Reyna Silver Corp. (TSXV:RSLV)(OTCQX:RSNVF)(FRA:4ZC) ("Reyna Silver") announces the results of its 8 hole, 2,413 m 2024 Drilling Program at the Gryphon Summit Project - where Reyna Silver is earning a 70% interest in the 12,058 ha (29,795 acre) Gold, Silver and Critical Metals project in Eureka and Elko Cos., Nevada from Golden Gryphon USA Inc. (See Press Release October 30, 2024). The Gryphon Project contains both Carlin-type Gold and historically mined Carbonate Replacement Deposit ("CRD") mineralization. Post-1970 exploration focus has been on just the gold mineralization, because of its location on the axis of the Carlin Trend and the widespread gold mineralization identified on surface. Reyna Silver recognized the opportunity to potentially use the more chemically aggressive, structurally-controlled CRD mineralization to unlock the framework of the deposit and possibly help target both gold and silver mineralization.
The 2024 drill program marked the first time CRD mineralization was targeted at Gryphon, and the technical team is excited to report that drilling in the Union area revealed CRD mineralization and pathfinders overprinted and surrounded by gold mineralization pathfinders. The same Silver and Gold association was also cut in the Sadler target areas. The relatively shallow 2024 program tested combined geochemical, structural and geophysical anomalies believed to be associated with larger-scale targets at depth. Considering the size of the Gryphon project, identifying vectors to assist target prioritization and refinement is a major step forward as we continue exploring. The full drill results can be found by following this link.
Key Exploration Takeaways
GENERAL: The drill program consisted of 8 holes totalling 2,413 meters of core from 5 previously permitted drill pads in BLM and patented claim ground. Three holes were drilled at Union and five at Sadler (See Figure 1). This represents a tiny fraction of the overall claim package.
UNION: Drilling cut silver-bearing CRD mineralization, alteration and pathfinder metals with overprinting and surrounding gold mineralization for the first time at Gryphon. The geochemistry and core indicate the structures carrying this combination saw substantial mineralization-related fluid flow (See Union section below for technical details).
SADLER: Drilling here also cut silver-bearing CRD mineralization, alteration and pathfinder metals with overprinting and surrounding gold mineralization. Meanwhile, fieldwork identified the presence of the previously unrecognized IB Unit, regionally known as a significant host rock in the Pipeline-Cortez-Goldrush and Carlin-Goldstrike Carlin districts that also appears to be readily identifiable with CSAMT geophysics. Reevaluation of existing geophysics and extending it into new areas should significantly assist future targeting.
Reyna Silver's technical team designed a limited, shallow drilling program on the eastern side of the property area, where it is laced with multiple sub-parallel structures that show strong gold, silver, copper and pathfinder element geochemical anomalies along kilometres of their lengths. Most of these structures have never been directly targeted despite these anomalies and extensive historical prospecting work. Drilling was designed to test the overprinting hypothesis along two of these structures that were reachable from existing roads and permitted pads. The team believes the results validate the concept and warrant its much broader application across the balance of the property. Additionally, the results show that CSAMT geophysics reveals the location of a regionally well-known Carlin Gold host unit, now shown to extend across the property through the zone where major structures are associated with some of the most significant Gold and Silver results in the Sadler area.
"Gryphon is an enormous system with gold, silver and base metals everywhere, so confirming that probable Carlin-type gold overprints CRD mineralization along shared fluid pathways is an advance that may be critical for unlocking Gryphon and possibly related systems throughout the region," said Dr. Peter Megaw, Chief Technical Advisor to Reyna Silver. "We inherited decades of excellent exploration data for Gryphon and are excited to combine them with a new coherent district model to key into some of the most important targeting factors. Clearly, the results scream to have these existing data run through an AI program capable of picking out patterns based on our new concepts."
"Achieving basic proof of concept with associated follow-up targets on Reyna's first pass is an exciting move forward for the Gold, Silver and Critical Metals potential of Gryphon," said Jorge Ramiro Monroy, Reyna's CEO. "We can now turn what we've learned to more aggressive exploration of one of the largest properties on the principal Carlin Trend not held by a Major."
