Rio Alto Mining Limited

Published : March 25th, 2008

Initiates IP Geophysics at Vallecillo

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March 25, 2008

Mexican Silver Mines Initiates IP Geophysics at Vallecillo


 

Mexican Silver Mines Ltd. ("Mexican Silver") (TSXV: MSM; Frankfurt WKN: A0MSLE) has initiated a Ground Induced Polarization ("IP") Geophysical Survey at its Vallecillo Project in the state of Nuevo Leon, Mexico in follow up to the Phase 1 drilling program.  The layout of the initial IP survey lines has been tied to the results of the Company's phase 1 drilling results (news release January 23, 2008). The IP survey will initially target three areas:

The La Magnolia and Carmencita Mines comprise a group of old workings which have returned significant surface sampling results. The Company's phase 1 drilling completed a single hole here (V-12) which intersected 1.3 meters of 374 g/t Ag and 12.35% Pb (press release Dec 5, 2007). Two IP lines, each 1,300 m long and spaced 50 m apart, will be completed between the mines and both cross the parallel structures that host the two mines.

The Santa Maria and Colorada Mines comprise a group of old workings that have also returned significant results from surface sampling but no drill holes have yet tested this area. Two lines, 1,300 m long and each spaced 50 m apart will be completed to test the response of two parallel structures (800 m apart on average) believed to host the two mines.

The Dolores Mine is the largest mine in the district, and based on historical information, it is inferred that the mine has produced more than 250,000 tons with grades averaging 2,000 g/t silver (15,000,000 oz of silver). Holes V-03, V-11 and V-13 have already intersected, and partially delineated at 50 m centers, a new mineralized manto located 250 meters west of the Dolores shaft (press release January 23, 2008).  Although results from Hole V-10 are still pending, the hole visibly intersected 2.48 m of mineralization east of the San Pablo mine suggesting significant dimensions to this mineralization. Two IP survey lines, each 700 m long and spaced 50 m apart, will test this area.

Ground IP Geophysical Program
At Vallecillo, the characteristic of the sedimentary rocks are favorable to IP geophysics. The host rock resistivity predicts accurate IP information to depths of 350 m. In addition, the lack of sulphides within the host rock in contrast with the disseminated metallic sulphides associated with the Ag-Pb-Zn mineralization will provide it with a distinct IP response.  Finally, this technique should delineate the historic subsurface workings and openings, allowing for the fine tuning of phase 2 drilling by avoiding these obstacles to drilling and be able to get closer to the areas of known mineralization. 

Geolinsa SA de CV of Linares, Neuvo Leon has been retained as the geophysical contractor to acquire and process the IP data.  An initial 8 line kilometer ground IP survey has already been completed as an orientation to a larger, more detailed 32 line kilometer at Vallecillo.

The Vallecillo district ("District") has been the site of silver-lead mining activities dating back to 1776, where mineralization is hosted within structures and mantos in a sequence of interbedded limestones and silty carbonates. The largest mine in the District is the Dolores Mine which was mined to a depth of 100 m. All the other mines in the area have been mined from 5 to 20 metres. These mines were restricted to the water table due to inadequate mining and water management techniques at the time.  Based on historical information, it is inferred that the mine has produced more than 250,000 tons with grades averaging 2,000 g/t silver or approximately 15,000,000 oz of silver. The reader is cautioned that these numbers are rough estimates only and are not NI 43 101 qualified and that these inferences are based upon preliminary visual surface observations, historical data and interviews with locals who once worked the area. There is no evidence that any of these workings were exploited past the 100 m depth and no drill holes have ever been completed in the District prior to the first phase drilling just completed by MSM.

The Company's phase 1 drill program at Vallecillo was the first ever drilling directed at this district by any group. As the majority of the underground workings are inaccessible, and historic mine maps from the various mines in the district were not available, this drilling program provided the first concrete subsurface information for in situ mineralization. MSM was cautious in its drilling pattern due to the lack of historic mine maps as it did not want the drill to encounter underground open areas which would result in the loss of the hole and potential damage to the drilling equipment. The subsurface information obtained through this phase of drilling in addition to the current geophysical program will allow phase 2 drilling to step closer to the historic mining targets.  MSM believes that because of this it has not yet drilled through the main vein or mantos but is drilling the conduits of the fluids bringing the mineralization.

The land position assembled by MSM encompasses the Vallecillo district, is such that it can, for the first time, be treated as one large coherent exploration project. Initial surface mapping and geochemistry has located mantos style silver lead zinc (Ag-Pb-Zn) mineralization over a strike length of more than six kilometres within the District.  Initial drilling (press release January 23, 2008) indicates the presence of a large Ag-Pb-Zn mineralized mantos chimney complex in subsurface association with the considerable strike of this mineralization. The current geophysical survey will test the use of IP as a tool to effectively delineate mineralization and geology within this environment. If successful, this will be a very powerful tool to the further exploration of the entire District.

Mr. William Dynes, P. Geol., the project supervisor of Mexican Silver's drilling program on the Vallecillo Property, is the Corporation's nominated Qualified Person responsible for monitoring the supervision and quality control of the programs completed within the its properties. Mr. Dynes has reviewed and verified the technical information contained in this news release.


About Mexican Silver Mines
Mexican Silver Mines is a silver focused junior resource company developing three former silver producing properties in north-eastern Mexico. To learn more about Mexican Silver Mines, please visit:
www.mexicansilvermines.com.

 

ON BEHALF OF THE BOARD OF
MEXICAN SILVER MINES LTD.

