Nevada Silver Corporation Reports Final Assay Results from 2021 Drilling at the Corcoran Silver-GOLD Project, Nevada, USA
NEVADA SILVER CORPORATION REPORTS FINAL ASSAY RESULTS FROM 2021
DRILLING AT THE CORCORAN SILVER-GOLD PROJECT, NEVADA, USA
Toronto, Ontario, 26th January 2022: Nevada Silver Corporation (“NSC” or the “Company”) (TSXV: NSC) is
pleased to provide a final update on assay results from the 2021 diamond drill program at its 100% owned
Corcoran Silver-Gold project (“Corcoran” or the “Project”) in Nevada, USA. The results are from completed
assay data in NSC’s recent 3,040-meter diamond drilling program at the outcropping epithermal Corcoran
Silver-Gold deposit located 80 miles north of Tonapah in southern Nevada.
NSC has received analytical results from the last diamond (HQ) drill holes (CC21-08, 09, 10, 11, 12, 15 and 16)
of the company’s maiden drill campaign. Highlights of assay data for these holes include:
CC21-08
• 1.35 meters from 20.12 meters @ 409g/t AgEq (395g/t Ag, 0.18g/t Au)
CC21-10
• 26.32 meters from 62.00 meters @ 56g/t AgEq (38g/t Ag, 0.25g/t Au)
• 44.04 meters from 94.64 meters @ 46g/t AgEq (25g/t Ag, 0.28g/t Au)
CC21-11
• 14.23 meters from 125.27 meters @ 73g/t AgEq (50g/t Ag, 0.30g/t Au)
CC21-12
• 1.58 meters from 186.42 meters @ 521g/t AgEq (516g/t Ag, 0.06g/t Au)
CC21-15
• 12.15 meters from 194.55 meters @ 99g/t AgEq (63g/t Ag, 0.48g/t Au)
Mineralized intervals from many of the holes have been reported as data is returned from the laboratory
CC21-01 (10th November 2021); CC21-04 and CC21-05 (14th December 2021); CC21-02, CC21-03, CC21-13,
CC21-14 and CC21-17 (12th January 2022); CC21-06 and CC21-07 (18th January). The data from the reported
holes in this announcement (CC21-8 to 12, 15, and 16) are new results and comprise the final assay results in
the 2021 program. They are highlighted in Figure 1 (yellow dots) and Table 1 and drill hole locations are listed
in Table 2.
CC21-08 is a vertical hole located near the southern end of the resource to 116.9 meters total depth.
Most of the top 90 meters of this hole intersected mineralization including near-surface intersections
ranging up to 395g/t silver (Figure 3). A shallow twin hole (CC21-08B) was completed to 20.1 meters
to provide additional data for the poor sample recovery in the top few meters of CC21-08. Assays for
CC21-08B confirmed surface mineralization (18.0 meters from surface of 45g/t AgEq).
CC21-09 is the southernmost drill hole completed in this program. No significantly anomalous silver
and gold were returned and the mineralization intersected in CC21-08 appears to be offset to the
southeast. Drill testing for a continuation of mineralization to the northwest of CC21-08 is planned in
2022.
2
CC21-10 is the most northern hole drilled during this program. Mineralization was most prominent in
the lower half of the hole (26.32 meters from 62.00 meters of 56g/t AgEq and 44.04 meters from 94.64
meters to the bottom of the hole of 46g/t AgEq). NSC considers that there is considerable potential for
mineralization with similar thickness and grade to continue to the north of CC21-10 and step-out
drilling in this area is planned in 2022.
CC21-11 was completed near the centre of the drill area and intersected wide zones of appreciable
silver and gold grades throughout the hole (Table 1).
CC21-12 was drilled to test the south east portion of the deposit and the 1.58 meters of 516g/t Ag
from 186.42 meters may represent a feeder zone in this area. Deeper drill testing in 2022 is planned
to test this target.
CC21-15 is located in the north west of the drill area (Figure 1) and was drilled to 254.5 meters towards
grid east (135O) at a dip of -70 degrees. The thick intersections of silver-gold mineralization intersected
throughout CC21-15 total 167 meters and include:
• 45.32 meters from 54.86 meters @ 31g/t AgEq
• 45.43 meters from 108.49 meters @ 43g/t AgEq
• 53.92 meters from 162.04 meters @ 44g/t AgEq
• 18.69 meters from 235.81 meters to the end of the hole @ 60g/t AgEq
The CC21-15 intersections show that the deposit is open to the north and northwest where it appears
to dip to the west. Step-out drilling to test this extension is planned in 2022.
CC21-16 was angled at -70 degrees towards 270o to test for silver located along north-south oriented
structure near the southern extent of the mineralization. No high-grade intersections were located
although weak Ag-Au mineralization was intersected between 78.81-104.25 meters and this interval
is likely to represent the southeast limit of the mineralization in this part of the deposit (Figure 2).
Northwest from CC21-16 the mineralization has a northwest dip and drill targets of potential
extensions will be targeted both to the west and at depth in planned 2022 drilling.
