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Reyna Silver Corp
Symbol RSLV
Shares Issued 117,105,950
Close 2022-09-07 C$ 0.345
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Reyna Silver sends drill to Medicine Springs

2022-09-08 10:29 ET - News Release

Mr. Jorge Monroy reports

REYNA SILVER ANNOUNCES DRILL MOBILIZATION TO MEDICINE SPRINGS

Reyna Silver Corp. has received drilling permits and begun mobilizing for its fully budgeted initial 4,000-metre phase 1 drilling program on the 4,831-hectare Medicine Springs project in Elko County, Nevada. Reyna can earn-in an 80-per-cent interest in the project from Northern Lights Resources (see the press release dated Oct. 5, 2020).

Medicine Springs lies just southeast of Elko, Nev., on the eastern side of the Ruby mountain range. Geological features identified at Medicine Springs indicate the presence of a carbonate replacement deposit (CRD) exposed at a very distal level, suggesting that the entire CRD-porphyry continuum should be intact. Regionally, Medicine Springs lies in a belt of highly productive porphyry copper systems, so it is possible that the intrusive driver of mineralization at Medicine Springs may also be an economically important target.

Drilling targets for the phase 1 drilling campaign at Medicine Springs are defined by reinterpretation of controls on historically mined high-grade mineralization combined with new detailed structural, geochemical and geophysical field studies of the area. Holes are designed to define key parameters of the carbonate replacement deposit mineralization, including: thickness of the favourable host rock package, continuity of the well-defined mineralized structures to depth and key features of mineralization that support Reyna's proprietary exploration model for the project.

"Medicine Springs has revealed strong indicators of being a high-grade, district-scale CRD play and we are really excited about being the first group to evaluate it on that basis," said Jorge Ramiro Monroy, the chief executive officer of Reyna Silver. "Now that we have our permits in hand, we are mobilizing quickly to drill our first targets, which are designed to define the project's overall framework and see how much mineralization we can find."

"What we see at Medicine Springs includes 10 of the 13 major features we expect to see at the very top of a large CRD system . . . and we see these before drilling our first hole," said Dr. Peter Megaw, chief exploration adviser to Reyna Silver. "The project has the right address; we've already identified high-grade silver mineralization and we can see evidence of a long-lived, multiphase system at work. In short, all the ingredients that tell us to drill here are present and we look forward to what the rig delivers."

About CRDs

Carbonate replacement deposits are high-grade, sulphide-rich, polymetallic (silver-lead-zinc-copper-gold) systems that form through repeated reactions between magma-driven hydrothermal fluids and carbonate-dominant wall rocks. Their high multielement grades, potentially large size and generally straightforward underground mining and beneficiation -- plus their typically limited environmental footprint -- makes CRDs attractive exploration targets.

Major recent advances in CRD understanding show a continuous spectrum of mineralization and alteration styles extends from their intrusive centers (in many cases productive porphyry copper deposits) to distal-most alteration. This means CRDs are zoned at district to local scales and deciphering a system's zoning provides vectors that lead toward their richest zones. Improved CRD understanding has led to the recognition of key features common to large systems, which not only give early clues to a particular district's potential but also provide a framework for exploration. Most importantly, several major discoveries have been made by applying these advances.

Why Medicine Springs

Medicine Springs has been known for over a century through extensive prospecting and small-scale mining plus mid-1980s efforts to drill off a near-surface oxide silver resource at Golden Pipe. Because no exploration was done based on an integrated CRD-district model, the abundant features of a potentially intact CRD system exposed at a very high level went unrecognized until very recently. Medicine Springs already shows many of the key features of large-scale CRDs, especially the three most important factors: location, location and grade.

  1. Medicine Springs lies within a well-known mineralized belt that includes the nearby Ely and Eureka Mining districts, famous for both their CRD and Cu-porphyry orebodies.
  2. Medicine Springs is hosted very high in the regional carbonate stratigraphy, meaning a considerable thickness of favourable host rocks underlies the district.
  3. Medicine Springs shows high (over 400 grams per tonne (g/t)) silver grades in jasperoid and mineralized outcrops (see the press release dated Jan. 10, 2022) as well as in historic shallow reverse circulation drill holes in the oxide zone.

Medicine Springs also exhibits abundant evidence for other key features of the checklist, including multiple mineralization and alteration stages, which are strong indicators of a long-lived, multiphase CRD system.

Mineralization and alteration at Medicine Springs is tightly controlled by a series of subparallel northeast-to-southwest trending faults and fractures that show evidence for repeated movements before and during mineralization. Reyna has focused considerable effort on understanding this plumbing system through detailed geologic mapping and systematic geochemical sampling of jasperoids (metal-bearing silica alteration) developed along the northeast-southwest structures throughout the district (see the press release dated Jan. 10, 2022). The analytical results from that study revealed a coherent metals zonation that, combined with historic results, provides a number of high-potential initial drill targets.

Targets

Drilling targets for the phase 1 drilling campaign reflect a combination of the structural, geochemical, geophysical and historical studies of the area. Initial holes will serve to answer several questions about the system's framework including: thickness and character of the favourable stratigraphy; nature of the structural controls at depth; depth at which sulphide mineralization appears; and amount and style of mineralization. Most of the holes are oriented to cut multiple structures thereby making the best use of drill metres. The priority pads are laid out to test structures of interest associated with the Golden Pipe mine area, Silver King and Silver Buttes historic prospects and areas under the pediment along strike to the northeast of the Golden Pipe mine. Note that the Silver King and Silver Butte zones have never been drilled and there is only one historic hole into the pediment zone. All of the historic Golden Pipe drilling is shallow (less than 125 metres).

Qualified person

Dr. Megaw, PhD, C.P.G., the company's chief exploration adviser and qualified person, reviewed the technical aspects of the exploration projects described herein; he 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 companies with which he is affiliated hold net smelter royalties on the Guigui and Batopilas projects that predate Reyna Silver acquiring them.

About Reyna Silver Corp.

Reyna Silver is a growth-oriented junior exploration and development company focused on exploring for high-grade, district-scale silver deposits in Mexico and the United States.

Reyna's principal properties are the Guigui and Batopilas Properties in Chihuahua, Mexico. Guigui covers the interpreted source area for the Santa Eulalia carbonate replacement district (CRD); Batopilas covers most of Mexico's historically highest-grade silver system. The company also has an option to acquire 80 per cent of the Medicine Springs property in Nevada, U.S., as well as the early stage La Durazno and Matilde and La Reyna mineral properties in Mexico.

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