- Rio Silver (RYO) has announced first phase diamond drilling plans at the Niñobamba Silver-Gold Project, Peru
- The area has excellent infrastructure and is located 45 kilometres southwest of Ayacucho
- The database for the Niñobamba project includes over 6,500 surface and drill assay results
- The last sample in the trench returned 0.53 g/t gold and 82 g/t silver
- Rio Silver (RYO) is down 21.43 per cent, trading at C$0.05 at 12:09 pm EST
Rio Silver (RYO) plans to commence the first phase of diamond drilling at the Niñobamba Silver-Gold Project, Peru.
Niñobamba includes seven concessions totalling 4017 hectares. The area has excellent infrastructure and is located 45 kilometres southwest of Ayacucho.
The property has had over US$10 million spent on exploration by Rio Silver and previous operators.
The database for the Niñobamba project includes over 6,500 surface and drill assay results from previous operators.
The precious metal mineralization is associated with a high-sulfidation epithermal system. These types of systems are a principal exploration target of major companies exploring gold in the South American Andes.
More specifically, precious metal mineralization at Barrick’s Pierina and Laguna Norte gold mines, and Newmont’s Yanacocha are all associated with high-sulfidation systems.
Exploration by previous operators from 2002 through to 2009 includes assay results and drill logs for 9743 meters of diamond drilling.
Two discreet zones of precious metal mineralization were identified from this previous work: Main Niñobamba Zone and the Jorimina Zone.
Highlights from previous drill programs on the Main Zone by Anglogold included 130 meters of 2.8 oz Ag per ton Ag. in drill hole AN-2 and 7.5 kilometres to the west at the Jorimina zone Newmont had drilled 72 meters of 1.19 grams Au per tonne in dill hole JM-1.
Rio Silver then completed an extensive surface trenching program on the Main Zone silver mineralization in 2012. The trenching program resulted in identifying significant gold potential not recognized by the previous operators.
The first trench of the program conducted by Rio Silver was placed in the area where Anglogold drilled an intercept of 130 metres of 2.8 oz/t Ag.
The trench exposed extensive high-sulphidation alteration returning an impressive 56 metres averaging 1.03 g/t Au and 98.9 g/t Ag.
Further trenching 400 metres southwest and along strike continued to expose typical vuggy silica, high-sulphidation-type alteration with the last 21 metres returning 1.32 g/t gold and 102 g/t silver.
The extent of the mineralization continues under deep colluvium. The last sample in the trench returned 0.53 g/t gold and 82 g/t silver.
Chris Verrico the CEO of Rio Silver commented,
“I am very happy to have the professionally led crews from D&M finalizing the environmental baseline studies for this all-important round of permitting, a milestone which should allow us to proceed to our first drill program at Niñobamba.”
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 favourable precious metals bull market.
Rio Silver (RYO) is down 21.43 per cent, trading at C$0.05 at 12:09 pm EST.
