Nevada Silver Corporation Acquires Historic High-Grade Silver Mines South of the Corcoran Silver-Gold Project, Nevada, USA

TORONTO, ON/ACCESSWIRE/February 2, 2022 / Nevada Silver Corporation (“NSC” or the “Company”) (TSXV:NSC)(OTCQB:NVDSF) is pleased to announce that it has filed 124 new claims and entered into an agreement to acquire a number of patented claims, to cover two areas of large historical silver mines 15 kilometers southwest of the Corcoran project 100% Company-owned Silver-Gold and 80 kilometers northeast of Tonopah in central Nevada (Figure 1). A total of 2,800 acres of unpatented and patented claims have been secured.

The new NSC claim areas (Belmont Silver Project and the North Belmont Silver Project) surround or cover the majority of the former silver workings of the Belmont silver mining camp near the historic town of Belmont.

Belmont was one of the oldest and richest silver mining camps in the Tonapah district with an estimated ore grade averaging 25 ounces per ton of silver. Historical accounts describe numerous prospecting pits and mine openings of shallow underground workings with the richest ore above the water table where the silver was found mainly in the form of silver chloride (cerargyrite). Silver sulphides as well as copper, molybdenum, lead, zinc and antimony minerals have been reported at depth.

During the heyday of silver mining from the camp between 1865 and 1889, Belmont’s population was around 10,000 and the town was the seat of Nye County government. The district’s 1887 silver production was estimated at $3,793,103 (1887 value) from 58,906 tons, or over $110,000,000 in today’s dollars1. It is believed that most mining activities were suspended when mine dewatering reduced the water supply to Belmont Township.

Belmont Silver Project

Accounts of mining activity at the main Belmont mines suggest that the two main shafts (Highbridge (110 meters) and Belmont (180 meters)) were connected at the 300 foot level and that the 500 foot level contained a ‘ large tonnage of ore”. Two main vein networks were mined. The eastern veins (Highbridge and Transylvania ledges) were hosted in slate and limestone and dipped east at 40-50 degrees. High-grade mineralization has been reported adjacent to hanging walls of massive quartz veins and generally conformable with strata of schist, quartzite and Ordovician limestone.

Between 1915 and 1917 the Monitor-Belmont Company processed some remaining mine dumps and in 1918 dewatering of the old workings was undertaken by the Nevada Wonder Mining Company, although no underground production was reported. There has been negligible exploration in recent decades despite samples of high grade silver (up to 5000 g/t silver) collected from residual dumps during a surface geochemical survey of the district of silver from Belmont by the US Geological Survey in 1985.

North Belmont Silver Project

At the North Belmont Silver Project, two distinct groups of historical silver workings are located in quartz vein systems hosted by Ordovician rocks. The northernmost mined area has five old shafts on a nearly vertical 030 trending quartz vein zonethe in a silicified limestone in thin layers. Mining dumps include pyrite, galena, stibnite and tetrahedrite ores.

Seven shallow slopes and numerous prospecting cuts occur in the south workings north of the town of Belmont. These workings expose a brecciated zone of NW trending quartz veins formed along bedding planes in the limestone.

Figure 1. Nevada Silver Corporation’s Belmont Silver, North Belmont Silver, and Corcoran Canyon Silver-Gold Project claim location map.

Exploration targets

At the Belmont Silver Project, silver-based metal deposits may extend along the trend of old workings and at depth below mined veins and other near-surface silver quartz veins have not been found. possibly not identified by early miners due to poor outcrop and extensive talus. .

The depth and lateral extent of mineralization at both projects has not been determined and the Company intends to undertake mapping, geochemical evaluation and surface geophysical surveys in early 2022, followed by drilling tests on priority targets.

comments

NSC CEO Gary Lewis commented, “The addition of these projects cements NSC’s footprint in a historic silver mining camp that has been neglected for over 100 years. Given the very high grades of silver ore reported from relatively shallow mine workings, we are surprised that exploration drilling for the remainder of the silver has not been undertaken.”

“Located close to Corcoran, Belmont provides the company with considerable logistical synergies for exploration and, importantly, a successful discovery would influence future development options.”

“We believe that low cost geophysical surveys in the coming weeks will identify drill targets both below and along the trend of old workings and our technical team has begun exploration planning and obtaining the permitted.”

Qualified person

The scientific and technical data contained in this press release has been reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For more information, please contact:

Gary Lewis
Group CEO and Director, Nevada Silver Corporation
Phone. : +1 (416) 941 8900
Email: gl@nevadasilvercorp.com

About Nevada Silver Corporation

Nevada Silver Society (TSXV: NSC) (OTCQB: NVDSF) is a multi-commodity resource company with two exploration projects in the United States. NSC’s main asset is the Corcoran Silver-Gold Project in Nevada. In addition, NSC holds management and ownership rights to the Emily Manganese project in Minnesota, which has undergone extensive engineering studies with $24 million invested to date. Both Corcoran and Emily have NI 43-101 compliant mineral resource estimates.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is generally identifiable by the use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “could”, “estimates”, “s ‘expects’, ‘plans’, ‘plans’ and similar expressions, as well as the negative of these expressions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause that the actual results, level of activity, performance or achievements of the Company may differ materially from those expressed or implied by such forward-looking information, including, without limitation, the risks relating to the fact that the Company has limited operating history and may differ materially from actual results, risks regarding the ability to raise additional equity or debt capital to continue operations, uncertainty regarding the inclusion of mineral resources inferred in the estimate of mineral resources that are geologically too speculative to be classified as mineral reserves, uncertainty regarding the ability to convert any portion of the mineral resource into mineral reserves, uncertainty regarding resource estimates and the ability to extract these resources economically, or not at all, the uncertainty regarding exploration programs (including drilling) and the Company’s ability to expand and improve upon existing resource estimates, the risks involved in future regulatory processes and actions, risks of making a production decision (if any) without a feasibility study being completed on the Company’s properties, risks applicable to mineral exploration, development and/or or transactions generally, and the risk resulting from the fact that the Company is subject to certain restrictive covenants with respect to its activities by creditors, as well as other risks.

Forward-looking information is based on management’s reasonable assumptions, estimates, analyzes and opinions in light of its experience and perception of trends, current conditions and expected developments, and other factors that management considers relevant and reasonable in the circumstances as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and the Company undertakes no obligation to revise or update such forward-looking information or to publicly announce the outcome of any revision of any forward-looking information contained herein to reflect future results, events or developments, except as required by law.

1 Some of the total output may not have been registered with the state, as was often the case in the early days of the state; Lincoln reports a much higher figure. Bulletin of the University of Nevada Vol. XLV, January 1951 No. 3.

THE SOURCE: Nevada Silver Society

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