NSC’s CEO Gary Lewis commented, “We are very pleased that the last holes of NSC’s 2021 Corcoran drilling
include further encouraging results. The deposit is clearly not closed by drilling in any direction or at depth. In
particular CC21-15 and CC21-10, which are the most northern 2021 drill holes, intersected wide mineralized
intervals. CC21-15 showed a combined total length of 167 meters of mineralization and best grades occurred
near the bottom of this 254.5 meter angled hole. Similarly, CC21-10 intersected more than 70 meters of Ag-
Au mineralization in the bottom half of the 138.7 meter hole.”
“NSC is well advanced in preparations for drill permitting of the north, west and depth extensions of Corcoran
in 2022 and are excited by the potential for considerable upside to both size and grade of the deposit.”
Quality Assurance, Sampling and Assay Determinations
The diamond drilling was undertaken by Falcon Drilling, Inc, Nevada, using industry standard equipment and
procedures. All drill core was HQ size. Drilling supervision and drill core logging and sampling was carried out
by Ethos Geological, Inc under the direction of Mr Scott Close (President and Chief Geologist).
Drill hole orientation, down-hole survey data and collar coordinates were routinely gathered and drill core
was logged (geological and geotechnical) and photographed prior to sampling. Drill core samples were
collected at variable lengths (averaging 1m) and saw-sampled on-site prior to storage in a secure compound.
Collected intervals including quality control samples (duplicates, blanks and international standards) were
forwarded by secure freight to ALS Chemex Labs, Inc in Reno, NV. Analytical procedures used four acid ICP-
AES (code ME-ICP61) for silver and 32 elements and additional assays for ore-grade samples (Ag-OG62, ME-
OG62). High silver grades (over 1500g/t Ag) were determined using fire assay method Ag-GRA21.
3
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:
Gary Lewis
Group CEO & Director, Nevada Silver Corporation
T: +1 (416) 941 8900 E: [email protected]
Figure 1. Drill hole location map of the Corcoran Ag-Au deposit showing completed NSC drill holes with assay
summary highlights. New data not reported in previous announcements is shown in red.
4
Figure 2. Cross section showing drill traces for drill hole CC21-16, CC21-06, CC21-01 and CC21-13 with
significant zones of silver. The location of this section is shown on Figure 1.
Figure 3. Drill core photograph showing strong fracturing in mineralized near-surface drill core in CC21-08.
5
hole ID
from to interval Ag Au
Ag
grade
x
width
AgEq*
meters meters meters g/t g/t g/m g/t
CC21-01 0.00 96.00 96.00 19 0.21 1824 35
including 81.10 91.70 10.60 82 0.4 869 111
including 86.07 88.70 2.63 187 0.48 492 220
CC21-01 233.70 236.37 2.67 1219 1.82 3255 1336
including 233.70 235.03 1.33 2310 2.6 3072 2466
CC21-01 245.67 251.76 6.09 253 0.38 1541 277
CC21-02 73.00 76.45 3.45 98 0.87 338 163
CC21-02 98.27 124.87 26.60 75 0.28 1995 94
including 114.40 116.50 2.10 788 0.59 1655 832
CC21-02 144.50 150.62 6.12 12 0.29 73 34
CC21-03 8.18 74.00 65.82 10 0.23 658 27
CC21-04 29.85 172.00 142.15 13 0.38 1848 42
including 29.85 44.50 14.65 4 0.62 59 51
including 89.42 112.08 22.66 16 0.63 363 64
including 132.50 149.00 16.50 57 0.41 941 87
CC21-05 57.00 91.50 34.50 86 0.20 2967 100
including 70.00 71.50 1.50 1120 0.23 1680 1117
CC21-06# 0.00 204.67 204.67 21 0.29 4298 43
CC21-06 0.00 13.22 13.22 7 0.20 93 22
CC21-06 21.64 97.02 75.38 21 0.45 1583 55
CC21-06 111.50 194.87 83.37 29 0.25 2418 48
including 140.82 141.62 0.80 708 0.52 566 747
including 168.25 170.57 2.32 61 2.05 142 214
including 184.47 194.87 10.40 39 0.41 406 64
CC21-07# 11.28 95.40 EOH 84.12 6 0.26 505 26
CC21-08 7.31 31.39 24.08 63 0.12 1517 71
including 20.12 21.47 1.35 395 0.18 533 409
CC21-08 34.14 89.30 55.19 14 0.24 773 33
including 61.57 68.36 6.79 39 0.31 265 62
Table 1. Significant mineralized intervals in drill -cored holes completed by NSC at the
Corcoran Silver-Gold Project.
