Nevada Silver Corporation Drills 204 Meters of Silver-Gold at the Corcoran Silver-Gold Project, Nevada, USA

Rhea-AI Summary

On January 18, 2022, Nevada Silver Corporation (TSXV:NSC, OTCQB:NVDSF) announced updated drill core assay results from its 2021 diamond drilling program at the Corcoran Silver-Gold project in Nevada. The completed 3,040-meter program yielded significant findings, including CC21-06 with 204.67 meters averaging 43g/t AgEq and CC21-07 with 84.12 meters averaging 26g/t AgEq. These results confirm the mineralization’s continuity and suggest potential for expansion, with plans for deeper drilling in 2022.

Positive

• CC21-06 shows 204.67 meters at 43g/t AgEq, indicating strong near-surface mineralization.
• CC21-07 confirms the continuity of mineralization with 84.12 meters at 26g/t AgEq.
• Plans for deeper drilling in 2022 may lead to increased resource size.

Negative

• None.

TORONTO, ON / ACCESSWIRE / January 18, 2022 / Nevada Silver Corporation ("NSC" or the "Company") (TSXV:NSC)(OTCQB:NVDSF) is pleased to provide a further update on drill core assay results from the 2021 diamond drill program at its 100% owned Corcoran Silver-Gold project ("Corcoran" or the "Project") in Nevada, USA. The results are from finalized assay data in NSC's recently completed 3,040-meter diamond drilling program at the outcropping epithermal Corcoran Silver-Gold deposit located 80 kilometers north of Tonapah.

NSC has received final analytical results from two additional diamond (HQ) drill holes (CC21-06 and CC21-07) of the company's maiden drill campaign.

Highlights of assay data for both holes include:

CC21-06

• 204.67 meters from surface @ 43g/t AgEq (21g/t Ag, 0.29g/t Au)
  • 0.80 meters @ 747g/t AgEq (708g/t Ag, 0.52g/t Au)

Including:

• 2.32 meters @ 214g/t AgEq (61g/t Ag, 2.05g/t Au)

CC21-07

• 84.12 meters from 11.28 meters @ 26g/t AgEq (6g/t Ag, 0.27g/t Au)

Mineralized intervals from some holes were reported after earlier sample data was returned from the laboratories (CC21-01 (10^th November 2021), CC21-04 and CC21-05 (15^th December 2021) and CC21-02, CC21-03, CC21-13, CC21-14 and CC21-17 (12^th January 2022)). Assays for CC21-06 and CC21-07 have recently been received and these new results, together with previously reported mineralized intervals are summarized in Table 1. Drill hole locations are plotted in Figure 1 and listed in Table 2.

The collar of angled hole CC21-06 (70 degrees dip towards grid SE) is located about 80-meters northwest of CC21-01 (Figures 1 and 2). CC21-01 is a vertical hole which intersected 96-meters (from surface) of mineralization averaging 35g/t AgEq as well as narrow, deeper intersections of much higher grades (up to 2,310g/t Ag and 2.60g/t Au) as detailed in the NSC news release on 10^th November 2021. CC21-06 was located to test the down dip extent of this mineralized zone which had been partially drill tested by earlier explorers using variable sampling and assaying methods.

The continuity of mineralization intersected in the top 204.67 meters of CC21-06 was an excellent result as this near-surface, bulk tonnage target may extend along trend (Target ‘A' on Figure 2) and at depth (Target ‘B') where previous drilling by other companies (mostly during the 1980's) was poorly recorded and frequently not sampled. Also, the downward western extent of the dipping mineralization has not been closed. Deeper drilling (e.g., CC22-EE in Figure 2) is planned to test these targets in 2022. Notably, CC21-06 appears to be slightly wider than the ‘true' thickness of the mineralization in this portion of the deposit and strong jointing and fractured fabric of some sections of drill core (Figure 3) show that there are important structural elements controlling silver and gold distribution.

CC21-07 was completed as a vertical hole near the centre of the drilled area (Figure 1) and the 84.12-meter interval of silver and gold (26g/t AgEq) confirms the continuity of mineralization. During the 2022 drill program deepening of this hole will be considered in order to test for extensions of underlying high-grade shoots of precious metals trending from a high-grade zone in CC21-02 (2.1m from 114.40m of 832g/t AgEq) which is located 100 meters to the east of CC21-07.

