Nevada Silver Reports Multiple High-Priority Drill Targets Identified from Recent Geophysical Survey at the Belmont Silver Project, Nevada
NEVADA SILVER REPORTS MULTIPLE HIGH-PRIORITY DRILL TARGETS IDENTIFIED
FROM RECENT GEOPHYSICAL SURVEY AT THE BELMONT SILVER PROJECT, NEVADA
Toronto, Ontario, 15th June 2022: Nevada Silver Corporation (“NSC” or the “Company”) (TSXV: NSC) (OTCQB:
NVDSF) is pleased to announce that it has received results and evaluation of the recently completed Induced
Polarization (IP) and Resistivity survey at the Company’s 100% owned Belmont Silver Project in Nevada, USA.
This survey is the first significant exploration to be undertaken at the Belmont Silver Project in over a century
and has identified a large “elephant ”-shaped anomaly with multiple untested targets of potential
sulphide mineralization that will be drill-tested in the coming weeks (Figure 1).
The pole-dipole IP/Resistivity geophysical survey was completed across the abandoned Belmont silver
mining camp , located 15 kilometers south of the Company’s Corcoran Silver-Gold deposit and 72
kilometers northeast of Tonopah in central Nevada. The survey was undertaken to identify drill targets
in zones of alteration, quartz veins/silicification and sul phides associated with silver mineralization
beneath and along-trend from the historic silver mines (Figure 2). A number of extremely interesting
resistivity and IP responses that indicate sulphide-rich drill targets have been identified for drill
testing.
The s tudy defined both IP responses and zones of high resistivity which appear to be due to both
stratigraphic and structurally controlled features. The s trongest IP responses are associated with
carbonaceous sediments and graphite along crosscutting structures, and many are interpreted to be
structurally controlled alteration features that have been identified at surface during recent detailed
surface mapping. Associated resistivity highs are related to vein -filled structures and pervasive
silicified/pyritic zones that include both vertical and flat-lying structures as well as lithology contacts.
Figure 1. Three-dimensional diagram of the Belmont ‘elephant-shaped’ resistivity anomaly.
Targets (white arrows) are interpreted as high sulphide targets within pervasive silicification.
NEVADA SILVER REPORTS MULTIPLE HIGH-PRIORITY DRILL TARGETS IDENTIFIED
FROM RECENT GEOPHYSICAL SURVEY AT THE BELMONT SILVER PROJECT, NEVADA
Toronto, Ontario, 15th June 2022: Nevada Silver Corporation (“NSC” or the “Company”) (TSXV: NSC) (OTCQB:
NVDSF) is pleased to announce that it has received results and evaluation of the recently completed Induced
Polarization (IP) and Resistivity survey at the Company’s 100% owned Belmont Silver Project in Nevada, USA.
This survey is the first significant exploration to be undertaken at the Belmont Silver Project in over a century
and has identified a large “elephant”-shaped anomaly with multiple untested targets of potential
sulphide mineralization that will be drill-tested in the coming weeks (Figure 1).
The pole-dipole IP/Resistivity geophysical survey was completed across the abandoned Belmont silver
mining camp, located 15 kilometers south of the Company’s Corcoran Silver-Gold deposit and 72
kilometers northeast of Tonopah in central Nevada. The survey was undertaken to identify drill targets
in zones of alteration, quartz veins/silicification and sulphides associated with silver mineralization
beneath and along-trend from the historic silver mines (Figure 2). A number of extremely interesting
resistivity and IP responses that indicate sulphide-rich drill targets have been identified for drill
testing.
The study defined both IP responses and zones of high resistivity which appear to be due to both
stratigraphic and structurally controlled features. The strongest IP responses are associated with
carbonaceous sediments and graphite along crosscutting structures, and many are interpreted to be
structurally controlled alteration features that have been identified at surface during recent detailed
surface mapping. Associated resistivity highs are related to vein-filled structures and pervasive
silicified/pyritic zones that include both vertical and flat-lying structures as well as lithology contacts.
Figure 1. Three-dimensional diagram of the Belmont ‘elephant-shaped’ resistivity anomaly.
Targets (white arrows) are interpreted as high sulphide targets within pervasive silicification.
N
Strong resistivity
(sulphide rich)
Moderate resistivity
(abundant sulphide)
500 meters
2
Twenty-four resistivity targets and related chargeability anomalies all indicate sulphide-rich accumulations in
the vicinity of veins and from these six high priority targets have been selected for initial drill testing (Figure 2)
NSC’s CEO Gary Lewis commented:
“The geophysical results show a monster untested anomaly located beneath, and along trend from, high-
grade, shallow silver deposits mined during the late 1800s. Nevada Silver has identified very exciting drill
targets in what appears to be sulphide-rich mineralization with possible high-silver content.”
“With little-to-no exploration in more than a century, NSC is looking forward to drill testing these outstanding
targets in coming weeks and has secured drill hole permitting and a drill rig for the work.”
“Fresh discoveries of silver, favorably located close to NSC’s Corcoran Silver-Gold Project will be a huge benefit
to future development opportunities of both projects.”
