The latter hosted profitable silver mining in the 1880's."

READ: Could Viscount Mining have more than 50mln ounces of silver underfoot at its Silver Cliff project?

Earlier this month, Viscount revealed it had expanded the Silver Cliff project by inking a deal to lease an additional 267.98 acres of patented claims in the Hardscrabble district, including the highly prospective Diamond Lode claim.

The completion of the lease increases the size of the Silver Cliff land package to 2,296.98 acres.

“The acquisition of this claim block is likely to contribute to the expansion of the Kate deposit. These other claims will greatly aid in the development of additional targets,” said Viscount director and geologist Mark Abrams.

Viscount Mining shares on Friday closed in Toronto at C$0.34.

Mon, 05 Mar 2018 09:29:00 +0000
<![CDATA[News - Could Viscount Mining have more than 50mln ounces of silver underfoot at its Silver Cliff project? ]]> Canadian explorer Viscount Mining Corp (CVE:VML) could have more than 50mln ounces of silver in the ground at its Silver Cliff project in Colorado, USA, according to Torrey Hills Capital’s Clay Chase.

The company reported assay results from two holes from its latest round of drilling on Wednesday.

READ: Viscount hails "very positive" drill results from Silver Cliff

Hole P17001 returned intersects of up to 113.5 grams per tonne (g/t) of silver (Ag) over 9 meters (m) from 24m to 33m, including 237.5 g/t Ag over 3m from 25.5m to 28.5m.

The other hole, P17003, returned intersects of up to 58.5 g/t over 6m from 15m to 21m, including 86 g/t over 1.5m from 16.5m to 18m.

The two holes add to the results from five which have already been reported over the past month or so, and three more assays from this phase of drilling are due in the coming weeks.

The historical resource estimate at Silver Cliff, generated in the mid-1980s, suggested Silver Cliff was host to 50mln ounces of silver, and Viscount is working on re-classifying that number in order to meet NI-3-101 requirements.

That may seem like a lot of metal, but Chase reckons further drilling could reveal even more underfoot.

READ: Viscount Mining shares rocket after colossal silver find at Silver Cliff

“These results further lead us to the belief that at some point the market is going to come to the realisation that the historical resource estimate of 50mln ounces could possibly be not only a reliable number of ounces, but given the fact that this deposit could run both deeper and laterally outside the original resource estimate envelope - that the initial number could possibly even be improved on and come in at higher than the originally reported [estimate],” said Chase.

“We also see the fact that this deposit looks to be configured as horizontally shaped tablets could make this project a lower cost, bulk mining operation vs mining steeply tilted narrow vein configuration mineralisation - which can be both more difficult and expensive to mine.”

Thu, 15 Feb 2018 13:40:00 +0000
<![CDATA[News - Viscount Mining hails “very positive” latest drill results from Silver Cliff ]]> Canadian explorer Viscount Mining Corp (OTCMKTS:VLMGF) has hailed the “very positive” results from the latest round of drilling at its Silver Cliff project in Colorado.

So far, the results from seven holes drilled at the end of 2017 have been reported, with the final three due over the coming weeks.

The latest results cover two holes - P17001 and P17003.

P17001 returned intersects of up to 113.5 grams per tonne (g/t) of silver (Ag) over 9 meters (m) from 24m to 33m, including 237.5 g/t Ag over 3m from 25.5m to 28.5m.

Viscount added that this hole is notable because it tested the the northern portion of the Kate deposit.

The other hole, P17003, returned intersects of up to 58.5 g/t over 6m from 15m to 21m, including 86 g/t over 1.5m from 16.5m to 18m.

“The drill programme from 2016 and 2017 is showing very positive results that have led us to believe we are getting to a point in our understanding where we can start to target potential higher grade feeder zones some of which appear to have been the focus of historic mining,” said director and geologist Mark Abrams.

Viscount shares edged 0.4% higher to US$0.29 on Wednesday.

Wed, 14 Feb 2018 12:45:00 +0000
<![CDATA[News - Viscount Mining encouraged by maiden Cherry Creek results ]]> Viscount Mining Corp (CVE:VML) released encouraging maiden drill results from its flagship Cherry Creek site in Nevada, USA.

Assays from 12 holes from the 2015 Phase I drilling programme showed moderate to high grade silver mineralisation was hit in many of the holes, the company said.

Notable intercepts included 9.1 metres at 52.6 g/t silver with a maximum silver assay value of 99.4 g/t,, while hole depths ranged from 79.3m to 329.3m, with a total of 2224.1metres completed.

Cherry Creek is currently being managed and funded by Summit Mining Exploration a wholly-owned US subsidiary of Sumitomo Corporation, under the first year of an Exploration-Earn In Agreement.

Kaare Foy, Viscount chairman, said: "At this early stage we are very encouraged with our maiden drill program results, which achieved our targeting objective of intercepting large intervals of silver mineralization.

"The significance is that this was the first time in over 100 years that modern exploration techniques have been used at Cherry Creek."

Thu, 04 Feb 2016 09:57:00 +0000