NSC expects that finalized assay data from the remaining 2021 drill core samples (CC21-08 to 12 and CC21-15 to 16) will be reported during the next several weeks.

NSC CEO Gary Lewis commented, "Very few silver deposits contain a drill section of +200-meters with anomalous silver and gold from surface and hole CC21-06 is an exceptional result. Importantly, this wide zone includes high-grade, narrow intervals which may be important for future development scenarios. These narrow-brecciated structures may be the near-surface extensions of deeper ‘feeder zones' some of which were intersected by drilling last century but have not been explored or sampled by recent exploration. NSC is planning to drill test along-trend and deeper targets during 2022 and this work may add considerable size to the deposit."

Figure 1. Drill hole location map of the Corcoran Ag-Au deposit showing NSC drill holes CC21-06 and CC21-07 (red) together with previously reported holes and with assay highlights.

Both the historic and NSC drilling to date has concentrated on the Silver Reef Zone, a northeast-trending mineralized zone 500m wide and 600m long, on Silver Reef Hill. Silver Reef Hill is approximately one kilometer in length, running north-northeast and stands about 100 meters above to the valley floor. Silver Reef Hill is in the center of the NSC claim block.

Figure 2. Cross section showing drill traces for drill holes CC21-06, CC21-01 and CC21-13 with summaries of significant zones of silver and main targets for 2022 drilling. The location of this section is shown on Figure 1.

Figure 3. Drill core photograph showing brecciated structure and alteration of mineralized silver intervals in hole CC21-06. Note that mineralized rock is commonly well-fractured without prominent quartz veining.

Table 1. Significant mineralized intervals in drill holes CC21-06 and CC21-07 (red) together with previously reported data from CC21-01, CC21-04, CC21-05 CC21-02, CC21-03, CC21-13, CC21-14 and CC21-17.

Hole ID	From	To	Interval	Ag	Au	Ag grade x width	AgEq†
	meters	meters	meters	g/t	g/t	g/m	g/t
CC21-01	0	96.00	96.00	19	0.21	1824	35
including	81.10	91.70	10.60	82	0.4	869	111
	86.07	88.70	2.63	187	0.48	492	220
CC21-01	233.70	236.37	2.67	1219	1.82	3255	1336
including	233.70	235.03	1.33	2310	2.6	3072	2466
CC21-01	245.67	251.76	6.09	253	0.38	1541	277
CC21-02	73.00	76.45	3.45	98	0.87	338	163
CC21-02	98.27	124.87	26.6	75	0.28	1995	94
including	114.4	116.5	2.1	788	0.59	1655	832
CC21-02	144.5	150.62	6.12	12	0.29	73	34
CC21-03	8.18	74.00	65.82	10	0.23	658	27
CC21-04	29.85	172	142.15	13	0.38	1848	42
including	29.85	44.5	14.65	4	0.62	59	51
including	89.42	112.08	22.66	16	0.63	363	64
including	132.5	149	16.5	57	0.41	941	87
CC21-05	57	91.5	34.5	86	0.2	2967	100
including	70	71.5	1.5	1120	0.23	1680	1117
CC21-06#	0.00	204.67	204.67	21	0.29	4298	43
CC21-06	0.00	13.22	13.22	7	0.2	93	22
CC21-06	21.64	97.02	75.38	21	0.45	1583	55
CC21-06	111.50	194.87	83.37	29	0.25	2418	48
including	140.82	141.62	0.80	708	0.52	566	747
including	168.25	170.57	2.32	61	2.05	142	214
including	184.47	194.87	10.40	39	0.41	406	64
CC21-07#	11.28	95.4EOH	84.12	6	0.26	505	26
CC21-13	9.28	13.4	4.12	7	0.29	29	28
CC21-13	28.7	39.45	10.75	1	0.27	11	21
CC21-14	31.94	50.29	18.35	3	0.26	55	23
CC21-14	59.55	102.52	42.97	30	0.35	1289	56
including	76.4	84.7	8.3	96	0.74	797	152
including	113.51	120.78	7.27	65	0.15	473	76
CC21-17	16.2	22.65	6.45	6	0.2	39	21
CC21-17	35.15	41.14	5.99	20	0.23	120	38
CC21-17	87.56	149.85	62.29	75	0.25	4672	94
including	117.41	118.55	1.14	3470	0.96	3956	3542
Intervals are core length. True width of mineralization is unknown until more drill data is available.
Drill location, altitude, azimuth and dip of drill holes are provided in Table 2.
Quality control, assay laboratory and analytical methods are detailed in the text of this report.
# No cut-off applied. For other intervals a lower cut-off grade of 20g/t silver equivalent (AgEq) has been applied to calculate the length-weighted intercepts and no top cut has been used.
Numbers are rounded.
† Silver equivalent values (AgEq) - Metal prices follow the NI 43-101 Resource report on the Corcoran Canyon Project by Mosher and Smith (October, 2020) which used USD1460/ounce gold and USD17/ounce silver as well as a cut-off grade of 20g/t AgEq which has been applied to these results. Precious metal recoveries off 98.2% Ag and 88.6% Au were determined by laboratory tests by ALS (USA) in December 2018 (reference RE18305962), the most recent metal recovery data available. AgEq has been calculated as follows: AgEq = (gold price/silver price) x (gold assay x 0.886) + (silver assay x 0.982).

