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Reveille Silver

Reveille Silver

Introduction

The Reveille project is located along the northern margin of the of the Walker Lane belt in west-central Nevada. It occurs in an extensional, Tertiary-aged rhyolite volcanic centre named the Goblin Knobbs caldera, and analogous in age and setting to that of the Big Ten caldera located some 75 km’s to the northwest, along trend, where the Company has been exploring epithermal gold veins and alteration systems for the past 5 years.

There are roads and trails throughout the property to facilitate cost-effective exploration by VR, in combination with easy access to the property on Highway 6 from the nearby town and regional service hub of Tonopah, Nevada.

The opportunity at Reveille for VR is twofold. First, the consolidation of the various showings on the current property by the vendor allows VR to be the first in more than 150 years of history at Reveille to explore the entire cluster of showings and workings both collectively and systematically, and to apply the CRD mineral deposit model (carbonate replacement deposit) and modern exploration technologies across the entire mineral system in order to evaluate, prioritize and drill test any number of vein, manto and breccia-pipe silver occurrences at surface. Second, although there are historic workings including local underground drifts and larger surface pits on the north and easts side of the property which date as far back as the 1870’s, there is no previous diamond drilling on any of the showings exposed in the hills, nor any drilling on the western flank of the range on geophysical targets for the potential source and driver of the overall mineral system at Reveille, no doubt anchored by the regional fault and caldera ring faults which form the western flank of the range.

VR reviewed the property for more than a year prior to the acquisition in June of 2020, including two site visits. Experience gained by exploration on our nearby Big Ten project located in a similarly aged volcanic caldera setting has been applied to our work at Reveille. While the Company continues to work towards a full Plan of Operations permit for a drill program on the Amsel epithermal gold-silver property within the Big Ten project, the Company completed a wide array of property-scale surveys at Reveille during the second half of 2020, including several different airborne geophysical surveys and numerous “boots on the ground” mapping and sampling programs. The overall goal was to transition from property-scale mapping and modeling to target vectoring and specific target identification by the end of 2020, as the foundation for moving forward with first-pass drilling of historically untested targets in 2021.

The first phase of that drilling was done in February, 2021, with four reverse circulation drill holes (“RC”) between 1,000 and 1,200 ft long each completed for a total of 4,347 feet. Also completed in February, immediately before drilling was a 3D arrary DCIP ground geophysical survey covering the entire western flank of the range and western portion of the property.

Phase II of the program is planned for the summer of 2021, using the results from more than 800 samples from continuous geochemical sampling of the Phase I drill holes as a guide.

Location and Access

The Reveille property is located in Nye County in west-central Nevada. It is approximately 90 km’s east of Tonopah, Nevada, with access via Highway 6 to Warm Springs, Nevada. Local roads and trails provide excellent access both around and within the property itself.

The property is located within the southern part of the Reveille range. Topographic relief on the property is just over 1,000 feet, with the central, ridgeline axis reaching 7,900 feet in elevation.

Outcrop is extensive, and the predominance of limestone limits vegetation to grasses and sage, with sparse and stunted juniper. Where there is cover, colluvium is interpreted to be thin and local in nature. Soil profiles are poorly developed; fine, light brown colluvium normally gives way to more rubbly-weathered outcrop material within a half metre of depth, or less.

Property Description and Ownership

The Reveille property consists of 66 mineral claims in one contiguous block covering 1,344 acres (544 hectares) over an area of approximately 2 x 3 km’s.

The property is on federal land administered by the BLM, and is outside of the BLM’s broadly defined area of sage grouse protection.

The property is owned 100% by VR, registered to the Company’s wholly-owned US subsidiary registered in Nevada. The general terms of a binding Acquisition Agreement dated June 22, 2020, are provided in a news release of the same date, with Closing announced on June 25, 2020.

There are no underlying annual lease payments on the property, nor are there any joint venture or carried interests on the property. There is a 3% net smelter returns royalty registered on the property, with an industry-standard buy-down provision granted to VR.

