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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 analogous in age and setting to that at 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.

The Reveille property was reviewed for more than a year, including two site visits. Experience gained by exploration in the nearby Big Ten caldera and epithermal system is leveraged for Reveille. While the Company continues to work towards a full Plan of Operations permit for a drill program planned for later this summer at Amsel within the Big Ten corridor, the Company plans to use this time to explore Reveille on the ground this summer (June-July-August, 2020).

The opportunity at Reveille is twofold for VR. 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 property systematically, to apply the CRD model (carbonate mineral 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, and potentially a larger-scale root, or driver of the system at depth. Second, there is no previous diamond drilling of any of the showings; there are historic workings including local underground drifts and larger surface pits on the east side of the property which date as far back as the 1870, but there is no modern diamond drilling, period.

Despite the lack of exploration at Reveille during modern times, there is excellent road access that will provide VR with cost-effective exploration. Further, the nearby airport at Tonopah will also make for efficient airborne geophysical surveys.

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 itself 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 metre of depth, or less.

Property Description and Ownership

The Reveille property consists of 57 mineral claims in one contiguous block covering 1,157 acres (468 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 2020

Overall, the Company continues to synthesize and integrate regional and property-scale data for Reveille, in conjunction with an already established GIS workspace for the nearby Big Ten project.

A comprehensive set of surveys is planned for June-July-August, 2020, in order to cover the entire CRD mineral system at Reveille, and identify and prioritize targets for high grade silver mineralization. This will be the first modern and comprehensive exploration of the collective group of showings on the property. Work will include:

  • Airborne Hyperspectral survey completed in late June, with 2 m resolution across 320 spectral channels for high resolution mapping of alteration minerals over a 100 sq km area, centered on property.
    • Completed in June, 2020, including Level III spectral interpretations of alteration mineral phases present.
  • High resolution VTEM+ airborne EM survey complete in early July.

    100 m line spacing over 3 x 5 km area;

    • RTP and TMI magnetic maps for mapping; resistivity maps and conductivity products for identifying sulfide-bearing breccias, vein stockworks and massive mantos.
  • High resolution ground gravity survey completed in early July.

    638 stations in equant 100 m station grid covering 2 x 3 km area;

    • Map structures, and identify potential high-density sulfide bodies at depth below, sulfide-bearing chimney pipes and vein stockworks exposed at surface.
  • Detailed geologic mapping and sampling of the entire property in July.
    • 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.

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.

Silver at Reveille occurs in vein stockworks, manto’s and breccia bodies within Paleozoic limestone which occurs in the outer ring complex of the Goblin Knobs caldera. The limestone is complete altered to coarsely crystalline dolomite throughout the entire property.

The CRD model 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. altered, porphyritic rhyolite dykes exposed at several showings.


Dolomite alteration extends across the entire property at Reveille, the dimensions of the individual showings of silver are large, hydrothermal replacement is intense and silver assays are high:

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 and up to 1,100 g/t Ag in grab samples. Silver-bearing tetrahedrite is also disseminated in altered limestone country rock.

Lincoln showing. A series of mineralized, chimney-style breccia pipes at Lincoln span 900 m of strike and 300 m of vertical relief in the valley. Six grab samples of brown-red silica with freibergite in semi-massive replacement of breccia range from 306 – 2,810 g/t Ag.

Pete & Zebra showings. A breccia body at Pete has a continuous chip sample with 320 g/t Ag across 12 m. The breccia is anchored along a radial fault with 1,500 m of mapped but untested strike length potential, with the Zebra breccia occurrence at the other end. 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, with grab samples of brown silica and sulfide with up to 1,000 g/t Ag.

VR will evaluate each silver showing at Reveille on its own merit via detailed mapping and sampling during the summer of 2020, but VR will also “step back” to evaluate the potential for a large-scale, sub-surface root to the CRD mineral system as a whole, something that has never been done previously

Gravity geophysical survey, July 2020

Location Map in Walker Lane belt, Nevada

Reveille Silver property on Satellite Map

High Grade silver in breccia

Chimney breccia pipe with silver

Zebra texture in manto-style sulfide with silver