___________________________________

Feisal Somji, B.Sc., MBA
President and Chief Executive Officer

FOR FURTHER INFORMATION, CONTACT:

Mexican Silver Mines Ltd.
Feisal Somji, President & CEO
Phone:  403.236.5089
Fax:      403.398.0693
Email:
info@mexicansilvermines.com
Web: 
www.mexicansilvermines.com

Investor Relations
Jamie Mathers, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 236
Phone: 866.684.4209
Email:
jamie@ascentacapital.com


This news release contains forward-looking information including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations and potential mineral recovery processes. Forward-looking information includes disclosure regarding possible future events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. When used in this news release. The words "estimated", "inferred", "plan", "anticipated", "expected", "intend", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Mexican Silver to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. For any forward-looking information given, management has assumed that the analytical results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Although management has a reasonable basis for the conclusions drawn, there can be no assurance that forward-looking statements will prove to be accurate and actual results may differ materially from those currently anticipated in such statements. For such statements, we claim safe harbour.

 

This email was sent by: Ascenta Capital Partners Inc.
Suite 1610, 1066 West Hastings Street, Vancouver, BC, V6E 3X1 Canada
www.ascentacapital.com

Rio Alto Mining Limited

DEVELOPMENT STAGE
CODE : RIO.TO
ISIN : CA76689T1049
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Rio Alto is a copper and gold development stage company based in Canada.

Rio Alto develops copper, gold and silver in Peru, and holds various exploration projects in Mexico.

Its main asset in development is LA ARENA in Peru and its main exploration properties are ANILLO DE FUEGO, PROVIDENCIA, RAL ( LA IGUANA ), VALLECILLO, MAMULIQUE and LA BLANCA in Mexico.

Rio Alto is listed in Canada. Its market capitalisation is CA$ 793.2 millions as of today (US$ 798.5 millions, € 597.1 millions).

Its stock quote reached its lowest recent point on December 26, 2008 at CA$ 0.07, and its highest recent level on February 23, 2012 at CA$ 4.54.

Rio Alto has 175 886 000 shares outstanding.

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In the News and Medias of Rio Alto Mining Limited
1/31/2008Follow up N° 2
Annual reports of Rio Alto Mining Limited
2007 annual report
2007 Q1 report
2006 Q3 report
2006 annual report
Financings of Rio Alto Mining Limited
11/30/2010Completes First Tranche of Private Placement for C$12.8 Mill...
1/7/2009Extends Expiry Date of Outstanding Warrants
12/23/2008Proposes to Extend Expiry Date of Outstanding Warrants
Option Grants of Rio Alto Mining Limited
7/23/2009Name Change to Rio Alto Mining Limited and Grant of Stock Op...
5/25/2009Announces Grant of Stock Options
Nominations of Rio Alto Mining Limited
3/14/2011Announces Appointment of Victor Gobitz and Sidney Robinson t...
2/18/2011Announces the Departure of Feisal Somji
6/17/2008Appoints Jose Sayo Garcia as VP Exploration and Brings Addit...
Project news of Rio Alto Mining Limited
4/29/2011(La Arena)Drills 173 Metres of 1.53 Grams of Gold Per Tonne
2/9/2011(La Arena)Announces Acquisition of 100% of La Arena Project
8/5/2009(La Arena)La Arena Surface Rights and Project Update
6/29/2009(La Arena)Confirms Option Agreement on La Arena and Equity Position in...
7/7/2008(Mamulique)Commences First Phase Drilling at the Mamulique Project
6/4/2008(Ral ( La Iguana ))Reports Extension of Mantos in the First Phase of Drilling a...
5/12/2008(La Blanca)Discovers New High Grade Veins
3/25/2008(Vallecillo)Initiates IP Geophysics at Vallecillo
2/19/2008(Mamulique) Announces Positive Exploration Results and Drill Plan for t...
1/30/2008(Ral ( La Iguana ))Announces an Exploration Update on its Iguana Project
1/23/2008(Vallecillo)Reports further drill results from the Vallecillo drill prog...
Corporate news of Rio Alto Mining Limited
4/1/2015Tahoe Resources and Rio Alto Mining Announce Completion of M...
3/30/2015Announces Shareholder and Court Approval of the Plan of Arra...
3/16/2015Announces Net Income of US$49.8 Million for 2014
7/20/2011Drills 238 Metres of 1.06 Grams of Gold Per Tonne
6/15/2011Drills 134 Metres of 2.29 Grams of Gold Per Tonne
5/9/2011(La Arena)Pours 1,115 Oz of Gold at La Arena
6/30/2009Completes Acquisition of Rio Alto Mining Limited
6/22/2009Enters Definitive Agreement to Acquire Rio Alto Mining Limit...
3/10/2009Enters into Letter of Intent to Acquire Rio Alto Mining Limi...
2/25/2009at 2009 Prospectors & Developers Association of Canada Confe...
12/19/2008Featured on Business Television
11/19/2008Provides a Corporate Update and Initiates Review of Strategi...
4/23/2008 Grants and Re-Prices Options
4/8/2008 Announces the Addition of Jim Glass to Board of Directors
2/29/20082007 Q3 Report
1/28/2008Announces Exploration Results from the Magnolia Mine Area wi...
12/5/2007 Announces Positive Drill Assay Results From Vallecillo and ...
11/30/20072007 Q2 report
11/19/2007 Acquires the Voladora Mine in the State of Nuevo Leon
10/31/2007Increases Drill Program at Vallecillo
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