Current Exploration

Summer - Fall 2020

Overall, the Company has synthesized and integrated regional and property-scale data for Reveille, in conjunction with an already established GIS workspace for our nearby Big Ten epithermal gold project hosted in the Big Ten Tertiary volcanic caldera which is of similar age and character to the Goblin Knobbs caldera at Reveille. The goal is twofold:

  1. evaluate each of the numerous individual silver-copper showings and historic workings in the range on their own merit and stand-alone upside potential, and;
  2. evaluate the potential in the covered valley immediately to the west of the range for the for the large-scale source and driver to the overall CRD mineral system responsible for the high grade silver-copper showings at Reveille located up in the hills to the east to the east.

A comprehensive set of ground and airborne geophysical, geological and geochemical surveys were completed at Reveille during the second half of 2020, designed to cover the entire silver-copper mineral system at Reveille, and identify and prioritize targets for high grade silver mineralization. Importantly, this is the first modern and systematic exploration ever done over the collective group of showings at Reveille, and in the context of current CRD mineral deposit models.

The bulleted list below illustrates the extent of exploration done and the depth of data acquired in 2020 from an array of surveys exploiting the most modern technologies available:

  • Airborne Hyperspectral survey completed in June, 2020, with 2 m resolution across 320 spectral channels for high resolution mapping of alteration minerals over a 100 sq km area, centered on the property.
  • High resolution VTEM+ airborne EM survey completed in July, 2020, with 100 m line spacing over a 3 x 4.5 km area:
    • RTP and TMI magnetic maps for mapping; resistivity maps and conductivity products for identifying sulfide-bearing breccias, vein stockworks and massive sulfide mantos.
  • High resolution ground gravity survey completed in July, 2020, with 638 stations in an equant, 100 m station grid covering a 2 x 3.5 km area, with and additional 101 additional infill stations completed in November, 2020:
    • Map structures and identify potential high-density sulfide bodies below surface showings.
  • Detailed geologic mapping and sampling of the entire property completed in July, 2020:
    • Systematic rock sampling of high-grade silver veins, and silver-bearing mantos and breccia bodies in order to establish geochemical zonation across the entire mineral system, and to prioritize drill targets amongst the various high-grade silver showings at surface:
      • 253 rock samples for geochemistry overall, property wide;
      • 182 rock chip samples for spectral analysis for alteration mineralogy;
      • 6 samples for petrography;
      • 287 soil samples on 15 lines collected in November, 2020 through March 2021, over the entire western third of the property and covering the break-in-slope on the western flank of the range and extending upwards of 2 km’s westward over the pediment valley.

The detailed geological mapping completed by VR has determined the precise stratigraphic position of mineralization, and importantly the preferred structural controls to hydrothermal fluids, something that has not been identified or described by previous workers in the district.

Spring 2021

The access, climate and topography at Reveille afford effective and efficient year-round exploration. In February, 2021, VR completed two programs:

  1. A 3D-array DCIP ground geophysical survey covering the western flank of the range and the entire western third of the property. The grid area of approximately 0.8 x 2km’s comprises 6 lines with 84 receiver stations on an equant 150 m station grid which generated 84,451 thousand chargeability data points for the 3D inversion models. The IP survey will map both alteration and mineralization attributes below the valley cover and west of the range where the historic and high grade silver-copper showings are exposed at surface.
  2. Phase I drilling of four RC (reverse circulation) drill holes was completed for a total of 4,347 feet, each hole between 1,000 and 1,200 ft long. Continuous geochemical sampling was done on every 5 ft run in each hole, and both LWIR and SWIR hyperspectral scanning was completed on each hole in its entirety in order to map alteration minerals.

The specific targets for each drill hole in the Phase I program include magnetic, conductivity, resistivity and gravity anomalies on the western flank of the range where there are geochemical vectors towards the high temperature source of the overall silver and copper CRD hydrothermal system at Reveille which formed the array of surface showings in the range to the east.

Inversion models and 3D voxels derived from the 3D DCIP survey are expected in April, 2021, as are the geochemical data from the more than 800 samples from the four RC drill holes. These data sets will together guide the follow-up Phase II drilling which is planned for the summer of 2021.

General Geology and Mineral Potential

The Reveille property is located in the southern part of the Walker Lane mineral belt in Nevada, host to numerous Tertiary-aged epithermal gold and silver deposits with production spanning some 160 years, from the days of the Comstock lode at Virginia City in 1860 to the giant Round Mountain deposit and heap leach mine operation today.

Like Comstock, Round Mountain and many other precious metal deposits in the belt, Reveille is associated with Tertiary-aged, rhyolite volcanic centers. The property occurs in a setting of nested calderas; it is on the western margin of the Goblin Knobs Tertiary volcanic center where it is disrupted by the resurgent growth of the Kawich caldera to the southwest.

The Reveille mineral system is hosted within a sequence of generally west-dipping and locally folded Paleozoic stratigraphy in contact with the Goblin Knobs Tertiary volcanic rocks on the eastern side of the property. The stratigraphy comprises Ordovician Eureka Formation quartzite and overlying Ely Springs Formation limestone with interbedded with chert and mudstone which are in turn overlain by the massive regional dolomites of the Devonian Nevada Formation that dominates the topography of the south Reveille range and the property. A carbonate stratigraphy dominated by densely compacted and commonly fissile, finely laminated, dark grey, organic-rich fossiliferous lime mudstone of the Alamo Formation, also Devonian in age, overlies the Nevada Formation dolomites on the western side of the property and western flank of the range, and is potentially an important aquitard for mineralizing fluids because most of the showings exposed at surface at Reveille occur in the Nevada Formation dolomite at or near the contact with the overlying mudstone.

Silver-copper mineralization at Reveille occurs in vein stockworks, manto’s and breccia bodies hosted in the Paleozoic carbonate rocks at the western margin of Tertiary Goblin Knobs caldera. The Nevada Formation is completely altered to coarsely crystalline hydrothermal dolomite in proximity to all of the showings at or near the overlying contact with the Alamo Formation mudstone. Mineralization is focused along the intersections of bedding and vertical fold limbs along north-easterly trending fold axis. At a larger scale, a regional north-trending extensional fault crossing the western part of the property and coincident with ring faults which bound the western boundary of the caldera appear to form the deeply seated structural root which accommodated the volcanism and CRD mineral fluid systems at Reveille.

The CRD mineral deposit model (Carbonate Replacement Deposits) unifies the numerous surface showings of high-grade silver in vein stockworks, manto replacement bodies and chimney-style breccia pipes. The model also underscores a new, large scale and high value target at Reveille, namely the root of the numerous vertical breccia pipes and vein stockworks recognized but virtually unexplored in the central part of the property. Evidence for a large-scale magmatic root and/or driver to the silver hydrothermal system at Reveille includes: 1. phyllic alteration mapped in rhyolite tuff both on the northern and eastern margins of the property, and; 2. intensely altered quartz-eye porphyry dykes pervaded by quartz veinlets and completely overprinted by sericite alteration at several showings.

Reveille has both scale and intensity:

  • Hydrothermal dolomitization extends across the entire 2 x 3 km property at Reveille;
  • Both the vertical and lateral dimensions of the individual silver showings are large;
  • There is complete hydrothermal dissolution and replacement of limestone in breccia pods and pipes, there are spider-networks of quartz veinlets in completely recrystallized dolomitic limestone, and feeder vein and breccia pod occurrences with red-brown silica cement have very high concentrations of both silver and copper.
  • A brief summary of new data highlighting the character and potential of the main showings themselves, and the overall silver-copper CRD mineral system at Reveille includes:

    • 6 different showings with historical workings on vein and/or breccia mineralization containing > 100 g/t silver and 1% copper;
    • 600 g/t silver and 0.7% copper at Silver Ace showing, with more than 300 vertical metres of topographic extent to hydrothermal replacement mineralization between Silver Ace on the ridgetop and Lincoln showing below;
    • 2,600 g/t silver and 1.4% copper at Lost City and 2,200 g/t silver and 1.2 % copper at Lincoln on the west side of the property, which provide a potential vector to the heart of the overall CRD mineral system at Reveille;
    • 1,500 m lateral extent of west-dipping, stratigraphically controlled high-grade silver mineralization between Zebra and Spade zones.

Silver Ace showing. Metre-scale breccia pipes with associated quartz vein stockworks occur within completely altered limestone at the Silver Ace and Saddle showings, where quartz veins observed at surface up to 2 m wide contain coarse-grained freibergite, with silver-bearing tetrahedrite also disseminated in altered limestone country rock. High grade silica replacement with 0.45% copper and 1,535 g/t silver in a fold hinge 100m above the Silver Ace showing and 400 m above the high-grade silver-copper replacement pods, feeder veins and and hydrothermal shatter breccia at the Lincoln Gulch showing in the valley below.

