Viscount Provides Exploration Update on Cherry Creek Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 7, 2015) - Viscount Mining Corp. (TSX VENTURE:VML)(OTCQB:VLMGF) ("Viscount" or "the Company"), is pleased to provide an update on the ongoing exploration activities recently completed at its Cherry Creek Property (the "Property"), which is currently being explored by Summit Mining Exploration II Inc.("Summit"), a wholly-owned US subsidiary of Sumitomo Corporation, under the Exploration-Earn In Agreement. As previously announced on May 19, 2015, Summit has retained the services of Rangefront Geological Services of Elko, Nevada to begin an extensive soil sampling survey to collect approximately 1500 samples.
Soil Sampling Program
The Phase 1 soil survey was completed and a report was issued by Rangefront Geological. A total of 1032 samples were collected and analyzed by a 51‐element + gold ICP procedure (ME‐MS41 & Au‐TL43) at ALS Labs Limited, of Elko, Nevada. The sample grid spacing is 75m by 75m. At the end of May 2015, the Phase 2 sampling program was started in an area that extends to the west and covers the Doctor's Cut and the Fillmore, Ticup, and Geneva Mines. This sampling campaign will collect an additional 466 soil samples, for a total of 1498.
Geologic Mapping & Rock Chip Sampling
Contract Geologists Dr. Jamie Robinson and Will Ostrenga started geologic mapping of the higher elevation carbonate units of the Swasey Limestone, Wheeler Shale and lower Marjum Limestone. Rock chip samples are collected while geologic mapping is being conducted. To date, more than 175 rock chip samples have been collected and submitted for analysis and results will be reported later. The following points concerning geology in the mapped area are excerpts from the Summit "Activity Report for May 2015".
- Mapping coverage starts along the Exchequer Fault at the Fillmore Mine and extends northeast along trend to the Black Metals Fault. The carbonate section here is highly dissected by normal faulting, with two principle orientations of east‐west (Exchequer parallel) and northwest‐southeast (Al Ray Canyon fault corridor).
- The Swasey‐Wheeler contact exhibits widespread quartz stockwork and jasperiod quartz flooding. Carbonate bleaching and dissolution features are common along the contact and throughout the entire Swasey section.
- Large open karsts (large dissolution cavities) are apparent in outcrop in the massive cliffs forming the north wall of Exchequer Canyon. All of these features are indicative of hydrothermal fluid flow and fluid reactions with the carbonate rocks and along lithologic contacts.
- Mapping at the Fillmore Mine and Doctor's Cut indicates that the Swasey and Wheeler formations are much thicker than indicated on the Adair geologic base map of 1961.
The scientific and technical information contained in this news release has been reviewed by Dallas W. Davis, PEng, FEC, an independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
The Company also announces that pursuant to the Company's Stock Option Plan it has granted 100,000 stock options at a price of $0.20 per common share to a director and officer of the Company. The option grant will vest immediately. As per the Company's Stock Option Plan, the options granted are exercisable until July 7, 2020. Grant of the options is subject to the approval of the TSX Venture Exchange.
About Viscount Mining
(TSX VENTURE:VML)(OTCQB:VLMGF)
Viscount Mining is an exploration company with a portfolio of gold and silver properties in the Western United States, including Cherry Creek in Nevada and Silver Cliff in Colorado. Cherry Creek is comprised of more than 9,000 acres, all 100% owned, and includes more than 20 past producing mines. Viscount has entered into an exploration earn-in agreement with Sumitomo Corporation covering the Cherry Creek property. Sumitomo can earn in up to a 75% interest in the property by producing a feasibility study and by spending in addition a minimum of US$10,000,000 in exploration and development expenses by the eighth anniversary of the earn-in agreement. Silver Cliff in Colorado is comprised of 96 lode claims, covering much of the historical past-producing mineral districts of Silver Cliff and Rosita Hills.
For additional information regarding the above noted property and other corporate information, please visit the Company's website at www.viscountmining.com
About Sumitomo Corporation
Sumitomo Corporation is one of the largest integrated trading and investment companies in Japan. Sumitomo Corporation, a Fortune 500 company, conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry. Summit Mining Exploration, Inc. is a wholly-owned subsidiary of Sumitomo Corporation and is headquartered in Colorado, USA. For more information about Sumitomo Corporation, visit www.sumitomocorp.co.jp/english/
ON BEHALF OF THE BOARD OF DIRECTORS
Jim MacKenzie, President, CEO and Director
Neither 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 Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Viscount Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Viscount Mining Corp. management on the date the statements are made. Except as required by law, Viscount Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Contact
Viscount Investor Relations
604-960-0535
info@viscountmining.com
