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Agave Silver Corp
Symbol AGV
Shares Issued 25,834,059
Close 2014-09-17 C$ 0.04
Market Cap C$ 1,033,362
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Agave mulls two-phase exploration at Nuevo Milenio

2014-09-18 09:32 ET - News Release

Mr. Robert Lang reports

AGAVE TARGETS HIGHER SILVER-GOLD GRADES

Agave Silver Corp. has provided an update on the Nuevo Milenio gold-silver property.

Al Workman, PGeo, vice-president of Watts, Griffis and McOuat Ltd., a well-recognized consulting firm based in Toronto, Canada, carried out a detailed property examination during March 24, 2014, to March 28, 2014. Mr. Workman is a qualified person in accordance with National Instrument 43-101 definitions and requirements. A letter-style technical report dated June 11, 2014, was subsequently delivered to Agave detailing his findings.

The objective of the fieldwork was to follow up on the NI 43-101 report dated March 20, 2013, previously authored by WGM and available on the Agave website. In detail, the purpose was to obtain a clearer understanding of the geological and tectonic setting of silver-gold mineralization, to review the work completed in the past, and to investigate in detail the explored and drilled portions of the known hydrothermal systems. The main conclusions of the report follow:

  • The zones of mineralization identified and extensively drilled on the property are within the uppermost part of a low-sulphidation epithermal system that has several component structural branches.
  • All mineral resources previously reported (April 20, 2013) for the property are located within the uppermost part of the epithermal system.
  • The known strike length and persistence of these structures suggest they are highly unlikely to die out at depth.
  • Based on the epithermal system model, the potential for coalescing structures to develop into more strongly mineralized zones is clear.
  • Many of the major epithermal deposits in Mexico have substantial vertical ranges, and the majority of the mineralization occurs just above and below the level of convergence (for example, Fresnillo).
  • None of the past drill holes were targeted to test any deeper, possibly higher-grade areas where the various zones (structures) may converge (area of potential bonanza silver grades).

The WGM report recommends additional drilling to test zones that have not yet been drilled and to selectively test below the zones currently defined as having mineral resources. Discussions between WGM and Agave have concluded that this might best be accomplished with a two-phased exploration program. Phase 1 calls for 2,500 metres of diamond drilling to test shallower, higher-grading parts of the epithermal system at a cost of $800,000 over all. Phase 2 calls for 10,000 m of diamond drilling, including deep drilling to test for potential high-grade zones and to drill test other known targets at an estimated cost of $3-million.

The company plans to complete the environmental impact study and application for a land use permit to facilitate execution of the foregoing recommended work program.

We seek Safe Harbor.

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