VANCOUVER, BC, Sept. 23, 2022 /CNW/ – Regency Silver Corp. (“Regency Silver” or the “Company”) (TSXV: RSMX) (OTCQB: RSMXF) is pleased to announce that it has entered into an option agreement dated September 22, 2022 (the “Option Agreement”) to option a 100% undivided interest in the El Tablon Claims located in the State of Durango, Mexico.
The property covers a total of 7,200 hectares and contains numerous artisanal workings and tunnels, which explored many of the veins and veinlets that exist within the concession area.
The El Tablon Claims are located within the Sierra Madre Occidental prolific gold-silver belt only 16 miles from the historical Tayoltita (San Dimas district), which has historically produced more than 11 million ounces of gold and 582 million ounces of silver and which continues to be active with significant mineral resources. 1
The El Tablon Claims are in a similar geological environment, characterized by the presence of productive rocks of the Lower Volcanic Complex, to which subvolcanic felsic rock bodies with stockworks and gold dissemination are found. In addition, the canyons around El Tablon expose many other mineralized zones, and works can be found in the neighboring mines of the Ventanas, Mala Noche, and San Cayetano projects.
A Mexican Council on Natural Resources (CRM) (the precursor to the Mexican Geological Service) report from 2012 indicates the presence of 7 veins and breccias in a short space of land, which reported silver grades up to 1,402 g/t, lead up to 2.097%, copper up to 1.381%, and gold up to 1.00 g/t. One of the samples exceeded 10,000 g/t of silver. The El Tablon Claims have potential both for high grade silver veins and bulk mineable high volume-low grade polymetallic mineralization. 2
In order to exercise the option, Regency Silver must pay US$50,000 on receipt of Exchange acceptance, issue a total of 1,000,000 common shares and pay back taxes and mining filings on or before March 31, 2024. Regency Silver must also pay a US$1,000,000 bonus upon a NI 43-101 resource being published, which estimates the El Tablon Claims contain a minimum of 70 million silver equivalent ounces or 1 million gold ounces in the measured or indicated categories. The shares are subject to a four month hold period and the agreement is subject to the approval of the TSX Venture Exchange.
1 Source: https://www.firstmajestic.com/projects/producing-mines/san-dimas/
2 Source: Servicio Geologico Mexicano, Chairez B.J. Velazquez H.J., 2012 Estudio de Asesoria Geologica del Lote Minero La Fortuna, San Dimas, Durango.
Regency Silver is a silver and gold exploration company focused on the Americas. Regency Silver is led by a team of experienced professionals with expertise in both exploration and production. Regency Silver’s flagship project is the Dios Padre silver project in Sonora, Mexico.
The technical information contained in this news release has been reviewed by Company director Michael Tucker, P.Geo, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101. Mr. Tucker is a director of the Company and for that reason is not considered independent. Mr. Tucker has read and approved the technical contents of this news release.
For further details about the Company please visit www.Regency-Silver.com.
Neither the 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.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain forward-looking statements and forward-looking information (together, “forward-looking statements”). There can be no assurance that such statements will prove to be accurate and actual results and future events may vary from those anticipated in such statements. Important risk factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that TSX Venture Exchange acceptance of the option agreement will not be obtained, regulatory changes, fundraising, and risk associated with mineral exploration, including the risk that actual results of exploration will be different from those expected by management. The forward-looking statements in this news release were developed based on the expectations of management, including that Exchange acceptance for the proposed transaction will be obtained, conditions will be satisfied, required fundraising will be completed and the other risks described above will not materialize. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
SOURCE Regency Silver Corp