VANCOUVER, BC - VISCOUNT MINING CORP. ("Viscount" or the "Company"), is pleased to announce that the Company's geologists have discovered what may prove to be highly significant information regarding new mineral targets within a historically prolific silver mine at its Cherry Creek, Nevada property.
The Ticup (also known as 'Tecup' or 'Teacup') Mine was operated in the 1890's, and again from 1905 to 1912 as a highly productive silver mine. In 1940, tungsten was discovered on the property, and the U.S. Bureau of Mines undertook considerable infrastructural development including rehabilitating much of the original mine workings as part of the war effort.
Last month, while collating historic Nevada Bureau of Mines data, Viscount geologists discovered an overlooked and neglected report with accompanying maps of the original underground workings of the Ticup Mine. These reports and maps were prepared by James Smith in 1881 and identified the underlying silver vein as having an East-West fault that displaced the vein to the south. This displacement was previously unknown to Viscount, and prompted considerable additional research activity.
Subsequently, the geologists uncovered a 1985 drilling report written by Michael Tognoni that described a 1964 drill program undertaken by Atlas Minerals which discovered minable widths and grades of silver south of the cross cutting fault. The geologists believe this information is important to Viscount as the reported ore grade mineralization appears to have never before been mined. The significance of this data is driven by the fact that the northern part of the vein historically produced millions of ounces of silver. Should the displaced southern segment of the vein prove to be a continuance of the historically prolific northern deposit, it could represent a significant in-situ mineral find.
Located on the same lithologic horizon as the Ticup Mine, the Mother Lode vein is about 2 miles to the north. It is commonly believed that the Ticup is a continuation of the Mother Lode deposit. They are both located on a bedding plane fault between the same lithologic units. The silver ores occur as lenticular bodies that conform with bedding, about 40 degrees west. According to Schafer (1931), the structure that hosts the mines are traceable until it passes underneath the sediments in the Steptoe valley. The structure has been further identified as approximately 20 feet wide. Beginning in 1920, J.W. Walker and Associates drove a 2,000 foot tunnel at the 600 foot level of the Ticup, where the vein was said to be 16 feet wide with an average grade of about 12 oz/ton.
The shaft at the Ticup was sunk to a depth of 1,100 feet with many levels and drifts. It is not known what the economic cut-off grade was, but Schrader (1931) stated that nine feet of "good-grade milling ore" were exposed. Given that the Ticup workings are dry down to the deepest levels, the southern ore could be accessed from the old northern workings. It is therefore a key objective for Viscount to verify this new information during the upcoming 2014 field season.
Dr. Howard Lahti, VP of Exploration for Viscount, comments, "I am very excited by the discovery of the historical data we are announcing today. The combination of detailed underground maps dating to 1881, no known production south of an East-West cross-cutting fault, plus a 1964 drilling program that located offset widths and grades of silver to the south of this same fault presents the possibility of real potential for a commercially viable mining scenario. This new information could play a very important role in the development of ore reserves for Viscount in 2014. It must be stated that while there is much work to be done before we can conclusively confirm the scope of the mineralization, if the southern extension of the Ticup vein is verified, it is my personal opinion that it could be a substantial and positive development for the Company."
Technical aspects of this news release have been reviewed and approved by Dr. Howard Lahti, a qualified person within the meaning of National Instrument 43-101.
About Viscount Mining (TSX.V: VML)
Viscount Mining is a development company with a portfolio of exploration properties in Nevada comprising of 2,700 acres (the majority of the claims are patented claims), all 100% owned including more than 20 past producing silver and gold mines. For additional information regarding the above noted property and other corporate info please visit the company's website at www.viscountmining.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Jim MacKenzie, For further information, please contact:
President, CEO and Director Viscount Investor Relations
Viscount Mining Corp. Email: [email protected]
Phone: 604-960-0535
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.
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the potential additional silver discovery at the Ticup Mine. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which management believes to be reasonable but which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements