Viscount Mining Corp.
TSX VENTURE : VML
OTCQB : VLMGF

Viscount Mining Corp.

February 04, 2016 09:07 ET

Viscount Mining Announces Large Intervals of Silver Mineralization with Phase 1 Drill Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 4, 2016) - Viscount Mining Corp. (TSX VENTURE:VML)(OTCQB:VLMGF) ("Viscount" or "the Company"), is pleased to announce assay results of 12 reverse-circulation (RC) holes from the 2015 Phase 1 drilling program at its flagship Cherry Creek Nevada Property (the "Property"), which is currently being managed and funded by Summit Mining Exploration Inc. ("Summit"), a wholly-owned US subsidiary of Sumitomo Corporation, under the first year of an Exploration-Earn In Agreement. The drilling was designed to test rock chip and soil silver and base metal anomalies, fault-shear-breccia structures and subsurface alteration zones.

Twelve RC drill holes were completed in the historic silver mining area encompassing the former Ticup, Doctor's Cut and Jacob's Cut mines. Hole depths ranged from 79.3m (260 ft) to 329.3m (1080 ft), with a total of 2224.1m (7297 ft) completed. A total of 1551 samples were submitted to ALS Global for assay and multi‐element analysis. Samples consisted of 1394 unique drill cutting intervals each representing a minimum of 1.5m (4 ft 11 in) and 157 reference samples. Analytical results from the reference material, comprising 1 blank (landscape marble) and 3 commercial silver standards, did not indicate any QA/QC issues in the laboratory sample preparation or analyses.

Moderate to high grade silver mineralization was intercepted in many of the holes. Notable drill intercepts and silver assays results include:

  • Hole CC001: 9.1 m at 52.6 g/t Ag, maximum silver assay value of 99.4 g/t
  • Hole CC002: 27.5 m at 52.0 g/t Ag, maximum silver assay value of 167 g/t
  • Hole CC006: 12.2 m at 117.6 g/t Ag, maximum silver assay value of 506 g/t
  • Hole CC008: 100.5 m at 7.4 g/t Ag, maximum silver assay value of 64 g/t
  • Hole CC010: 15.2 m at 54.2 g/t Ag, maximum silver assay value of 133 g/t
  • Hole CC011: 30.5 m at 50.0 g/t Ag, maximum silver assay value of 247 g/t

Kaare Foy, Viscount Chairman stated: "At this early stage we are very encouraged with our maiden drill program results, which achieved our targeting objective of intercepting large intervals of silver mineralization. The significance is that this was the first time in over 100 years that modern exploration techniques have been used at Cherry Creek."

All of the results given in this news release were taken directly from the Rangefront Geological drill report prepared for Summit Mining Exploration Inc. ("Summit") . All of the assaying was done by an ISO certified analytical company. Rangefront Geological and Summit geologists do all their work using the best industrial practices.

Table 1 - General information on the 2015 Cherry Creek drill holes

Drill Hole # Site Date Started Date Ended Azimuth Angle TD (m) Target
CC001 TM-04 10/6/2015 10/11/2015 280 -50 228.7 Ticup decline
CC002 DC-04 10/12/2015 10/16/2015 105 -50 329.3 Dr's Cut extension
CC003 DC-04 10/16/2015 10/22/2015 80 -50 243.9 Dr's Cut extension
CC004 TM-01 10/23/2015 10/25/2015 350 -60 304.9 S extension Ticup vein
CC005 TM-01 10/25/2015 10/26/2015 20 -65 152.4 w/s contact*
CC006 TM-01 10/26/2015 10/27/2015 0 -90 121.9 w/s contact*
CC007 TM-03 10/27/2015 10/28/2015 0 -90 82.3 w/s contact*
CC008 TM-03 10/28/2015 10/29/2015 140 -60 100.6 Jacob's Cut
CC009 TM-02 10/31/2015 11/1/2015 0 -90 161.6 w/s contact*
CC010 TM-02 11/1/2015 11/2/2015 120 -50 79.3 w/s contact*
CC011 TM-01 11/2/2015 11/12/2015 150 -50 106.7 Jacob's Cut
CC012 TM-01 11/12/2015 11/15/2015 310 -75 311.0 S extension Ticup vein
* Cambrian

Drill Results are as follows:

Table 2 - List of the 2015 drill holes including the depths of best silver and gold intercepts encountered in the holes, intercept interval in meters ("Length"), average silver or gold concentrations in the best zones, and maximum silver or gold concentrations in the zone.

Drill Hole Best Ag
Interval
Length Grade
Ag
(g/t)
Max. Ag
(g/t over
=/+
1.5m)
Best Au
Interval
Length Grade
Au
(g/t)
Max. Au
(g/t over
=/+ 1.5m)
CC001 33.5-42.6m 9.1m 52.60 99.4 28.9-38.1m 9.2m 0.154 0.230
CC002 106.6-134.1m 27.5m 52.01 167.0 NSR - - -
CC003 NSR - - - 123.4-124.9m 1.5m 0.748 0.748
CC004 249.9‐252.9m 3.0m 15.22 16.9 NSR - - -
CC005 147.8‐152.4m 4.6m 9.40 10.5 0‐6.0m 6.0m 0.029 0.039
CC006 100.5‐112.7m 12.2m 117.63 506.0 0‐12.1m 12.1m 0.031 0.046
CC007 15.2‐21.3m 6.1m 19.58 56.8 0‐4.5m 4.5m 0.400 0.410
CC008 0‐100.5m 100.5m 7.44 64.0 0‐4.5m 4.5m 0.064 0.073
CC008 Including
54.8-60.9m
6.1m 44.32 64.0 NSR - - -
CC009 83.8‐91.4m 7.6m 55.78 117.0 80.7‐91.4m 10.7m 0.078 0.188
CC010 41.1‐56.3m 15.2m 54.24 133.0 39.6‐56.3m 16.7m 0.048 0.117
CC010 59.4‐60.9m 1.5m 43.40 43.4 NSR - - -
CC011 28.9‐59.4m 30.5m 50.03 247.0 25.9‐54.8m 28.9m 0.064 0.228
CC012 NSR - - - 9.1-30.4m 21.3m 0.128 0.291
(NSR - No Significant Results)

Quality Assurance/Quality Control ("QA/QC") Measures, Chain of Custody:

The Company has implemented a rigorous QA/QC program using best industry practices at the Cherry Creek Property. Drill core samples are transported in security-sealed bags for analyses at ALS Labs Limited, of Elko, Nevada. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags that are then shipped. A small 'B split' of each sample of drill cutting interval was collected at the rig and archived in secure storage. The sample pulps and rejects will be retrieved from ALS. The insertion of standards, blanks and duplicates as well as logging was conducted by Rangefront Geological and Summit personnel at the property site.

Qualified Persons

The exploration and drill programs are being managed by David Tretbar, Summit Exploration's Executive Vice President, Exploration and Mineral Resources, a Qualified Person as defined by NI 43-101. Mr. Tretbar is a registered Professional Geologist in Arizona (# 48036) and a Certified Professional Geologist (CPG # 11086) with the American Institute of Professional Geologists.

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").

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

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.

Cautionary Note for U.S. Investors Regarding Reserve and Resource Estimates

All resource estimates reported by the Company were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission for descriptions of mineral properties in SEC Industry Guide 7 under Regulation S-K of the U. S. Securities Act of 1933. In particular, under U. S. standards, mineral resources may not be classified as a "reserve" unless the determination has been made that mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Accordingly, information in this press release containing descriptions of the Company's mineral properties may not be comparable to similar information made public by US public reporting companies.

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