July 12, 2012, Toronto, Ontario, Canada – Rio Silver Inc. (the “Company”) (TSX.V: RYO) is pleased to announce that the Company has made a new gold and silver discovery at it’s 100% owned 2100 hectare Niñobamba project, located approximately 330 kilometres southeast of Lima, in the Department of Ayacucho, Peru. Trench TR-01 was channel sampled in an area showing extensive characteristic high sulphidation alteration mineral assemblages and returned the first extensive gold mineralization at Niñobamba. The gold mineralization demonstrates that the epithermal system at Niñobamba shows typical precious metals zonation.
North-South channel sampling along trench TR-01 returned 142 metres grading 0.48 g/t Au and 55 g/t Ag along its entire length. Three distinct zones of mineralization are exposed in TR-01. The initial 20 metres starting from the southern end of the trench returned 41 g/t Ag and no gold. The new gold/silver zone is exposed in the middle of the trench and returned 56 metres averaging 1.03 g/t Au and 98.9 g/t Ag. An additional 14 metres immediately north of the gold zone returned 14 metres averaging 0.22 g/t Au and 57 g/t Ag. S
See the plan map and table of results below:
Trench 01 exposed strongly altered volcaniclastic rocks along its north-south trend. TR-01 was placed to expose at surface the extensive silver mineralization encountered in AngloGold’s drilling in 2001. Historic Hole AN-02 was drilled on an azimuth of 313° with dip of minus 65° and returned starting from a 9 metre depth, 130 metres of 87 g/t Ag. Since AN-02 was off section from TR-01 and gold mineralization was not indicated in any previous drilling by AngloGold, the precious metal zonation may be sharp and well defined at Niñobamba. An extensive alteration zone is present (east) of TR-01 and was not previously drilled and mineralization appears to be open in that direction.
This trenching program is the first exploration work undertaken by the Company at Niñobamba following up on the historical silver drill results of previous operators. The Company would like to thank the local Community members for their co-operation, diligence and hard work during this productive first phase of exploration.
The Company believes that there exists considerable potential at Niñobamba to host a bulk tonnage, disseminated silver and gold deposit. The disseminated precious metal mineralization at Niñobamba is hosted within a Tertiary age volcaniclastic unit which is extensive. Previous exploration targeted two distinct NEE-SWW mineral and alteration zones. Large alteration zones accompany these zones and further trenching and sampling is required to determine their dimensions.
Geochemical samples were collected by Mine Gate Exploration SA personnel using rock saws cutting continuous channels in bedrock averaging 2.5 inches wide and 3.5 inches deep. Samples were collected every 2-metres irrelevant of geological boundaries. The quality of the sampling is considered high quality and representative of the grade of the mineralized system at surface buy valium online. The attached photos show the channels in TR-01 and sample locations are currently being surveyed.
Standards and blanks were inserted for internal quality assurance/quality control. Under chain of custody the samples were delivered to Inspectorate Services Peru SAC, in Callao, Peru which is an ISO 9001:2000 certified laboratory at the global level with ABS QUALITY EVALUATIONS. The samples were prepared for analysis by standard procedures and were analyzed for 32 elements determined by multi-element ICP (inductively coupled plasma) with aqua regia digestion. Silver was assayed for by acid digestion with an atomic absorption finish (Ag-4-OR) and gold was analyzed separately by fire assay with an atomic absorption finish (1AT FAAA)”. Jeffrey Reeder, P.Geo., Director of the Company is the Qualified Person who has reviewed and is responsible for the technical data contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER INC.
T John Magee
CEO and President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
For more information contact:
T John Magee, P.Geo.
Tel: (416) 479-9546