6
CC21-8B 0.00 18.00 18.00 25 0.28 450 45
CC21-09 NO SIGNIFICANT ASSAYS
CC21-10 53.80 57.00 3.20 3 0.25 10 22
CC21-10 62.00 88.32 26.32 38 0.25 1000 56
CC21-10 94.64 138.68
EOH 44.04 25 0.28 1101 46
CC21-11 12.00 15.00 3.00 27 0.54 81 67
CC21-11 25.35 46.14 20.79 5 0.21 104 20
CC21-11 59.62 92.00 32.38 14 0.18 453 27
CC21-11 125.27 139.50 14.23 50 0.3 712 73
CC21-11 157.28 162.15 4.87 21 0.13 102 30
CC21-12 123.55 133.27 9.70 3 0.23 29 20
CC21-12 186.42 188.00 1.58 516 0.06 815 521
CC21-13 9.28 13.40 4.12 7 0.29 29 28
CC21-13 28.70 39.45 10.75 1 0.27 11 21
CC21-14 31.94 50.29 18.35 3 0.26 55 23
CC21-14 59.55 102.52 42.97 30 0.35 1289 56
including 76.40 84.70 8.30 96 0.74 797 152
including 113.51 120.78 7.27 65 0.15 473 76
CC21-15 39.32 42.33 3.01 2 0.34 6 28
CC21-15 54.86 100.18 45.32 11 0.26 499 31
CC21-15 108.49 153.92 45.43 28 0.21 1272 43
CC21-15 162.04 215.96 53.92 25 0.26 1348 44
including 194.55 206.70 12.15 63 0.48 765 99
CC21-15 235.81 254.51
EOH 18.69 38 0.29 710 60
CC21-16 78.81 104.25 25.44 8 0.26 204 28
CC21-17 16.20 22.65 6.45 6 0.2 39 21
CC21-17 35.15 41.14 5.99 20 0.23 120 38
CC21-17 87.56 149.85 62.29 75 0.25 4672 94
including 117.41 118.55 1.14 3470 0.96 3956 3542
Intervals are core length. True width of mineralization has not been calculated.
7
Drill location, altitude, azimuth and dip of drill holes are provided separately.
Quality control, Assay laboratory and analytical methods are detailed in the text of this report.
# Apart from these intervals a cut-off grade of 20g/t silver equivalent (AgEq) has been applied to calculate the length-
weighted intercepts. No top cut has been applied for any interval.
Numbers are rounded.
* Silver equivalent values (AgEq) - Metal prices follow the NI43-101 Resource report on the Corcoran Canyon Project by
Mosher and Smith (October 12, 2020) which used USD1460/ounce gold and USD17/ounce silver.
Precious metal recoveries off 98.2% Ag and 88.6% Au were determined by laboratory tests by ALS (USA) in December
2018 (reference RE18305962) and these are the most recent metal recovery data available. Although the current
drilling is often located outside of the NI43-101 resource the results of this test work have been used in reported AgEq
values until fresh metal recovery data can be completed on the drill core from this program.
AgEq has been calculated as follows: AgEq = (gold price/silver price) x (gold assay x 0.886) + silver assay x 0.982).
Table 2. Drill hole details for CC21-08 to 12, CC21-15 and CC21-16.
Drill hole
Drill collar location Azimuth Dip Final
Depth
WGS84 E WGS84 N degrees degrees meters
CC21-08 515537 4282480 0 -90 116.9
CC21-08B 515537 4282480 0 -90 20.1
CC21-09 515573 4282425 135 -70 102.1
CC21-10 515760 4282781 135 -70 138.7
CC21-11 515688 4282604 135 -70 175.3
CC21-12 515742 4282570 135 -70 211.2
CC21-15 515630 4282760 135 -70 254.5
CC21-16 515700 4282520 270 -70 153.6
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.
Neither the 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.
Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively,
“forward-looking information”) within the meaning of applicable securities laws. Forward-looking information
is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,”
“could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such
expressions.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may
cause the Company’s actual results, level of activity, performance or achievements to be materially different
from those expressed or implied by such forward-looking information, including, without limitation, risks as a
result of the Company having a limited operating history and may have a wide variance from actual results,
risks concerning the ability to raise additional equity or debt capital to continue its business, uncertainty
regarding the inclusion of inferred mineral resources in the mineral resource estimate which are too
speculative geologically to be classified as mineral reserves, uncertainty regarding the ability to convert any
8
part of the mineral resource into mineral reserves, uncertainty involving resource estimates and the ability to
extract those resources economically, or at all, uncertainty involving exploration (including drilling) programs
and the Company’s ability to expand and upgrade existing resource estimates, risks involved in any future
regulatory processes and actions, risks from making a production decision (if any) without any feasibility study
completed on the Company’s properties, risks applicable to mining exploration, development and/or
operations generally, and risk as a result of the Company being subject to certain covenants with respect to
its activities by creditors, as well as other risks.
Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of
management made in light of its experience and perception of trends, current conditions and expected
developments, and other factors that management believes are relevant and reasonable in the circumstances
at the date such statements are made. Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those contained in forward-looking information, there
may be other factors that cause results not to be as anticipated. There can be no assurance that such
information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking
information.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the
Company disclaims any obligation to revise or update any such forward-looking information or to publicly
announce the result of any revisions to any of the forward-looking information contained herein to reflect
future results, events or developments, except as required by law.