Reyna Silver Corp. (TSX-V:RSLV) announces that further to its news release on October 5, 2020, it has satisfactorily concluded its due diligence, including technical field examination and review of title for the Medicine Springs silver-lead-zinc project located in Elko County, Nevada. All conditions to closing of the mineral Property Option and Joint Venture Agreement with Northern Lights Resources Corp. have successfully been met.
Medicine Springs is a Carbonate Replacement Deposit target that comprises 149 unpatented Federal mineral claims covering 1,189 hectares located in the Ruby Mountains Valley just off the famous Carlin Trend. Historic work largely consists of minor artisanal mining (1920s-1950s), tightly-spaced shallow Reverse Circulation drilling focused on blocking out a near-surface oxide-silver resource (1980s-1990s), and subsequent district-scale mapping, sampling and geophysics undertaken by NLR (2000s). NLR has not drilled the property. Reyna is currently developing an exploration program based previous results and recent field observations.
Dr. Peter Megaw, Technical Advisor to Reyna commented, “Medicine Springs ticks the most important boxes we look for in CRD exploration including, location on a large regional structure that hosts significant CRDs, situated at the top of a thick section of structurally-prepared potentially favorable carbonate host rocks, evidence of high silver grades, and widespread, multi-stage alteration. Some of the historic dump and rock chip samples run well over our 400 g/t (12 oz/t) silver threshold and it is quite likely that similar grades were diluted by the Reverse Circulation drilling used historically in the district. We will be drilling core to get a true picture of the clearly structurally-controlled mineralization as we trace it towards its source.”
A finder’s fee will be paid of CAD25,000 plus 5% of any future cash payments to the owner of the Medicine Spring claims.
About Reyna Silver Corp.
Reyna Silver Corp. is a silver exploration company with a robust portfolio of Mexican silver assets. The Company was built around the Guigui and Batopilas Projects, which formed part of MAG Silver’s original IPO portfolio. Reyna’s strategy centers around leveraging its expertise in Mexico to explore projects that have the potential for high-grade, district-scale discoveries.
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