Rio Silver Provides Update on Niñobamba and Palta Dorada Projects
Rio Silver Provides Update on Niñobamba and Palta Dorada Projects
Vancouver, British Columbia – March 14th, 2023 – Rio Silver Inc. (“Rio Silver” or the “Company”)
(TSX.V: RYO) (OTC: RYOOF),) is pleased to provide an update of its activities at both the Niñobamba
Au-Ag property (“Niñobamba”) and its 50% owned Palta Dorada Au-Ag-Cu property (“Palta Dorada”).
The 100% owned Niñobamba project covers an area of 4300 hectares and is royalty free. The project is
comprised of two mineralized areas: The Niñobamba Area and the Jorimina Zone. Two different
communities control the surface rights in the project are as. The Company has conducted numerous
meetings with community directors and is confident that a surface access agreement to facilitate a first
phase diamond drilling program at the Jorimina Zone will be concluded soon. Rio Silver has also been in
discussions with the community controlling the surface rights on the Niñobamba Area. Although m ore
social and community engagement is required, a positive outcome is expected.
The Jorimina Zone is located approximately 6.5 kilometers west of the main zone of mineralization at
Niñobamba. The Company acquired an extensive database from Newmont Mining Corp. (“Newmont”)
which includes diamond drill logs and assays, surface samples, geophysical data, and metallurgical testing.
Approximately $10 million US has been spent on historical exploration programs since 2002 on the entire
project area from Anglogold and Newmont. The Company is pleased to have secured all the data from
these extensive programs.
From 2009 to 2010, Newmont Mining Corp. completed thirteen diamond drill holes totaling 4377 metres
at Jorimina. As a highlight from the historic reports available, the best intercept from the 13 holes, showed
drill-hole JOR-001 returning 72.3 metres of 1 .19 g/t Au starting at 53 -meter depth. The true widths of
mineralization from this drillhole are not yet known . Further drilling is required to determine both the
lateral and vertical extent of the mineralization.
Historical diamond drilling results condu cted by AngloGold in 200 2 on the main Niñobamba Area zone
included DDH-2, which reported assay results of 87 g/t silver over a drilled interval of 130 metres starting
from a depth of nine metres, and DDH-4, reporting 54 g/t silver over a drilled interval of 96 metres starting
from 23 metres. The true widths of mineralization from this drill hole are not yet known and will be
determined in the upcoming planned drill program.
Highlights from the trenching program conducted by Rio Silver in 2012 at the Niñobam ba North Zone
where the Company discovered a new gold -silver zone include 56 metres of 1.03 g/t Au and 98.9 g/t Ag
in trench TR-01 and 21.77 metres of 1.32 g/t Au and 102.46 g/t Ag in TR-04 ending in mineralization (see
Rio Silver News Release of January 14, 2013). These results show that the Niñobamba property possesses
a strong gold component . F urther exploration is required to determine the precious metal zonation,
alteration patterns and widths. The trenches were cut approximately perpendicular to the miner alized
structure, and the true width of mineralization is yet to be determined.
The Company is also pleased to announce that at it’s joint venture min ing project operator, Peruvian
Metals Corp., has commenced stockpiling gold-silver-copper rich material taken from Palta Dorada’s main
workings. The Palta Dorada property , is owned equally with Peruvian Metals and is located in Ancash
Department, Northern Peru. Sulphide mineralized material will be shipped to Peruvian’s Aguila Norte
Processing Plant, located 145 kilometres from the Palta Dorada project site on a combination of gravel
and paved roads.
Three random grab samples were recently taken by JV partner Peruvian Metals from the mineral
stockpiles and assayed. The average grade of the samples was 7.55 g/t Au, 6.07 ounces /t Ag and 0.70%
Cu. Two samples were also taken from the sulphide bearing quartz vein in the main adit where the
material is currently being extracted. Assay results over a 1 metre width averaged 14.07 g /t Au, 9.01
ounces/t Ag and 2.01% Cu. In addition, two samples were taken from the oxide zone above the main
workings and averaged 12.5 g/t Au, 7.89 ounces/t Ag and 0.20% Cu.
The Company is continuing to open the workings at Palta Dorada to access the sulphide Cu-Au-Ag material
for the collection of a bulk sample and plans to ship sulphide material to the Aguila Norte Plant once it is
determined that sufficient mineral has been accumulated to create a high-quality concentrate. Rio Silver
expects to process this material during the second quarter of 2023. Any accumulated oxide gold material
extracted will be sold to third party mills designed to treat the oxide material.
Rio Silver’s President, Chris Verrico states “We are extremely pleased with the progress towards achieving
access agreements for both the Jorimina and Main Niñobamba zones. It is likely the Company will
conclude an agreement for Jorimina first as those discussions are well advanced in anticipation of a Q3
resource defining diamond drilling campaign built around the success that Newmont had achieved prior
to 2012 on the project”
About Rio Silver
Rio Silver is a resource company that has been selectively identifying and acquiring precious metal assets
that afford the best possible leverage and returns in anticipation of an increasingly more favorable
precious metals bull market. Our Ninobamba area Au/Ag/Cu targets are suggestive of near surface, bulk
mineable open pit targets. At the Company’s Palta Dorada Property in central Peru, a high -grade
mesothermal gold and silver vein system is currently being bulk-sampled and processed by 50% partner,
Peruvian Metals Corp.(“Peruvian”). Recent access improvements to the upper workings have been
installed allowing access for an underground bulk sampling campaign , now underway , within the
previously sampled sulfide mineralization. Peruvian operates the nearby Aguila Norte commercial mill
where the extracted mineral from the bulk sampling campaign will be processed. Bulk sampling may be
ramped up if successful and could become a cashflow to assist the Company’s overall exploration plans in
a non-dilutive, shareholder friendly way. We remain ever impressed and optimistic by the resilience and
ingenuity of our host country as Peru continues to endorse supportive mining policies ensuring continued
growth and opportunity throughout Peru.
Jeffrey Reeder, P.Geo., a qualified person as defined in National Instrument 43 -101, has supervised the
preparation, and approved the scientific and technical disclosure contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER INC.
For further information,
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: [email protected]
Website: www.riosilverinc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.