Vancouver – Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF) (“Silver Sands” or the “Company”) is pleased to announce that, following its press release on April 5, 2022it completed its phase IV exploration program at Virginia.
This phase consisted of 12 holes totaling 1362 yards, 11 holes at Virginia Vein Field and 1 hole at Santa Rita East. All core samples have been sent to the analytical laboratory and the Company will publish the results once they have been received and reviewed.
Issuance of shares to Mirasol
In order to maintain its agreement for the Virginia money project santa cruz Province, Argentinathe Company is pleased to announce the issuance of 3,827,462 common shares to Mirasol Resources Ltd. (“Mirasol”) representing 5% of the issued and outstanding share capital of the Company as at May 20, 2022. The shares were issued pursuant to a mineral property option agreement (the “Option Agreement”) dated May 20, 2020in partial consideration for the granting by Mirasol of an option to the Company to acquire a 100% undivided interest in Mirasol’s Virginia property, located at santa cruz Province, Argentina. After the issuance, Mirasol holds a total of 10,377,943 common shares of Silver Sands, representing approximately 12.9% of the issued common share capital of Silver Sands.
The Virginia Project is a project in the advanced exploration phase. Located in the mineral-rich Deseado massif, located in the mining-friendly state of santa cruz in the Patagonia region Argentina. Virginia is a low to intermediate sulphidation epithermal silver deposit. From the initial discovery in 2009 to four drilling programs between 2010 and 2012, Mirasol Resources was able to define an initial Indicated Mineral Resource of 11.9 million ounces of silver at 310 g/t Ag and an additional 3.1 million ounces of silver at 207 g/t Ag in seven outcrops. The mineral resources are contained in seven conceptual open pits – Naty, Julia NorthJulia Central, Julia South, North Ely, Ely Sud and Martina. Phase I and II drilling has identified the potential for four further conceptual open pits – Ely Central, North Ely Extension, Julia South Extension and Martina NW.
The resource estimate is documented in a Mirasol Resources technical report entitled: “Amended technical report, Virginia Project, Province of Santa CruzArgentina – Initial ‘Silver Mineral Resource Estimate’ with an effective date of October 24, 2014and a report date of February 29, 2016.
Several additional vein structures within the property package remain highly prospective, as Mirasol has focused most of its previous exploration efforts on the resource area at the expense of continued exploration on the additional veins below. explored. Several of these structures have silver grades of more than 1,000 g/t Ag and have a high probability of hosting additional silver resources.
Silver Sands has the opportunity to earn 100% of the Virginia Project. At the end of the option Mirasol Resources will retain a 3% NSR royalty, 1% of which may be purchased by Silver Sands for 2 million US dollars.
On Silver Sands Resources Corp.
Silver Sands is a well funded, CanadaNew York-based company engaged in mining exploration and acquisition of mining assets in mining-friendly jurisdictions. Its objective is to locate and develop economic properties of merit in precious metals and base metals. Its main advantage is the Virginia silver project, located in the mining sector santa cruz state of Argentina.
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The information in this press release contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our statements. prospective. Factors that could cause such differences include: changes in global commodity markets, stock markets, costs and supply of materials relevant to the mining industry, changes in government and changes in regulations affecting mining industry and pandemic, social and environmental policies. Questions. Forward-looking statements in this release include statements regarding future exploration programs, mining plans, geological interpretations, mining tenure issues and mineral recovery processes. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results may vary and we cannot guarantee future results, levels of activity, performance or achievements. Silver Sands disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.