Evaluation and Re-interpretation of the Geology - La Tuna Property Provides a New Perspective for Gold Potential
TORONTO, Feb. 27, 2018 (GLOBE NEWSWIRE) -- VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) today announces that a recent visit to the La Tuna property, wholly owned by VVC, located in northern Sinaloa state, Mexico, by Jocelyn Pelletier, P.geo. VVC’s Chief Geologist in Mexico, who is well versed in epithermal gold exploration, confirms high sulphidation alteration, which brings a new perspective to exploration to the property. Assay results from outcrop, grab and channel samples, at 2 historic artisanal mines and at other locations on the property, indicate the potential for significant, near surface, gold mineralization.
Highlights
A grab sample from the Perdida mine adit assayed 61.1 g/t Au, 28.6% Fe, and 0.1% Bi, and two channel samples crosscutting the mineralized sericite/pyrite zone, assayed 2.8 and 4.13 g/t Au, each over 1m. Two grab samples from the Plomosa mine adit assayed 20.1 g/t Au, 0.1% Cu, and 1.7% Pb, and 6.4 g/t Au, and 1.37% Pb, with two channel samples crosscutting the mineralized sericite/pyrite zone in the adit assaying 2.3 g/t and 1.7 g/t each over 1m. These are considered to be near true widths. Note that the grab samples are selected samples and are not necessarily representative of the mineralization in the 2 artisanal adits.
During January/February 2018, Jocelyn Pelletier visited the La Tuna property, to carry out a property evaluation. He visited and sampled two old artisanal mines and other areas of the property, using both grab and channel samples, with 37 samples taken in January and 22 samples in February. High sulphidation, epithermal, mineralization with intense alteration consisting of sericite, pyrite with a hematite halo, was noted. The January samples gave values ranging from 0.01 to 61.1 g/t with 13 samples with values > 0.5 g/t and 7 > 2 g/t Au (see Table 1 on our website). For more information on the La Tuna Project visit: http://vvcexpl.com/portfolio/la-tuna. High gold values were found in the sericite/pyrite mineralized zones with variable but significant, silver, lead, zinc, and copper associated with the gold mineralization as veins and veinlets. Further sampling was carried out in February to better define the mineralized zones. These results are pending.
Jim Culver, CEO of VVC said, “We are excited by the results of the sampling campaign and the new interpretation of the geology and potential of the La Tuna project. The limited sampling on the property and in the old artisanal mines confirmed high grade gold mineralization is present and gave us a new vision for the property. I encourage readers of this news release, particularly those who have a technical interest, to go to the VVC website and view our presentation that shows the geology and potential of the property”.
About the La Tuna Project
The 100% owned La Tuna project comprises a 3532-hectare, early stage exploration property prospective for high sulphidation epithermal, gold mineralization, located 65 km to the west of Los Mochis in the Cordillera Madre del Sur. The property is located in the Choix region less than 12 km from Minera Cornay May S.A de C.V ‘s, Alamo Dorado Mine (7.7M tons at 77 g/t Ag and 0.32 g/t Au). The area is close to infrastructure with roads, and water reservoirs and powerlines cross the property. It lies within a complex, accreted arc terrane that developed during the Mesozoic Era, which hosts gold rich, porphyry copper deposits. The accreted arc terrane is comprised of an interbedded sequence of bimodal volcanics and volcaniclastics that are weakly deformed. The Sonora tonalite-granodiorite intrusives, tuffs and high sulphidation alteration are interpreted to be an even younger event correlating with the formation of the Sierra Madre mountain range.
The Company also discloses that the Letter of Intent (LOI) with Southern Fuels for the purchase of the La Tuna Project, previously announced on Aug. 25, 2017, has expired and VVC has not renewed it since Southern Fuels has not met their financial or time commitments as defined in the LOI. The property is subject to an aggregate 2% net smelter royalty ("NSR"), payable to Grupo Minero Factor, SA de CV and Invesmin San Miguel S de RL de CV.
Qualified Person Statement
This news release was reviewed for accuracy and compliance under National Instrument 43-101 by Peter M. Dimmell, BSc., P.geo. (NL ON), VVC Director, and by Jocelyn Pelletier, MSc. P.geo. (QC.) VVC’s Chief Geologist, Mexico, both Qualified Persons as defined by NI 43−101 Standards of Disclosure for Mineral Projects. Messrs. Pelletier and Dimmell have approved the scientific / technical disclosure in the news release.
Analysis and QA/QC
Thirty-seven (37) rock samples taken in January, and 22 rock samples taken in February, both grabs and channels, were sent to the ALS Chemex laboratory in Chihuahua City for sample preparation, to be analyzed in their North Vancouver laboratory, using the fire assay / AA23 technique for Au and the multi-element ICP61 technique for other elements. On receipt at the preparation laboratory, samples are logged in the tracking system, weighed, dried and crushed to better than 70% passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of up to 1,000 g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh) screen, with a 50-gram split analyzed using the ICP61 technique. Gold values are determined using a 50 g Au Fire assay / AA23 technique with an AA or gravimetric finish. Blanks, duplicates and certified reference material (standards) are inserted to monitor laboratory performance. ALS Chemex analytical services are accredited by SANAS and are carried out with a quality assurance protocol in line with ISO 17025:2005. All rock samples are collected under the supervision of the Company's geologists in accordance with industry practice.
Note that assay results from surface rock grab and channel samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically on the Samalayuca copper property in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects in Sonora and Sinaloa States, Mexico and a grassroots gold/VMS prospect in the Timmins area of northern Ontario.
Visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact:
Patrick Fernet - (514) 631-2727
E-mail: pfernet@vvcexploration.com
Jim Culver, President & CEO - (212) 689-4100
E-mail: jim@vvcexploration.com
Neither 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.