Reyna Silver Closes Option Agreement For Medicine Springs Project In Nevada
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.TORONTO and HONG KONG, Nov. 04, 2020 (GLOBE NEWSWIRE) — Reyna Silver Corp. (“Reyna”) announces that further to its news release on October 5, 2020, it has satisfactorily concluded its due diligence, including technical field examination and review of title for the Medicine Springs silver-lead-zinc project (“Medicine Springs”) located in Elko County, Nevada. All conditions to closing of the mineral Property Option and Joint Venture Agreement with Northern Lights Resources Corp. (“NLR”) have successfully been met.
Medicine Springs is a Carbonate Replacement Deposit (CRD) target that comprises 149 unpatented Federal mineral claims covering 1,189 hectares located in the Ruby Mountains Valley just off the famous Carlin Trend. Historic work largely consists of minor artisanal mining (1920s-1950s), tightly-spaced shallow Reverse Circulation drilling focused on blocking out a near-surface oxide-silver resource (1980s-1990s), and subsequent district-scale mapping, sampling and geophysics undertaken by NLR (2000s). NLR has not drilled the property. Reyna is currently developing an exploration program based previous results and recent field observations.Dr. Peter Megaw, Technical Advisor to Reyna commented, “Medicine Springs ticks the most important boxes we look for in CRD exploration including, location on a large regional structure that hosts significant CRDs, situated at the top of a thick section of structurally-prepared potentially favorable carbonate host rocks, evidence of high silver grades, and widespread, multi-stage alteration. Some of the historic dump and rock chip samples run well over our 400 g/t (12 oz/t) silver threshold and it is quite likely that similar grades were diluted by the Reverse Circulation drilling used historically in the district. We will be drilling core to get a true picture of the clearly structurally-controlled mineralization as we trace it towards its source.”A finder’s fee will be paid of CAD25,000 plus 5% of any future cash payments to the owner of the Medicine Spring claims.Please see the Company’s website for additional information regarding Medicine Springs.On Behalf of the Board of Directors of Reyna Silver Corp.Jorge Ramiro MonroyChief Executive OfficerFor Further Information, Please Contact:Reyna Silver Corp.Jorge Ramiro Monroy, Chief Executive Officerinfo@reynasilver.comwww.reynasilver.com About Reyna Silver Corp.Reyna Silver Corp. is a silver exploration company with a robust portfolio of Mexican silver assets. The Company was built around the Guigui and Batopilas Projects, which formed part of MAG Silver’s original IPO portfolio. Reyna’s strategy centers around leveraging its expertise in Mexico to explore projects that have the potential for high-grade, district-scale discoveries.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the exploration program to be followed by Reyna. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the availability of drill rigs and crew, and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.