Nevada Silver Announces the First Assays From Drilling at the Belmont Silver Project, Nevada
Nevada Silver Announces the
First Assays From Drilling at the
Belmont Silver Project, Nevada
TORONTO, ON / ACCESSWIRE / August 24, 2022 / Nevada Silver Corporation
("NSC" or the "Company") (TSXV:NSC) (OTCQB:NVDSF) is pleased to announce the
receipt of the first drill core assays from recent drill testing of six priority targets at the
Company's 100%-owned Belmont Silver Project located 72 kilometers northeast of
Tonopah in central Nevada, USA.
Assay results include an intersection of 440 g/t silver and 0.99% lead between 27.74-
28.47 meters in drill hole BS2202. The high-grade silver is included within a wider
interval between 26.76-30.82 meters which averaged 134 g/t Ag and which forms part
of a fault/crush zone that appears to be trending at a high angle to the drill core (Figure
1, Tables 1 and 2).
Gary Lewis, Nevada Silver's CEO, commented.
"This is a very encouraging result - the top few samples of the very first drill core to
test the Belmont Silver Mining Camp for more than 100 years has intersected a near-
surface zone of high-grade silver.
Six drill holes have been completed in this initial part of our drilling assessment and
we are expecting assays from the bottom portion of BS2202 and the other five drill
holes during the coming weeks. Once these results have been received and
interpreted by our geological team, we will undertake further drilling later in the
year.
In all, 24 targets were identified in the recently completed Induced Polarization (IP)
and Resistivity survey, so this is just the beginning of an exciting period of
exploration at Belmont."
NSC's exploration is the first significant mineral assessment of one of the earliest and
richest silver mining camps in the Tonopah district.
Drilling commenced in mid-July 2022, and these results are from the top few samples
from BS2202 (25-33 meters) and are the first to be returned from Paragon Geochemical
in Sparks NV.
NSC also wishes to advise that in connection with the Company's indirectly wholly-
owned subsidiary, North American Silver Corporation's (NASC) option to purchase five
patented lode mining claims in Sections 25 and 36, Township 9 North, Range 45 East,
MDM, Nye County, Nevada covering approximately 69.88 acres known as the Belmont
Property from Summa, LLC ("Summa"), NASC granted a 1.0% Net Smelter Return
(NSR) royalty to Summa. The first 25% of the NSR can be repurchased by NASC at any
time for US$1.5M and the second 25% can be repurchased at any time for US$2.5M.
About the Belmont Mining District
The Belmont Silver Project covers the majority of old silver workings of the Belmont
silver mining camp near the historic Belmont ‘ghost' town. The main mining area is
located about 2 kilometers southeast of Belmont (Figures 2 and 3).
Belmont is among the earliest and richest silver mining camps in the Tonopah district
with an estimated ore head-grade averaging 25 ounces per ton of silver. Historical
accounts describe numerous prospect pits and mine openings of shallow underground
workings with the richest ore above the water table where silver occurred mostly as
silver chloride (cerargyrite). Silver-bearing sulfides together with copper, molybdenum,
lead, zinc, and antimony minerals were reported at depth.
During the camp's silver mining heyday between 1865 and 1889 Belmont's population
was about 10,000 and the town was the seat of the Nye County Government. Two main
vein systems were mined. The eastern veins (Highbridge and Transylvania ledges) were
hosted in slate and limestone and dipped easterly at 40-50 degrees. High-grade
mineralization was reported adjacent to hanging walls of massive quartz veins and was
generally conformable with strata of Ordovician shale, quartzite and limestone. There
appears to have been negligible exploration during recent decades despite high-grade
silver samples (up to 5,000 g/t silver) collected from remnant dumps during a surface
geochemical study by the US Geological Survey in 1985.
About Nevada Silver Corporation
Nevada Silver Corporation (TSXV:NSC) (OTCQB:NVDSF) is a multi-commodity resource
company with two exploration projects in the USA. NSC's principal asset is the Corcoran
Silver-Gold Project in Nevada. In addition, NSC has management and ownership rights
over the Emily Manganese Project in Minnesota, which has been the subject of
considerable technical studies, with US$24 million invested to date. Both Corcoran and
Emily have been the subject of National Instrument 43-101 compliant mineral resource
estimates.
Qualified Person
The scientific and technical data contained in this news release was reviewed and
approved by Ian James Pringle PhD, who is a Qualified Person under National
Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further Information please contact:
Nevada Silver Corporation
Gary Lewis
Group CEO & Director
T: +1 (416) 941 8900
CHF Capital Markets
Perry Rapagna
Manager, Corporate Development
T: +1 (416) 868-1079 x 230
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SOURCE: Nevada Silver Corporation