Figure 1. Map of the overall 12,058 ha Gryphon Summit Project (right) and zoomed in on the 2024 area of interest (left) with 2024 drill holes noted in black and the 23 historical drill holes in grey. Sampling results from the project are in representative color and scale relative to the element. Gold is yellow with the highest values between 15.1-24.2 ppm, Copper is red with the highest values between 5-11.6%, Silver is blue with the highest values between 300-2060 ppm and Zinc is green with the highest values between 3-35%. Note that the system is polymetallic with overlapping metals symbols that locally obscure underlying symbols. Blue outlines denote the patented claim blocks. Reyna's holes are denoted GS (Gryphon Summit), followed by the year and cumulative project hole number (c.f. GS24-24 was Reyna Silver's first drill hole). Drillholes GS24-24, GS24-30 and GS24-31 were drilled in the Union Patented claims, GS24-25, GS24-26, and GS24-27 were drilled in South Sadler, GS24-28 was drilled in the 007 zone, and GS24-29 was drilled in Middle Sadler.
UNION
Reyna Silver completed consolidating the Gryphon Project by acquiring the in-lying patented claims covering the past-producing Union and Mineral Hill CRD deposits just prior to the 2024 drilling program (See Press Releases of August 1, 2024 and August 6, 2024). These old mining areas are similar to other famous CRD systems in the area including the Eureka district 70 km south and the Cortez Camp 50km to the west, both known for their significant gold credits - generally believed to stem from a later overprint of Carlin-type gold mineralization. Both mineralization types are documented at Gryphon, with the two mineralizing events exploiting the same structural plumbing at different times, so understanding the controls on CRD mineralization should enhance understanding the geometry of the entire system, including where concentrated Carlin-type gold may occur. These acquisitions allowed Reyna Silver to bring their expertise in the textural and geochemical zonations of the CRD-Skarn-Porphyry continuum to illuminate the overall structural framework and associated fluid pathways followed later by gold mineralization.
Three holes were drilled in the Union patented ground, including GS24-24, the first hole to target CRD mineralization on the property. The hole cut multiple structures carrying CRD mineralization and pathfinder elements, including and surrounded by elevated gold and associated pathfinder elements (See Table 1 for illustrative results or follow the link for full assays). The Reyna geological team then undertook the first detailed mapping of the area and drilled Holes GS24-30 and GS24-31 from the same drill pad to find fluid pathways leading to the feeder zone.
GS24-30 at Union was perhaps the most interesting hole of the drill campaign. In addition to combined Gold and Silver mineralization, this vertical hole cut highly altered felsic dikes of the kind commonly found in the distal parts of CRD systems. The dikes show contorted flow banding and brecciation typical of volatile-rich CRD dikes and are flanked by complexly deformed pervasive black silicification and argillic alteration. The dike shows a consistently pronounced Gallium signature (41 ppm Gallium over 17.4 m. See Table 2), which may have important implications for the nature of the magmatic system(s) driving Gryphon and the potential for elevated Gallium in associated mineralization (See Table 2 and full drill results)
SADLER
Five holes were drilled along 800 metres of a multi-kilometer long strong structural zone that runs through the Sadler area and has multiple surface expressions of mineralization with locally strong gold, silver, and copper geochemical anomalies (See Figure 1). From north to south the zone includes the 007, Middle Sadler and South Sadler target areas.
GS24-25, GS24-26, and GS24-27 were drilled in South Sadler along mineralized structures where they cut the recently identified IB rock unit, which lies at the base of the Pilot Shale and is associated with Carlin gold mineralization at Pipeline-Cortez-Goldrush and Carlin-Goldstrike. 2011 drilling 500 metres to the east (GS11-02) targeted some of these structures and ended in the carbonates after cutting the IB zone. Assay results for GS11-02 are not publicly available. Holes GS24-25 to 27 were designed to test this zone up-dip and shallower than this older hole, and they returned some of the strongest gold, silver and related pathfinder elements cut in the 2024 program within the IB. Drill hole GS24-25 cut 5.7 meters of IB downhole from 53.1 to 58.8 meters (See Table 3) and GS-26 cut 4 metres of IB downhole from 61.7 to 65.7 metres (See Table 4). Assays in the IB in both holes revealed elevated Au, As, Sb and Te, especially at the base of the unit where alteration indicates mineralization fluid movement. Notably, the IB also appears to have been a favourable control on CRD mineralization as it also hosts some of the most significant Ag, Pb, Zn, and Cu (CRD-related metals) cut in the program (Table 3, 4). The IB lies at the base of the thick Pilot Shale, above a thick section of carbonate rocks favourable for CRD development, and the Pilot may have acted as a seal that confined the CRD fluids to the IB and those carbonates below. Following high CRD metals values in the base of the IB may be a valuable exploration guide to coherent CRD mineralization down-dip at depth in the carbonates. The IB was also intersected near surface in Hole GS24-28 in the 007 Zone (See full results by following the link).