Lincoln – Lost City showings. A series of replacement pods, feeder veins and vein breccia and hydrothermal shatter breccia cemented by red-brown silica with disseminated freibergite and high concentrations of both silver and copper, including 2,200 g/t silver and 1.2 % copper in shatter breccia at Lincoln, a copper rich feeder quartz vein and replacement pod with 1.43% copper and 1,420 g/t silver in altered dolostone at a newly discovered showing below Lincoln, and 2,660 g/t silver and 1.52% copper in a silver and copper-rich replacement pod and goassanous feeder breccia at the Lost City showing, all on the west side of the property.

A sample of intensely altered quartz-eye porphyry containing 0.5 g/t silver, invaded by quartz veinlets and completely overprinted by sericite alteration is a rock type and alteration style that is a potential vector to the overall igneous driver and large-scale exploration target for the heart of the CRD hydrothermal silver-copper mineral system at Reveille.

Zebra – Combo showings. A breccia body at Pete has a continuous chip sample with 320 g/t Ag across 12 m. The fluid history at Zebra is dynamic: both the fragments and the matrix of the breccia are altered, and there are local mantos of massive, zebra-textured replacement and mineralization. Similar to the area of Lincoln – Lost City showings, grab samples of breccia or vein with red-brown silica cement have the highest concentrations of silver, which are up to 1,000 g/t Ag at Zebra. Overall, there is 1,500 m of lateral extent to the west-dipping, stratigraphically-controlled high grade silver mineralization between the Zebra and Spade zones.

Summary and Potential

Detailed geological mapping completed by VR in 2020 has determined the precise stratigraphic position of mineralization, and importantly the preferred structural controls to hydrothermal fluids. The recently received inversion models for magnetic and EM geophysical data both align with these structural models and identify a new and covered target for the potential core of the CRD mineral system that produced the high-grade silver and copper mineralization exposed at surface in vein stockworks and breccias in the Reveille range.

There is a large and prominent magnetic anomaly located in the valley at the southwest end of the structural corridor that controls silver-copper mineralization at the Zebra showing. There is an apparent magnetic-low alteration halo to this anomaly, and its geometry is consistent with the northeast-trending fold axis that defines the structural trend and fluid pathway to the high grade Zebra silver-copper showing exposed in the range. Geochemical vectors for gold, copper and tungsten, and for copper/silver and zinc/lead ratios indicate that this magnetic anomaly has the potential to be the high temperature core and driver to the overall CRD mineral system at Reveille.

Further, there is a new, covered conductivity anomaly adjacent to the magnetic feature and within the structural corridor that leads to the high grade silver mineralization at Zebra. The conductor is immediately south of the Coyote Pup showing where there is gold up to 34 g/t in surface grab samples of jasperoid, and where gold was intersected in 14 of 14 shallow reverse circulation drill holes completed in 2015. VR will test in either Phase I or Phase II drilling in 2021 a prominent gravity low anomaly immediately south of Coyote Pup that has never been previously drilled-tested for a de-calcified, low density gold-bearing jasperoid breccia pipe. As such, VR will apply current mineral deposit models regarding the vertical superposition of distal Carlin gold systems on high temperature CRD silver-copper systems in western North America to the Reveille system in general, and to the Zebra – Coyote pup area specifically.

Finally, the magnetic, EM and gravity anomalies all occur in the general area where mapped northeast-southwest trending structural corridors, fold axis and/or faults with jasperoid breccia, intersect the north-trending regional-scale extensional fault and coincident caldera ring fault complex at the western margin of the Goblin Knobbs caldera and under the western part of the property. This is a deeply seated structural feature that is prospective for hosting a district-scale CRD hydrothermal fluid system and/or late Carlin gold system.

CEO Interview, Reveille Project, April 14, 2021


G1 jasperoid gold drill target, April 2021


Field video


Maiden RC drill program, March, 2021

Gravity geophysical survey, July 2020

Geological mapping, November 2020

VR Property Portfolio map for Nevada

Location Map in Walker Lane belt, Nevada

Reveille Silver property on Satellite Map

IP and Drilling Planned for Feb-March, 2021

Decalcified jasperoid breccia with 1.3 g/t Au

High grade silver-copper in CRD breccias


Chimney breccia pipe with silver

Zebra texture in manto-style sulfide with silver

Pervasive alteration of qz porphyry rock