Top ten historical producer in the Silver Valley, Coeur d’Alene District, Idaho
Over 1 billion pounds of zinc and lead and 14.6 million ounces of silver mined to date
In-situ high grade historical resources defined
Consolidation of the western end of the Silver Valley’s mining corridor
Significant exploration opportunity
Vancouver, British Columbia – November 18, 2021 – Silver Valley Metals (“Silver Valley” or “the Company”) (TSX-V:SILV / FSE:L3U / OTC:BNRJF) is pleased to announce the signing of an option to acquire the Page Mine and specifically, the prolific Tony Vein, along with a prospective land package rich in exploration potential. The project is contiguous to the west and south of the Company’s Ranger-Page Project which consolidates for the first time under one operator the western end of the Silver Valley’s mining corridor. The Page Mine and area comprise 49 patented mining claims totaling 802 hectares located approximately 60 kilometres east of Coeur d’Alene, Idaho. The claim package triples the size of the Company’s Silver Valley project area. (see Claim Group – Western Extension)
President and CEO Brandon Rook stated, “The option to acquire the Page Mine and its surrounding land package is a significant transaction for Silver Valley at this beginning stage of the Company’s growth. With this minimal dilutive transaction, the Company can apply its cash resources into exploration focusing on both projects as one. With shared underground infrastructure connecting the Page Mine with the five shallower mines on our neighbouring Ranger-Page project the Company will strategize an exploration plan that will target the nearer surface mineralization on the eastern end of the project (Crown Point, Ranger, Wyoming) with the mineralization at Blackhawk (350 metres below elevation) located in the central area of the project and westward to the deeper Tony Vein historical resources at the Page Mine. This is notwithstanding the potential of new discoveries as the entire project area has never had modern geological exploration applied to it.” (see: Patented Claims – Underground Mine Workings and Claim Map)
The Page Mine operated from 1916-1917 and from 1926 to 1969, closing because of a devastating fire and following that, was never re-opened due to the closure of the area because of the Superfund. Prior environmental issues have now been resolved and the area is once again open for exploration and mining.
Formerly owned by American Smelting & Refining Company LLC (“ASARCO”), the Tony Vein was mined to a vertical extent of 2,644 feet (3400 level). The Page Mine produced approximately 1.1 billion pounds of zinc and lead and 14.6 million ounces of silver. Page ranks as one of the top ten producers in the Coeur d’Alene Mining District. ASARCO geologists have surmised that the Tony Vein at the Page Mine was well mineralized at the 3400 level and remains open at depth.
Significant in-situ historical resources have been defined and are as follows:
Tons Silver (g/t) Silver (oz) Zinc (%) Zinc (lbs) Lead (%) Lead (lbs) Silver Equiv. (g/t)* Silver Equiv. (oz)* Zinc Equiv. Grade (%)* Zinc Equiv. (lbs)*
218,000 87.4 555,727 10.34 45,082,400 5.22 22,759,200 599 3,810,380 16.8 73,276,540
* Silver Equiv. and Zinc Equiv. assumptions: Silver (Ag) price of US$25.00/oz, Zinc (Zn) price of US$1.30/lb, Lead (Pb) price of US$1.00/lb **Source: United States Geological Survey (USGS) Page Mine – https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10073450
The historical resources do not constitute what is remaining in the mine but rather, defines what ASARCO outlined for next steps during mining. Mineralization in the District is very well understood to trend to great depths well beyond what has been mined at the Page thus far.
Terms of the Transaction:
Rental and option to acquire 100% of the mineral rights of the Page is as follows:
Term: 10 years
Year 1: $60,000 USD
Year 2 – 10: $30,000 USD per annum
To purchase 100% of the PATENTED mineral rights to the Page project: $1,500,000 USD
All rental payments to be credited towards the option purchase price
For additional information please visit the Company’s website at www.silvervalleymetals.com
Timothy Mosey, B.Sc., M.Sc., SME, is the Qualified Person (“QP”) for the Company and qualified person as defined by National Instrument (“NI”) 43-101. Mr. Mosey supervised the preparation of the technical information in this news release.
see pictures on