VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2012) - Netco Silver Inc. (NEI.V) ("Netco" or the "Company") is pleased to announce the following update on its prospecting, trenching and sampling program at the Toruel Property, Rio Negro Province, Argentina. The Toruel Property is located approximately 23 kilometres southeast of the town of Los Menucos and approximately 100 kilometres from Pan American Silver's Navidad project, one of the world's largest undeveloped silver deposits.
Multiple vein structures have been identified on the Toruel Property to date, with approximately 50 percent of the property having been systematically explored and mapped. Recent prospecting and sampling has identified two additional vein structures, the "El Cumpa" vein and the "Capos" vein. The Company is very pleased to report that the assay results have confirmed that the Capos and El Cumpa veins are gold and silver bearing, and significantly expand the potential of the Toruel Project. Channel samples have returned results from 0.01 g/t up to 4.37 g/t gold and from 0.8 g/t to greater than 200 g/t silver. Two samples have returned over-limit silver assays which are currently being fire assayed to determine more accurate silver grades.
Complete sampling assay results may be viewed at: http://www.netcosilver.com/images/stories/Sample-Results-2011-2012.pdf.
The Capos and El Cumpa veins are located approximately 2,500 metres east of the Toruel vein where past drilling had intersected 6.7 metres of almost 2 kilograms silver and 5.34% copper (See news release of Marifil Mines Limited dated November 28, 2005).
The Capos and El Cumpa veins are genetically similar to the known Toruel vein system and are composed of multi-phased silica events. The mineralizing environment consists of hydrothermal replacement breccias and numerous drusy (and, to a lesser extent, chalcedonic) silica veinlets that present a colloform texture. The breccia fragments correspond to crystal tuff partially replaced by silica. The breccias show the traditional cockscomb or cockade textures typical of epithermal mineralized systems. These veins remain open along strike to the east and west, and the depth potential has not yet been tested.
These results continue to support the geological model, which indicates that the Toruel vein is at a lower level of an epithermal system, with tectonically down-thrown blocks to the east and west. Up-thrown blocks have been exposed to a deeper level of erosion whereas down-thrown blocks have not. The consequence of this is that many of the lower level anomalies discovered quite likely represent surface expressions of buried epithermal mineralization.
Michael Hitch, VP of Exploration states, "The more we explore, the more elements of this large precious metal system we discover. Surface mapping is continuing to the north east of the land package focusing on the more gold-dominated areas, representing a 'lower' position in the epithermal architecture."
In addition to the Toruel vein, 13 additional veins have been identified, over an area approximately 6 km by 3 km. The veins trend east-west and northeast-southwest. The continued discovery of new, mineralized veins across the property suggests multiple mineralizing events, and the potential for buried and mineralized intrusives as the source of the epithermal veins. Work is ongoing and results will be released as they become available.
All samples and standards were submitted to ACME Labs, Santiago, Chile, an ISO 17025 accredited analytical laboratory, for preparation and analysis. Sample preparation used procedure D60, R200-500, with digestion and analysis using method IEX, and precious metal determination by method G6-50.
Netco is a publicly traded exploration company focused on the discovery and development of high-value precious metals deposits in the Americas. The Company holds an option to acquire up to 75% of the Toruel property.
The Company's disclosure of a technical or scientific nature contained in this press release has been reviewed and approved by Andrew Gourlay, P. Geo., President and a director of the Company, who is a qualified person as defined in National Instrument 43-101. For additional technical information about the Toruel property, see the Company's technical report on the Toruel property, available on SEDAR at www.sedar.com, entitled "Toruel Project, Rio Negro Province - Argentina", dated effective November 21, 2011, and authored by James F. Ebisch, MSc. The results disclosed in this press release do not represent conclusive evidence of the likelihood of the occurrence of a mineral deposit on the Toruel property.
NETCO SILVER INC.
Colin Bowkett, Director
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding the potential for mineralization on the Toruel Property. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the failure of the actual mineralization to meet the Company's expectations; the Company's ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration; and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this disclaimer. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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.
Netco Silver Inc.