| Source: Reyna Silver Corp
VANCOUVER, British Columbia and HONG KONG, June 09, 2021 (GLOBE NEWSWIRE) — Reyna Silver Corp. (TSXV: RSLV; OTCQB: RSNVF; FRA: 4ZC) (“Reyna”) announces that it has added 450 unpatented Federal mineral claims covering 3,642 hectares to its Medicine Springs Property located in the Ruby Mountains Valley in Elko County, Nevada. Medicine Springs shows many of the earmarks of a significant Carbonate Replacement Deposit (CRD) similar to the Santa Eulalia District in Chihuahua Mexico which hosts Reyna’s Guigui Project. Combined with the original 149 claims (1,189 ha) optioned from Northern Lights Resources Corp. (CSE: NLR) in 2020 (see press release of October 5, 2020) the property now consists of 599 contiguous claims covering 4,831 hectares, which covers the expanded limits of recognized mineralization and alteration, making it a complete district scale project in a prime mining district.
The property expansion stems from Reyna’s early recognition that structurally-controlled, multi-stage CRD-style mineralized jasperoids extend well beyond the original claim block optioned from Northern Lights. With the new claims, Reyna believes the entire system is covered. A systematic property-wide mapping and selective jasperoid sampling program is underway to determine the limits of the system and where its center (or centers) lies. The orientation sampling phase is complete (assays pending) and a Lidar-like survey to facilitate mapping has been contracted. The results will be combined into Reyna’s recently compiled GIS model with existing (and possibly additional) Magnetic and NSAMT geophysics for drill targeting. (Please see Reyna’s website for additional information and images regarding Medicine Springs.)
“Jasperoids are an important alteration style marking the limits of major CRD systems, so finding them well outside of our initial Medicine Springs property package meant the system is larger than thought and triggered quadrupling our claim package–we are comfortable we now cover the whole thing”, stated Dr. Peter Megaw, Technical Advisor to Reyna Silver. “We look forward to defining drill targets quickly by building on Northern Lights’ excellent initial work through our expanded district-scale mapping and sampling approach”.
About Medicine Springs
Medicine Springs shows many of the earmarks of a significant Carbonate Replacement Deposit (CRD) similar to the Santa Eulalia District in Chihuahua Mexico which hosts Reyna’s Guigui Project. Historic (1920s-1950s) workings ranging from prospect pits to small artisanal mines exist across the property, but tightly-spaced Reverse Circulation (RC) drilling focused on blocking out a near-surface oxide-silver resource (1980s-1990s) limited to the area of the old Golden Pipe mine is the only historic drilling on the property. That 1980s vintage RC program cut broad and locally high-grade (>400 g/t Ag) silver-lead-zinc mineralization indicative of high-level CRD mineralization, but unfortunately diluted metal grades and destroyed detailed structural information.
Reyna’s exploration builds on geological studies by Northern Lights that show that the Golden Pipe area is only one of several mineralization centers in the district developed along strong NE-SW structures reflected by topography and marked by CRD-style jasperoid alteration. Reyna interprets the known mineralization and alteration as “leakage” from more concentrated mineralization at depth and intends to trace the system to depth by outlining and following the system’s structural “plumbing” network. An aggressive diamond core drilling program will be initiated once the strongest mineralization centers are identified through systematic jasperoid sampling combined with geological mapping and existing (and additional) geophysics.
In the following video link Dr. Peter Megaw, Reyna Silver’ Chief Technical Advisor, introduces Medicine Springs and the exploration program ahead in greater detail:
About Reyna Silver
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. It is also actively exploring the Medicine Springs project in Nevada, another CRD target and the La Reyna Project in Chihuahua, an epithermal vein project in the historic Cusihuriachic district. Reyna’s strategy centers around leveraging its expertise in Mexico and elsewhere to explore projects that have the potential for high-grade, district-scale discoveries.
About Northern Lights Resources Corp.
Northern Lights Resources Corp. is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver.
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
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.
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 40 years of relevant experience focused 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 Net Smelter Royalty on the Guigui and Batopilas properties 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: 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 terms and conditions of the proposed work programs; use of funds; the business and operations of 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 board, shareholder or regulatory approvals; 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d6afbce8-8a3c-44db-a85b-a458b309f8e4
A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/3a435d0e-7655-48aa-a12c-44639b2ec7ea