Reyna's drilling and surface mapping show that the stratigraphic contact marked by the IB coincides with a strong CSAMT geophysical anomaly that appears in the same position in many of the 17 kilometres of CSAMT survey lines run in 2006 and 2021. The anomaly appears to expand notably to the east of South Sadler towards one of the most interesting historic holes, GS11-02, where the same IB-related stratigraphic break between siliclastics and carbonates is seen (See Figure 2). It is not yet clear whether the CSAMT response stems from the IB directly or mineralization and alteration affecting or underlying it, nonetheless it appears to be a promising guide to mineralization across the entire property. Follow-up work combining the existing CSAMT lines with the detailed surface mapping and sampling data to identify high-potential target areas is underway.
QA/QC STATEMENT
Reyna Silver follows industry standard procedures for diamond core drilling and sample analysis. Drilling is carried out using PQ through HQ size tooling. The drill core is cut in half using a diamond rock saw, with one-half of the core then taken as a sample for analysis and the other kept as a register. Sample intervals are generally from 0.2 to 2 m, producing samples of between 0.2 to 11 kg. Half-core samples were delivered to the internationally certified Bureau Veritas laboratory facilities in the certified Bureau Veritas facility in Elko, Nevada where the samples are prepared. Bureau Veritas has a Quality management system (ISO 17025), and Assays were completed by Bureau Veritas in Canada. Pulps were digested in aqua regia and analyzed for precious, base-metals, and multi-elements using method code MA250 (Multi acid ULTRA-TRACE BY ICP-ES/MS) for 59 elements and Au, Pt and Pd used Fire assay. Overlimits were analyzed using an appropriate method. Multi-element geochemical standards and blanks or duplicates are inserted by Reyna's team systematically into the drill core sampling series to monitor lab performance.
QUALIFIED PERSON
Dr. Peter Megaw, C.P.G., the Company's Chief Exploration Advisor and Qualified Person, reviewed the technical aspects of the exploration projects described herein and is responsible for the design and conduct of the exploration program and the verification and quality assurance of analytical results. Dr. Megaw is not independent as he and/or the companies with which he is affiliated hold Net Smelter Royalties on the Guigui and Batopilas Projects that predate Reyna Silver acquiring them.
Reyna Silver is a growth-oriented junior exploration and development company. Reyna Silver focuses on exploring for high-grade, district-scale silver deposits in Mexico and the United States. In Nevada USA, Reyna Silver has entered into an option to acquire 70% of the 12,058-hectare "Gryphon Summit Project" from Golden Gryphon USA Inc. The Gryphon Project shows features indicating uniquely superimposed/overprinted Silver-Lead-Zinc-Copper Carbonate Replacement (CRD), Carlin Gold and Critical Metals mineralization. Also in Nevada, Reyna Silver is advancing its option to acquire 100% of the "Medicine Springs Project" where Reyna Silver is exploring a potentially significant Silver-Lead-Zinc-Copper CRD-skarn-Porphyry system. Reyna Silver's Mexican assets are 100% owned and include the "Guigui Project" and "Batopilas Project", both located in Chihuahua State. The Guigui Project covers the interpreted source area for the Santa Eulalia Carbonate Replacement Deposit District and Batopilas covers most of Mexico's historically highest-grade silver system.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the Option Agreement and the Amending Agreement; the ability of the Reyna Silver to fully earn-in to the option, the ability of Reyna Silver to receive TSXV approval of the Amending Agreement, the business and operations of the Reyna Silver and the exploration of the Property. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Reyna Silver 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 required by law.
Cautionary Statements
This document contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration results and plans, and our other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, our estimates of exploration investment, the scope of our exploration programs, and our expectations of ongoing administrative costs. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change, except as required by law. Forward-looking statements are subject to risks, uncertainties and other factors, including risks associated with mineral exploration, price volatility in the mineral commodities we seek, and operational and political risks. Readers are cautioned not to place undue reliance on forward-looking statements.
