Rio Silver Inc.
Rio Silver Inc. is a Canadian-based resource company with a mandate to acquire, explore and develop precious and base metal deposits in the Americas. The Company completed an extensive surface trenching program at its Niñobamba property in Peru. In mid-2016, the Company partnered with Magellan Gold Corp. whereby Magellan will be spending US$2 Million at the Ninobamba project to earn its 50-per-cent interest in the project.
Rio Silver's experienced Peruvian exploration team will be instrumental in planning and conducting the work program at Niñobamba. Management will continue to add shareholder value through strategic partnerships, effective and efficient exploration, strategic property acquisitions and sound financial management.
Niñobamba Gold-Silver Project, Peru
The Niñobamba property is located in an historic silver district approximately 330 kilometres southeast of Lima in the Department of Ayacucho, Peru. Mineralization on the property demonstrates the potential for a large, bulk tonnage, disseminated silver/gold project.
Significant historical exploration work has been conducted at several of the Niñobamba concessions over many years by previous property owners: AngloGold, Bear Creek Mining, Newmont Gold and Southern Peru Copper Corp. This historical work provides the project with much exploration data and numerous gold, silver and combined silver/gold targets in a historic silver mining district with positive infrastructure in mining-friendly Peru. A geologic environment that suggests the potential for high sulphidation, epithermal precious metal deposits has the Company's geologists focusing first on the area trenched earlier by the Company.
In 2016, the Company acquired three concessions, totalling 2,200 hectares, adjacent to the main Niñobamba zone from Newmont Mining Corp. and Southern Peru Copper Corp.
In January 2017, Rio Silver has acquired by application, an additional 553 hectare concession immediately west of and adjoining to the Niñobamba Project that now comprises 3,653 hectares. The extent of the mineralization on Rio Silver's land has now expanded to over 6 kilometres. The new concession covers a significant exploration program conducted by Newmont Mining Corporation, with historical drill result of 1.19 g/t Au over 72 metres.
Significant exploration was completed within the new concession. Four prospective areas were identified by the previous owners of which a zone called Jorimina returned prospective precious metal results. The Jorimina zone is located 6.5 kilometers west of the main Niñobamba mineralized zones.
Two sub-parallel zones of silver/gold and silver mineralization, the Niñobamba North zone and the Niñobamba South zone with strike extents of over 400 metres were outlined by the results of the 17 trenches completed in the 2012 program. Mineralization demonstrates the potential for an outcropping, bulk-tonnage and disseminated-silver/gold resource.
Highlights of the trench assay results from the Niñobamba North zone include 56 metres of 1.03 grams per tonne Au and 98.9 g/t silver in trench TR-01; 21 metres of 121 g/t Ag in trench TR-04; and 108 metres of 62.4 g/t Ag in trench TR-05. Highlights of the trench assay results from the Ninobamba South zone include 42 metres of 131 g/t Ag in trench TR-02; 29 metres of 119.3 g/t Ag in TR-03; and 23 metres of 92.1 g/t Ag in TR-11.
A new zone called “Dilation” was discovered between the North and South zones with 16 surface grab samples averaging 19.98 g/t Ag. A second new zone called “Escondida” was also discovered with 12 surface grab samples averaging 72.03 g/t Ag. Gold is present in the Escondida zone with 12 samples averaging 0.140 g/t Au.
With the recent property additions, there are potential strike extensions to the southwest of the Niñobamba North and South zones. Additionally, there are new targets to the west on the newly added concessions that were the focus of previous gold exploration programs by Newmont Gold and Southern Peru Copper Corp.
Rio Silver and its project partner Magellan Gold Corp. have initiated a compilation of the available new data. The review of these new data will help guide exploration that is additional to the further definition of the Niñobamba North and South zones that will be the target of diamond drilling during the 2017 year. The extent and timing of the 2017 exploration program will be determined shortly once all compilation materials have been reviewed by the technical committee that has been established by the partners.
Management and Directors
Jeffrey J Reeder, P.Geo., President and Chief Executive Officer, Director
Professional geologist with over 20 years of experience in Peru
Was the founding shareholder of Rio Silver Exploration and is the CEO for Duran Ventures
Dan Hamilton, CPA, CA, Chief Financial Officer
Over 25 years experience in senior accounting and financial roles, previously CFO of Crystallex International
Ryan Grywul, P.Geo., Vice President of Exploration
Professional geologist with over 12 years of exploration experience in Latin America
Steve Brunelle, B.Sc., Director, Executive Co-Chairman
Over 30 years of exploration and management experience of Canadian and international exploration projects.
Former Officer and Director of Corner Bay Silver Inc. which was acquired by Pan American Silver Inc.
Currently a Director/Officer of several TSX.V companies
Edward J Badida, CA, Director
Professional accountant with over 40 years of financial management and corporate governance experience
Richard Mazur, MBA, ICD.D, Director
Chairman, Co-Founder and past Managing Director of RLG International Inc.
Please refer to Rio Silver's website www.riosilverinc.com for complete biographies.
On March 3, 2017, Rio Silver Inc. announced that it intends to settle an aggregate of $244,774 of indebtedness through the issuance of an aggregate of 3,059,669 common shares at a deemed issuance price of eight cents per common share. All common shares issued to settle the debt will be subject to a hold period of four months and one day from the date of issuance.
On March 3, 2017, Rio Silver Inc. announced that John Magee has resigned as a director of Rio Silver Inc. and from all other positions with the Company.