PRESS RELEASE August 5, 2015
Viscount Mining Phase 2 Exploration Update On The Cherry Creek Property, Nevada
VANCOUVER, Canada –- Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) (“Viscount” or “the Company”), is pleased to provide an update on the recently completed Phase 2 soil sampling program (463 samples) as well as on the geologic mapping and rock chip sampling programs on its Cherry Creek Property (the “Property”), which is currently being explored by Summit Mining Exploration II Inc.(“Summit”), a wholly-owned US subsidiary of Sumitomo Corporation, under the Exploration–Earn In Agreement.
Phase 2 Soil Sampling Program
The Phase 2 soil survey was concluded and results for silver included in the May – June activity report issued by Rangefront Geological, the firm contracted by Summit to conduct Cherry Creek exploration. They state that “1663 soil samples have been collected, 1498 samples in 2015 and 165 in 2014”. Analysis has been by a 51‐element + gold ICP procedure (ME‐MS41 & Au‐TL43) at ALS Labs Limited, of Elko, Nevada. The sample grid spacing is 75m by 75m. The Phase 2 sampling program extended the soil grid to the west and covers the historic Doctor’s Cut, Fillmore, Ticup, and Geneva Mines. Preliminary review of the Phase 2 sample results in the Exchequer Fault, Geneva, Ticup and Fillmore Mine areas show widespread anomalous silver values over the Swasey Limestone, Wheeler Shale and Marjum-Weeks Limestone formations.
Phase 2 Geologic Mapping & Rock Chip Sampling
Contract Geologists Dr. Jamie Robinson and Will Ostrenga continued geological mapping and report having “covered the majority of the high priority Swasey-Wheeler formations along and north of the Exchequer Fault, extending from the Fillmore Mine in the west to the Star-Gray Eagle Mines and northeast to the Exchequer–New Century Mines”. In addition, a reconnaissance transect northeast along the Swasey-Wheeler contact to the Black Metals Fault was completed. Rock chip samples were collected while geologic mapping was being conducted. To date 578 rock chip samples have been collected and submitted for assay and analysis. The samples are being analyzed by a 49-element + gold AA procedure (ME-MS61 & AuAA-23). Results for these samples are pending. The following points concerning geology in the mapped area are excerpts from the Summit “Activity Report for May-June 2015”.
· Mapping shows that the formations on and along the Exchequer Fault are highly dissected and rotated by secondary and tertiary faults associated with the principle Exchequer Fault. It is not a simple linear fault as depicted on earlier geologic maps. Previous mapping does not show the true extent of the faulting; almost all of these “wedge” boundaries and contacts of the Swasey Limestone and Wheeler Shale in the central mapped area are fault contacts. Faulting and fracturing of these reactive rocks are critical for the formation of mineral deposits as the fractures act as conduits for mineralizing fluids.
· Mapping the northeast transect along the Swasey-Wheeler contact to the Black Metals Fault indicates widespread alteration and mineralization continues along trend and is often associated with east-west and northwest trending fault zones.
Viscount anticipates the work on drill targeting will start later this month once all of the final assay data are received and map data formatted in the drill computer model. Approximately 8,000 feet of reverse circulation (RC) drilling of 10 to 12 holes is expected to begin in mid-September 2015.
Viscount Mining is very pleased with the exploration work on the property and the results obtained by Summit Mining Exploration and Rangefront Geological Services.
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 Miningis 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/english/
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
For further information, please contact:
Viscount Investor Relations
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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.