TORONTO, ONTARIO--(Marketwire - Dec. 9, 2011) - Silvore Fox Minerals Corp. (the "Corporation" or "Silvore Fox")(TSX VENTURE:SFX) announces the first assay results from due diligence drilling in Chile.
As part of its due diligence process before finalizing the purchase from Sinotech Mineral Exploration Chile Limitada ("Sinotech)"of the 100% interest in two Gold with Copper exploration properties in Chile, Silvore Fox has continued the programs initiated by Sinotech and performed the following geological work on the two properties:
A test drill program was designed to test targets within two prominent vein systems in a shear structure traceable for approximately five kilometers. These were identified by mapping and geophysical work carried out earlier by Sinotech. The June magnetic survey covering a large portion of the mapped vein systems suggests the presence of buried extensions of the quartz diorite intrusive at shallow depths below the prominent shear structures. The margins of the intrusions appear to be controlled by faulting. Two IP profiles across the area suggested five target anomalies of which 4 coincide with known veins. On surface these vary from 2 to 50 meters in width around some of the old surface workings.
Silvore Fox has completed one drill hole testing one of these structures and has received encouraging assay results with highlights as follows:
The hole intersected two veins. One from 65.35 to 66.75m graded 1.3 g/t gold and 1.49% copper over the 1.4m.
The second zone, of 9.4 meters from 147.4m to 156.8m, graded 0.84 g/t gold and 0.35% copper and represents three distinct mineralized portions including narrow waste bands. The higher grade central core of this vein system from 150.4m to 153.25m graded 2.28g/t gold and 0.90% copper over 2.85 meters. Values within the mineralized portions ranged from 0.11 to 4.73g/t gold and 0.07 to 2.16% copper.
The true thickness of the above material is not as yet determined and the minimum sample size was 1meter.
Sample preparation and assaying was carried out by the accredited Santiago based branch of Acme Analytical Labs.
The pole-dipole IP coverage along lines spaced at 200 meters over a 3600m by 120m grid is completed. This covers target areas within the gold and copper vein systems earlier outlined through mapping and ground magnetics by Sinotech. Interpretation of the results is in progress and to date has determined three drill targets.
Roscoe Postle and Associates of Toronto have been retained Silvore Fox to prepare a NI43-101 report on the two properties and to assess the valuation being used in the acquisition transaction.
"To the best our knowledge, this was the first hole ever drilled on the Totora Property. The drill location is in the north part of a possible five kilometers long alteration zone. We expected to hit gold and copper and we did. Further drilling is designed and planned to delineate the grade, vertical and lateral extent of the veins and other prime target areas on both the Totora and Harvest properties.
An additional permit was required to continue the drilling program on the Totora Property and we expect to receive this in due course. Additionally we wish to form agreements with surface owners for continued access and road construction arrangements. We will make an announcement about the start up of further drilling upon the completion of the above."
- Mr. Harold Cabrita, President and CEO
Ian Chisholm, PEng, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Canadian public mineral exploration company based in Toronto. We are focused on both base and precious metal exploration projects within a diversified portfolio of properties that attempts to minimize political risk without limiting potential returns for our shareholders.
Harry Cabrita, President and CEO
This press release contains "forward-looking information" within the meaning of applicable securities laws relating to the intention of the Corporation to sign a formal option agreement for the two properties in Chile and begin exploration activities on the properties being discussed. Readers are cautioned not to place undue reliance on the forward-looking information. Actual results and developments may differ materially from those contemplated by this forward-looking information depending on, among other things, the risks of funding by the Corporation of the exploration and development on the properties. Such forward-looking information is based on current expectations that involve a number of known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, the risks of finalizing a deal on the Chile properties, the risk of capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, delays in the development of projects, uncertainties relating to the interpretation of the geology, and unanticipated operational or technical difficulties and other factors. Such forward-looking information is based on a number of assumptions, including but not limited to, the availability of skilled labour, availability of equipment, and future capital and operating costs. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information and accordingly, readers are cautioned not to place undue reliance on this forward-looking information. The Corporation does not assume the obligation to revise or update this forward-looking information after the date of this announcement or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
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