Table 2. Drill hole details for CC21-06 and CC21-07.

Drill hole	Drill collar location		Azimuth	Dip	Final Depth
	WGS84 E	WGS84 N	degrees	degrees	meters
CC21-06	515532	4282571	96	-69	204.7
CC21-07	515654	4282666	0	-90	95.4

Quality Assurance, Sampling and Assay Determinations

The diamond drilling was undertaken by Falcon Drilling, Inc, Nevada, using industry standard equipment and procedures. All drill core was HQ size. Drilling supervision and drill core logging and sampling was carried out by Ethos Geological, Inc under the direction of Mr Scott Close (President, Ethos Geological).

Drill hole orientation, down-hole survey data and collar coordinates were routinely gathered and drill core was logged (geological and geotechnical) and photographed prior to sampling. Core samples were collected at variable lengths (averaging 1 meter) and saw-sampled on-site prior to storage in a secure compound.

Collected intervals including quality control samples (duplicates, blanks and international standards) were forwarded by secure freight to ALS Chemex Labs, Inc in Reno, NV. Analytical procedures used four acid ICP-AES (code ME-ICP61) for silver and 32 elements and additional assays for ore-grade samples (Ag-OG62, ME-OG62). High silver grades (over 1500g/t Ag) were determined using fire assay method Ag-GRA21.

Qualified Person

The scientific and technical data contained in this news release was reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For further Information please contact:

Nevada Silver Corporation

Gary Lewis
Group CEO & Director
T: +1 (416) 941 8900
gl@nevadasilvercorp.com

About Nevada Silver Corporation

Nevada Silver Corporation (TSXV:NSC)(OTCQB:NVDSF) is a multi-commodity resource company with two exploration projects in the USA. NSC's principal asset is the Corcoran Silver-Gold Project in Nevada. In addition, NSC has management and ownership rights over the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.

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.

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks as a result of the Company having a limited operating history and may have a wide variance from actual results, risks concerning the ability to raise additional equity or debt capital to continue its business, uncertainty regarding the inclusion of inferred mineral resources in the mineral resource estimate which are too speculative geologically to be classified as mineral reserves, uncertainty regarding the ability to convert any part of the mineral resource into mineral reserves, uncertainty involving resource estimates and the ability to extract those resources economically, or at all, uncertainty involving exploration (including drilling) programs and the Company's ability to expand and upgrade existing resource estimates, risks involved in any future regulatory processes and actions, risks from making a production decision (if any) without any feasibility study completed on the Company's properties, risks applicable to mining exploration, development and/or operations generally, and risk as a result of the Company being subject to certain covenants with respect to its activities by creditors, as well as other risks.

Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

SOURCE: Nevada Silver Corporation

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FAQ

What are the latest assay results for NVDSF from the Corcoran project?

The latest assay results for NVDSF include CC21-06 with 204.67 meters averaging 43g/t AgEq and CC21-07 with 84.12 meters averaging 26g/t AgEq.

What is the significance of drill hole CC21-06 for NVDSF?

CC21-06 highlights a substantial near-surface mineralization with over 200 meters of anomalous silver and gold, indicating potential for future development.

What are Nevada Silver Corporation's plans for further drilling in 2022?

Nevada Silver Corporation plans to conduct deeper drilling to explore extensions of high-grade precious metals following promising initial results.

When can we expect the remaining assay data for NVDSF?

Finalized assay data for the remaining 2021 drill core samples is expected to be reported over the next several weeks.