Target Selection
Section data was prepared for each line traverse and Figure 3 (chargeability) and Figure 4 (resistivity)
illustrate processed data sections for the northern line (IP LINE 1) which trends along 4270500N (Figure
2). Notably, there are similar and important drill targets on all seven of the traverses.
Figure 2. IP/resistivity lines plotted on topography and elevation. The lines are labeled IP LINE 1
through IP LINE 7 from north to south respectively. Locations of historic pits and old mine
openings are shown as well as access tracks. Yellow stars identify NSC’s top priority drill targets.
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The high chargeability responses in Figure 3 are coincident with high-resistivity features in Figure 4 and
indicate the occurrence of significant sulphide at targets T1, T2, T3 , and T4. Similar sul phide targets
have been located on all of the lines.
Twenty-four (24) targets have been selected as zones of high-resistivity with coincident or adjacent
high-chargeability (interpreted to be sulphide-enriched) and five significant IP targets were also
identified. NSC has prioritized these targets based on detailed surface mapping and has initially chosen
six for drill testing in July (Figure 2).
Figure 3. The 2D inversion tilt filter of chargeability for Line IP-1. The black, dashed curve is the level
of oxidation or a litholog y boundary associated with the top of large IP response s. Orange -red
colours indicate higher IP responses.
Figure 4. The 2D resistivity tilt filter section for Line IP -1. T 1 and T2 are vertical-vein/silicified
structures spreading into a joined, horizontal silicified layer. T3 is a vertical vein warped by structural
movement with interpreted space opening at the bend. T4 is a vertical-vein/silicified zone.
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 (Figures 5 and 6).
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
T1 T2
T3
T4
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water table where silver occurred mostly as silver chloride (cerargyrite). Silver -bearing sulphides
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 Nye County government. Two main ve in systems were mined.
The eastern veins (Highbridge and Transylvania ledges) were hosted in slate and limestone and dip
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.
Survey Specifications
The seven lines of pole-dipole IP/resistivity survey were completed by Rock Bottom Geophysics (RBG)
during April and May 2022. A 50 -meter a-spacing was used and n -spacing’s of one through ten were
recorded. The line direction of 90/270 was based on geologic trend and lines are spaced at 200-meter
intervals (Figure 2).
RBG provided the data as ascii station location (XYZ), Elrec Pro (bin), Pseudo-sections (N level and Topo
base) and as 2D Inversion Models (including XYZ ) files. The data was forwarded to Thomas V Weis and
Associates Inc. for reprocessing of inversion sections to enhance subtler IP and resistivity inversion
responses. A number of filters were evaluated but the ‘Tilt Angle Filter’ was selected as the most useful
and geophysical exploration targets were identified from section plots by Tom Weis.
A series of plan map elevation slices were extracted from the inversion model to show IP and resistivity
data distribution in a horizontal spatial sense and both 2D IP and resistivity sections of all seven lines
were prepared.
Patented Claims at the Belmont Silver Project
Further to the press release of March 24, 2022 , the Company wishes to advise that Summa, LLC
(“Summa”) and the Company have agreed to amend the option and purchase agreement dated
February 11, 2022 (the “Agreement”) to remove the option of Summa to accept common shares of
Corcoran Ag-
Au deposit
North Belmont
Silver Project
Belmont Silver
Project
IP survey area
(Figure 2)
Figure 5. Location map of Nevada Silver’s
Belmont Silver, North Belmont Silver and
Corcoran Canyon Silver-Gold Deposit.
Figure 6. View to the northeast across the
Belmont Silver Project towards Corcoran . The
Belmont survey area is in the middle distance to
the left.
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the Company in lieu of cash payments on the second through fourth anniversa ry dates of the
Agreement. The Company has now issued 118,750 common shares to Summa. As a result, no further
common shares are issuable to Summa under the Agreement. All other terms and conditions of the
Agreement remain in force and effect, unamended.
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.
About Nevada Silver Corporation
Nevada Silver Corporation ( TSXV: NSC) ( OTCQB: NVDSF) is a multi -commodity exploration and
development company with two US -based exploration projects with NI 43 -101 compliant mineral
resources and an experienced, multidisciplinary technical team and board. The Company’s principal
asset is the Corcora n Silver Project in Nevada, which has mineralization near -surface, is open in all
directions, and has an Inferred Mineral Resource of 33.5 million silver-equivalent ounces. The Corcoran
Silver Project has a number of high-priority exploration targets that provide excellent growth potential.
In February 2022, NSC announced that it had acquired the historic Belmont Silver Project, which was
among the earliest and richest silver mining camps in the Tonapah district, with an estimated ore head-
grade averaging 25 ounces per ton of silver. In addition to Corcoran and Belmont, NSC has exclusive
ownership and management rights over the Emily Manganese Project in Minnesota, USA. The Emily
Project contains North America’s highest -grade manganese resource and has been the subject of
considerable technical studies, with USD$24 million invested to date.
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 & Senior Account Manager
T: +1 (416) 868 1079 ext. 230
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