“Masivo Silver Signs Definitive Agreement for Gold Project in Sinaloa, Mexico”.
“Masivo Silver Signs Definitive Agreement for Gold Project in Sinaloa,
Mexico”.
Vancouver, British Columbia, July 8, 2021 - Masivo Silver Corp. (TSXV: MASS)
(“Masivo or the “Company”) announced today that the Company has signed a definitive
option agreement to earn a 100-per-cent interest in the highly prospective silver-gold-
copper La Noria Dorada project (the “Project”), located in the Sierra Madre’s Gold
Corridor, Sinaloa, Mexico. The Project comprises two claims covering 295 hectares (728
acres). In addition, the Company is sampling and evaluating a series of adjacent
strategic mineralized claims totaling approximately 18,000 hectares.
Highlights
Epithermal Vein System
Our team of geologists have identified an ENE trending epithermal vein system hosted
in volcanic rocks of andesitic composition. Preliminary chip sampling returned 9.8 g/t
Au over 3.4 meters and another of 2.2 g/t Au over 3.8 meter.
Cu-Au-Ag Porphyry System
A Cu-Au-Ag porphyry system has been identified three kilometers south of the
epithermal vein system. This mineralization is hosted by a quartzodiorite stock and is
structurally controlled by faults parallel to the epithermal vein system defined in the
northern part of the Project.
A 16 meter long chip sample of the Porphyry zone assayed 1.3% Cu, 1.7 g/t Au and 16
g/t Ag. A grab sample that was collected in a dump of this porphyry zone
returned 17.4% Cu, 33.9 g/t Au and 155 g/t Ag in a quartzodiorite with potassium
alteration and rich in bornite-chalcopyrite. It is noteworthy that the potassically altered
and bornite-bearing zones of intrusions commonly contain the highest-grade
mineralization.
We strongly believe that the Au epithermal vein system is related to the Cu-Au-Ag
porphyry system and is a major target for exploration in this area of the La Noria Dorada
project.
David Coburn, Masivo Silver Corp. CEO, stated “We are very happy to have finalized this
option agreement and are excited to be implementing our exploration plan in this
“Virgin” area of Sinaloa where, historically, there has been very prolific mines
operating throughout the years”.
Definitive Agreement
Under the terms of the agreement, to earn 100-per-cent interest, Masivo has agreed to
pay US$151,500 and grant 2.65M (two million and sixty-five thousand) shares over four
years. These contingent allocations are summarized below:
• Fifty-five thousand shares at signing.
• $14,500 and 125,000 shares on the first anniversary.
• $22,000 and 165,000 shares on the second anniversary.
• $30,000 and 220,000 shares on the third anniversary; and
• $85,000 and 1.5 million shares on the fourth anniversary)
Additionally, Masivo has agreed to spend US$175,000 on exploration over the four-year
term.
The agreement is subject to a 2-per-cent net smelter return royalty, with the option to
buy down the royalty to 1 per cent at $250,000 per 0.5 per cent.
The transaction and the issuance of Masivo's common shares pursuant to the option
agreement are subject to acceptance by the TSX Venture Exchange.
David Dupre, P.Geo. is Masivo Silver's qualified person (“QP”, as defined by National
Instrument 43-101) for the company's projects in Mexico and Nevada and has approved
this news release.
About Masivo Silver Corp
Masivo is a silver and gold exploration, development, and ore processing company exploring an
aggregate of 14,000+ hectares strategically located in the gold/silver-rich Sierra Madre Occidental
Trend in western Mexico. The Company’s mill, located on its El Colomo property, is capable of
processing up to 300 tons of ore per day. Additional information on Masivo, its current operations
and its vision, is available on the Company’s website at www.masivosilver.com or
from [email protected].
ON BEHALF OF THE BOARD OF DIRECTORS
“David Coburn” Chief Executive Officer
For information, please contact the Company:
Phone: 602-315-1231
E-mail: [email protected]
Website: www.masivosilver.com
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.