Norseman Silver Ltd. Options Taquetren Silver Project in Rio Negro, Argentina
Vancouver, British Columbia – TheNewswire – May 31, 2021 – Norseman Silver Inc. (TSXV: NOC) (OTC: NOCSF), is pleased to announce that the Company has entered into an option agreement to acquire a 100% stake in the 285 square km (110 square miles) Taquetren Silver project is located in the mining district of Navidad -Calcatreau, Argentina. The Navidad-Calcatreau mining district is a relatively recent and largely unrecognized “mining camp” and is home to the Navidad deposit, one of the largest silver deposits in the world.
“The Taquetren Silver project represents a significant addition to our real estate portfolio and is located in an area that has seen relatively little exploration activity but is home to one of the largest silver deposits in the world. Fieldwork will be led by professionals who have extensive experience in the region, including firsthand participation in the discovery of the Navidad silver deposit which currently represents over 600 million ounces. Said Sean Hurd, President and CEO.
In addition to the Navidad silver deposit, two other significant deposits are also hosted in the district, the former Mina Angela gold-silver mine and the Calcatreau gold-silver deposit. The district is not better known because the two most important deposits were still underdeveloped at this time, notably Navidad (Measured and Indicated – 632 M oz Ag contained in 155.2 Mt at 127 g / t Ag, 0.85% Pb and 0.05% Cu).
Above all, the government of Rio Negro is pro-development and promotes pro-mining policies. Permits have been obtained to carry out an initial geological, prospecting and geochemical sampling.
Norseman will have the exclusive possibility of acquiring a 100% interest in the project, free and free from all privileges and charges by:
Payment to opters of a non-refundable deposit of US $ 40,000 within two business days of execution of the letter of intent; Paid.
Issue of 200,000 ordinary shares in the capital of the Company (“Ordinary actions”) Within seven days of signing the Final Agreement;
Issue 300,000 additional common shares and incur US $ 70,000 in exploration expenses on the project no later than the first anniversary of the definitive agreement;
The issuance of 500,000 common shares and the commitment of US $ 200,000 in additional exploration expenses on the project no later than the second anniversary of the definitive agreement;
Issue 2,000,000 common shares and incur additional exploration expenses of US $ 500,000 on the project no later than the third anniversary of the definitive agreement; and
Grant optors a 2% Nest Smelter royalty (the “NSR”). The company can reduce the NSR by (a) redeeming a quarter of it (0.5%) by paying optors US $ 1,000,000, and (b) redeeming a second quarter of interest for a total of half (1%) of the initial NSR by paying an additional US $ 2,000,000 and issuing 5,000,000 common shares.
Location and access
The Taquetren project comprises three cateos (prospecting licenses) covering 28,448 hectares (an area of approximately 30 km by 10 km) and are accessible by high quality and well maintained paved and gravel roads. The catéos were selected to cover key stratigraphic and structural elements associated with the newly discovered Navidad-Calcatreau mining district. The project is located in the southwestern part of the province of Rio Negro, approximately 30 km north of the border with the province of Chubut. The project area covers the rolling pampas and low hills, which support low intensity sheep farming. The climate is semi-arid with sparse shrub-like vegetation. Numerous gravel roads and rural tracks crisscross the three cateos.
Geologically, the Taquetren project is located on the southwest edge of the Somuncura massif (Nordpatagonico) in the Patagonia region of southern Argentina. This limit of the massif coincides with the “Gastre Fault System”, a long-lasting mega-structure. The granitic rocks of the subsoil of the south of the Rio Negro and the north of the province of Chubut are of Paleozoic age.
The mineralization is hosted in a key stratigraphic unit, the contact zone between the Jurassic Taquetren Formation (referred to as the Lonco Trapial Formation in the Province of Chabut) and the overlying sedimentary strata. The Taquetren Formation is a predominantly subaerial bimodal calc-alkaline volcanic unit composed of rhyolitic andesitic and ignimbritic rocks. The overlying sedimentary strata are of lacustrine origin and include mudstone, sandstone, conglomerates and carbonate (locally stromatolitic) and are referred to as the Coyueque Formation at Rio Negro and the Lonco Trapial Formation at Chabut. Fine clastic stones are generally bituminous and pyritic. These key Jurassic units are covered by volcanic and sedimentary rocks from the Cretaceous and Tertiary, and alluvium from the Tertiary and Quaternary.
Structurally, the Somuncura massif has three well-defined structural systems: the oldest system tends towards EW and is not associated with any mineralization. The Gastre Fault system is part of the second NNW-SSE system. It is believed to be the result of a continental-scale northeast to southwest extension that produced a series of northwest to southeast trending demi-grabens and tectonic basins. This structural system is very pronounced and constitutes a fundamental control in the geology of Patagonia. It marks the southern limit of the Somuncura massif and also forms the northeast edge of the Cañadón Asfalto basin – a sedimentary basin in a series of semi-graben structures. The third structural system tends towards NNE-SSW and is possibly a conjugate system related to the NNW-SSE system.
The three catéos cover a large part of the outcrop zone of the Jurassic formation of Taquetren and contain several mineral showings. The Taquetren property abuts the Calcatreau mineral tenures of Patagonia Gold to the east and is located 120 km northwest of Navidad. The property is located in the hinge area between the Somuncura massif in the northeast and the the Cañadón Asfalto basin to the southwest. The large Gastre fault zone forms this limit and transgresses the property.
Permits have been obtained to carry out an initial geological, prospecting and geochemical sampling and work will begin in early May 2021.
Qualified person: Mr. Rory Kutluoglu P. Geo., Member of the Advisory Board and Consultant of the Company, is the Qualified Person under NI 43-101 for the technical information contained in this press release and approves the technical content contained in this press release. hurry.
For more information, please contact:
Chief executive officer
T: 604 505-4554
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