VANCOUVER, British Columbia and HONG KONG, Dec. 09, 2020 (GLOBE NEWSWIRE) — Reyna Silver Corp. (TSXV:RSLV; OTCQB:RSNVF; FRA:4ZC) (“Reyna”) is pleased to announce that drilling has started at its Guigui Project in the Santa Eulalia District, Chihuahua, Mexico. Santa Eulalia is Mexico’s largest Carbonate Replacement Deposit (CRD) but despite over 300 years of continuous mining activity, the intrusive source for the system, which is Reyna’s initial target focus, has not been found.
Targeting is based on a combination of geology, geochemistry, geophysics and hyperspectral satellite imagery analysis, with the initial holes targeting coincident anomalies in all of these. Reyna received drill permits covering much more of the Guigui project area than will be drilled initially; giving flexibility to follow results and room to expand without additional permitting (See Press Release dated November 24, 2020). The map below show the location of the first drill holes as well as the other planned drill holes under this permit.
The initial drilling program will consist of approximately 10,000 metres at an estimated cost of C$1,800,000. Reyna’s cash position remained strong as of the end of Q3 2020 at C$11,900.000, allowing ample funding for subsequent drilling.
“We are very excited to begin Reyna Silver’s first ever drill campaign!” stated Jorge Ramiro Monroy, CEO of Reyna. “Our target is the source of Mexico’s largest CRD system and we are pleased to be building on decades of groundwork done in the district.”
“The initial holes are targeting a series of strong geological and related anomalies that coincide above where the CRD exploration model suggests the underlying engine for the system should lie,” said Dr. Peter Megaw, Chief Technical Advisor for Reyna Silver. “These targets have never been drilled because they underlie two previously separate land packages. Reyna has combined these packages and we are looking forward to what the drill reveals.”
Reyna Silver is building on extensive geological work done by MAG Silver Corp. MAG’s work included drilling, geophysics, sampling and mapping that narrowed the target area and since taking the property over, Reyna has acquired critical ground that MAG did not control. Reyna’s in-house work includes extensive additional mapping and sampling based on high-resolution Hyperspectral and ASTER Satellite imagery and reprocessing of detailed airborne geophysics flown by MAG Silver over a decade ago, but never drilled. Reyna Silver’s initial 10,000-meter drill campaign is based on compilation and reinterpretation of all these data.
Figure 1 is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8991e752-94b2-474d-86cd-13a2670c1d62
About Santa Eulalia
The Santa Eulalia District is the largest CRD system known in Mexico and has been in continuous production for over 300 years, producing 510 Moz of silver, 4.2 MT of lead, 3.6 MT of zinc, from over 50MT of ores at average grades of 310 g/t Ag, 8.2% Pb and 7.1%Zn. All of this production came from the medial chimney and proximal manto part of the system, but the proximal intrusive source for the whole district remains to be found. This source is expected to have large volume mineralized skarns associated with it as are seen in most similar systems throughout Mexico.
On Behalf of the Board of Directors of Reyna Silver Corp.
Jorge Ramiro Monroy
Chief Executive Officer
For Further Information, Please Contact:
Reyna Silver Corp.
Jorge Ramiro Monroy, Chief Executive Officer
[email protected]
www.reynasilver.com
About Reyna Silver Corp.
Reyna Silver Corp. is a silver exploration company with a robust portfolio of silver assets in Mexico and the US. The Company was built around the Guigui and Batopilas Projects, which formed part of MAG Silver’s original IPO portfolio. Reyna’s strategy centers around leveraging its expertise in Mexico to explore projects that have the potential for high-grade, district-scale discoveries.
Qualified Person
Dr. Peter Megaw, Ph.D., C.P.G., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Dr. Megaw has a Ph.D. in geology and more than 38 years of relevant experience focussed on Carbonate Replacement Deposits worldwide. He is a Certified Professional Geologist (CPG 10227) by the American Institute of Professional Geologists and an Arizona Registered Geologist (ARG 21613). Dr. Megaw is not independent as he is a principal of Minera Cascabel S.A. de C.V., which holds an underlying 2.5% Net Smelter Royalty on the property and is Chief Exploration Advisor for, and a Shareholder of, Reyna Silver. Dr. Megaw is satisfied that the results are verified based on an inspection of the field, geophysical and imagery data, a review of the sampling procedures, the credentials of the professionals completing the work and the nature of the silver and base metal mineralization within a district where he is familiar with the style and continuity of mineralization.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither the 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. This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the exploration program to be followed by Reyna. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the availability of drill rigs and crew, and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Original Article: https://www.globenewswire.com/news-release/2020/12/09/2142087/0/en/Reyna-Silver-Begins-Drilling-at-Guigui-Property-in-Mexico.html
