VANCOUVER, BC, July 15, 2021 /CNW/ - MANTARO SILVER CORP. (TSXV: MSLV) (OTC: MSLVF) (FSE: 9TZ) (the "Company") is pleased to announce that it has entered into an agreement to acquire four mineral concessions that are contiguous with and/or in close proximity to the high-grade silver Santas Gloria Silver Property (the "New Concessions"). As a result of this strategic acquisition, the Santas Gloria Silver Property, which is 100% owned, will be comprised of seven mineral concessions totalling 3,272 hectares.
The Western and Eastern Extensions cover certain veins of the Tembladera and San Jorge Vein systems and the Rosaria veins that extend beyond the original concessions of the Santas Gloria Silver Property. As the Tembladera and San Jorge Vein systems previously returned high-grade silver surface and underground assays and will be a focus of the Company's upcoming drill program, the Company believed it was essential to ensure it secured the neighbouring concessions that host known vein extensions. Mantaro is planning to commence additional mapping and sampling of vein extensions within the main Santas Gloria concessions, and the recently acquired extensions, within the coming weeks.
The Northern Concessions provide the Company with significant exploration upside and are in close proximity to the core concessions of the Santas Gloria Silver Property. The northern concessions cover an extensive clay alteration cell that is visible on satellite imagery. Initial field review indicates that intermediate sulphidation style quartz veins — of similar style to those at Santas Gloria — crop out within the zone of alteration.
Intermediate and hybrid intermediate-low sulphidation epithermal systems within the central Peruvian metallogenic belt are characterized by steeply-dipping quartz-dominant veins that are may be economically mineralized over 100's of vertical metres. The tops of these systems are defined by outflow zones which present as broad areas of clay alteration. Quartz veins are generally weakly developed and silver, base metal and path-finder geochemistry is weak to anomalous. As such the tops of such systems were not targeted by artisanal miners.
From an exploration perspective recognising the uppermost expression of an intermediate sulphidation system is highly significant. Whilst geochemistry is of a low tenor — it indicates that the entire mineralized is preserved below the clay alteration cap with the potential to discover high grade shoots. Mantaro is planning an aggressive field geochemical and mapping program in order to define areas of anomalous geochemistry, vein distribution and structural controls on mineralization.
Terms of Acquisition
The Company entered into a purchase agreement with a third party vendor whereby the Company agreed to acquire a 100% interest in four concessions adjacent to and/or in the vicinity of the Santas Gloria Silver Property. In consideration of the new concessions, the Company agreed to pay US $50,000 and issue a total of 500,000 common shares of the Company. The transaction is subject to acceptance of the TSX Venture Exchange.
Dr. Christopher Wilson, Ph. D., FAusIMM (CP), FSEG, a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Mantaro Silver Corp.
Mantaro Silver Corp. is a British Columbia company that holds a 100% interest in its flagship Santas Gloria Silver Property as well as a 100% interest in the San Jose, La Purisima, Cerro Luque and Huaranay Properties.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mantaro Silver Corp.