Silverton Metals Corp. Announces Commencement of Drilling at its Penasco Quemado Project, Sonora, Mexico
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Silverton Metals Corp. Announces Commencement of Drilling at its Penasco
Quemado Project, Sonora, Mexico
VANCOUVER, BC, November 3, 2021 – Silverton Metals Corp. (TSX-V: SVTN, OTCQB: SVTNF) ("Silverton"
or the "Company") is pleased to announce it has commenced a 2,200-meter diamond drilling program on
its 100% owned Peñasco Quemado (“PQ”) project located in northern Sonora, Mexico. The drilling will
test two priority target areas called La Fortuna and Penasco Pit, located in separate areas of the property.
In the Penasco Pit area, on the eastern part of the property, the drilling will target the south and southeast,
down-dip extens ion of a conglomerate -hosted, shallow, southwest -dipping replacement manto that
contains the drill defined historic resource estimate (Table 1). Additional drilling is designed to test the
interpreted along -strike extensions to this mineralized zone area a s identified by strong, southeast -
trending geochemical anomalies (zinc, lead, barium and manganese in soils) which exceed three
kilometers in length and have some coincidental geophysical anomalies (Fig. 1).
Drilling in the Fortuna area, on the western part of the property, will test strong zinc, lead and copper soil
anomalies with a coincidental “plug” like geophysical low resistivity anomaly that extends beyond 500
meters in depth. Company geologists interpret this geophysical anomaly as altered intrusive rocks which
may be a potential source of mineralization. Historic drilling in this area intersected significant silver values
(340g/t Ag over 4.5m and 113g/t Ag over 4.5m in holes PQRC51, and PQRC49 respectively) within
northwest-oriented, east -dipping vein structures adjacent to an andesitic dyke traced for a length
exceeding 700 meters. The mineralization in this target is open along strike and at depth. Conceptually
there is potential for manto style mineralization in conglomerates as well as skarn at the interpreted
contact between the plug and conglomerate rocks (Fig 2).
John Theobald, President and CEO commented; “We are pleased to commence this initial phase of drilling
to test the continuity of the mineralization along strike and at depth in both the Penasco and Fortuna areas
of the project. It is worth noting that the historic resource estimate is confined to the Penasco Pit area and,
subject to results of the initial drilling, a second drilling phase will be conducted with the aim of expanding
the deposit. We note some geological similarities between Penasco Quemado and the Hermosa -Taylor
zinc, silver, lead and manganese deposit, located approximately 100 km northeast of Penasco Quemado,
in Arizona”.
About Peñasco Quemado
Peñasco Quemado is a 3, 746-hectare property located in northern Sonora, 60 kilometres south of the
town of Sasabe on the US -Mexico border. A 2006 drilling program outlined a historical measured and
indicated resource of 2.57 million tonnes at a grade of 117 g/t silver for a silv er historic measured and
indicated resource of 9.63 million ounces (see below) . The silver mineralization is associated with
manganese and barium oxides in a near surface shallow westerly dipping zone of volcaniclastic rocks
formerly called polymictic conglomerate.
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Figure 1. Penasco Quemado drill hole map showing programmed holes in yellow, historic holes in
red, on the zinc soil geochemistry map. Section W-E is shown in Figure 2.
Figure 2. Conceptual Schematic section illustrating the manto extension and Fortuna targets on
Penasco Quemado
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Historic Resources
Silvermex Resources Limited reported in a technical report titled “Updated NI 43 -101 Technical Report
and Resource Estimate for the Penasco Quemado Silver Property ” dated March 9, 2007 (filed on SEDAR
on March 16, 2007), prepared by William J. Lewis and James A. McCrea, the above referenced historical
mineral resource estimate. Accordingly, Silverton considers these historical estimates reliable as well as
relevant as it represents a target for exploration work by Silverton. The historical resource estimate is set
out in detail below:
Table 1. Penasco Quemado historic resource estimate.
RESOURCE
CATEGORY MINERALIZATION TYPE
TONNES
(MT)
Ag
(G/T)
Ag
(MOZ)
Measured Oxides 0.12 152 0.60
Indicated Oxides 2.44 115 9.03
Total M + I Oxides 2.57 117 9.63
Inferred Oxides 0.10 41 0.13
*The data base for the historical resource estimate consisted of 24 reverse circulation holes from a 1981/82 program,
17 reverse circulation holes from a 2006 program and 8 diamond drill holes from a 2006 drill program. Assay data
was available for all 49 of the drill holes and 12 trenches. The mineral resource estimate used a kriging estimation
method to establish ore zones with a cut-off grade of 30 g/t Ag and assay’s capped at 700 g/t Ag. Resource blocks
were estimated by ordinary kriging with samples within a search radius of 25 meters classified as a measured mineral
resource, within 47 meters classified as an indicated mineral resource and within 70 meters classified as an inferred
mineral resource. As required by NI 43 -101, CIM definitions (August 2004) were used to classify mineral resources
with the classification of each kriged ore block dependent upon the number of penetrating holes. An in -situ block
density of 2.50 t/cu meter was assigned the ore blocks. The qualified person has not done sufficient work to classify
the historical estimate as a current mineral resource. Silver One is not treating this historical estimate as current
mineral resources.
La Frazada Permitting
The Company has been informed by Mexico’s Secretaría del Medio Ambiente y Recursos Naturales
(“SEMARNAT”) that the Informe Preventivo report needed to conduct surface drilling has not been
approved and that the Company will be required to submit and have approved an Environmental Impact
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Statement (“EIS”) before drilling can commence. It is estimated this process will take about six months.
Exploration will be halted temporarily until the EIS has been prepared and approved.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved
by Peter Born, P. Geo., a Qualified Person for the purpose of NI 43-101.
On behalf of the Board
John Theobald
President, CEO & Director
Silverton Metals Corp
About Silverton Metals Corp
Silverton Metals Corp is a Canadian company focused on the exploration and development of quality
silver projects. The company holds a 100% interest in three significant silver assets in Mexico – Pluton, in
Durango, Peñasco Quemado in Sonora and La Frazada in Nayarit. Silverton management and board have
extensive experience identifying and evaluating acquisition targets and exploration prospects. The
company intends to build a strong portfolio of silver and gold-silver projects to drive future growth by
exploration success and from later stage projects with production potential. To achieve this growth the
Silverton business plan calls for a dynamic combination of development of its existing properties,
acquisitions, and partnerships.
For further information please contact:
Silverton Metals Corp.
W. Barry Girling, VP Corporate Development and Director
(604) 683-0911
Forward-Looking Statements
Information set forth in this n ews release contains forward -looking statements that are based on
assumptions as of the date of this news release. These statements reflect management's current
estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Silverton
cautions that all forward looking statements are inherently uncertain, and that actual performance may
be affected by a number of material factors, many of which are beyond Silverton's control. Such factors
include, among other things: risks and uncertainties relating to Silverton's limited operating history and
the need to comply with environmental and governmental regulations. Accordingly, actual and future
events, conditions and results may differ materially from the estimates, beliefs, inten tions and
expectations expressed or implied in the forward -looking information. Except as required under
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applicable securities legislation, Silverton undertakes no obligation to publicly update or revise forward -
looking information.
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.