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    VML   CA92834X1069

VISCOUNT MINING CORP.

(VML)
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Viscount Mining Corp. Samples 8710 gt Silver and 61.4 gt Gold at the Star Target in Cherry Creek, Nevada

12/01/2021 | 09:10am EST

VANCOUVER - Viscount Mining Corp. (TSX-V: VML) (OTCQX: VLMGF) ('Viscount' or 'the Company') is pleased to announce our first results from the 2021 work program on the 100% controlled Cherry Creek Project in eastern White Pine County, Nevada.

Our partner Centerra Gold Inc. (Centerra) has been diligently doing geological mapping and geochemical sampling on the property this year.

The Star Vein system is comprised of the subparallel South Star Vein and the North Star Vein emplaced about 9 m (30 ft) apart. Both veins have a production history, with the South Star Vein having the greatest production. The larger South Star Vein ranged in width from 0.3 to 2.1 m, with an average gold grade of 7.8 g/t gold and average silver grade of 622 g/t silver; with 8% lead and 8% zinc. Some very rich ore shoots averaged 24,880 g/t silver. The mine produced over $6,000,000 of silver and gold up to the time of F.C. Schrader's report in 1931. The vein system has been traced over 670m and extends over 260m at depth. The best ore shoot is 1m thick and 300m long. With the above average grades, for the rest of the 370m, Schrader estimated the Star mine has the potential to host an additional 4 million ounces of silver and 500, 000 oz of gold. Schrader also stated a reported grade of 8% Pb and 8% Zn in the lower levels with an estimated base metal reserves of 35,000,000lbs (15,000t) of both lead and zinc.

Mineralization in the Star veins is hosted in a black phyllite and grey/tan quartzite of the Precambrian Prospect Mountain Formation.

The Star area is 372.96 acres or 150.94 hectares. One hundred sixty-six rock samples and two hundred thirty-six soil samples were collected in the Star target area and analyzed for gold, silver, and pathfinder elements. The maximum rock sample for gold was 61.4 g/t. Fourteen rock samples ran greater than or equal to 2.0 g/t gold. The high soil sample for gold 2,190 ppb, while eight samples ran greater than or equal to 200 ppb gold.

The maximum rock sample silver for silver was 8,710 g/t, while the maximum silver value in soils was 221 ppm. Seventeen rock samples ran greater than or equal 100 g/t silver, while eight soil samples ran greater than or equal to 20 ppm silver.

Geological mapping and geochemical sampling is continuing now on the property through the rest of the field season. Since our previous release 136 rock samples and 105 soil samples have been collected bringing our total number of rock samples to 561 and the soil sample count to 730. The first pass mapping and sampling have been completed over large portions of the property, but some field work remains.

Centerra undertook the staking 278 new lode claims this year bringing the total number of unpatented lode claims to 578. The property also includes 17 patented lode claims. These new claims strengthen our position in the district and cover permissive lithologies, known mineralization as well as mineralized projections.

After a short hiatus, we recently we resumed our IP geophysics work; on the Western Anomaly before returning to the Ti-Cup area. This work is still in progress.

About Viscount Mining (TSX VENTURE: VML) (OTCQX: VLMGF)

Viscount Mining is a project generator and an exploration company with a portfolio of silver and gold properties in the Western United States, including Silver Cliff in Colorado and Cherry Creek in Nevada.

The Silver Cliff property in Colorado lies within the historic Hardscrabble Silver District in the Wet Mountain Valley, Custer County, south-central Colorado. It is located 44 miles WSW of Pueblo, Colorado, and has year-around access by paved road. The property consists of 96 lode claims where high grade silver, gold and base metal production came from numerous mines during the period 1878 to the early 1900's. The property underwent substantial exploration between 1967 and 1984. The property is interpreted to encompass a portion of a large caldera and highly altered sequence of tertiary rhyolitic flows and fragmental units which offers potential to host deposits with both precious and base metals. This has been demonstrated in the mineralization historically extracted from the numerous underground and surface mining operations. Based on the accumulated data and feasibility study, Tenneco Minerals made the decision with silver at $5.00 USD an ounce to construct at that time a $35,000,000 USD milling operation for the extraction of the silver reserves at Silver Cliff. Shortly thereafter Tenneco's Mining Unit was sold, and the planned milling operation was abandoned.

The Cherry Creek exploration property is in an area commonly known as the Cherry Creek Mining District, located approximately 50 miles north of the town of Ely, White Pine County, Nevada. Cherry Creek consists of 578 unpatented and 17 patented claims as well as mill rights. Cherry Creek includes more than 20 past producing mines. In January 2021, Viscount entered into an exploration earn - in agreement with a wholly owned subsidiary of Centerra Gold Inc. Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide.

Contact:

Email: info@viscountmining.com

Forward-Looking Statements

This news release includes certain statements that may be deemed 'forward-looking statements' within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to Viscount Mining's operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Specifically, this news release contains forward looking statements with respect to the Offering, the receipt of required approvals, the timing of thereof and the amount and use of proceeds therefrom. Generally, forward-looking statements can be identified by the forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'projects', 'intends', 'anticipates', or 'does not anticipate', or 'believes', or 'variations of such words and phrases or state that certain actions, events or results 'may', 'can', 'could', 'would', 'might', or 'will' be taken', 'occur' or 'be achieved'. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Viscount Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of Viscount Mining's projects, the actual results of current exploration, development activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future precious metals prices, as well as those factors discussed in the sections relating to risk factors of our business filed in Viscount Mining's required securities filings on SEDAR. Although Viscount Mining has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

There can be no assurance that any forward-looking statements will prove 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. Viscount Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CENTERRA GOLD INC. 1.81% 10.15 Delayed Quote.2.26%
VISCOUNT MINING CORP. -4.08% 0.47 Delayed Quote.11.90%
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Financials
Sales 2021 - - -
Net income 2021 -1,73 M -1,36 M -1,36 M
Net cash 2021 2,57 M 2,01 M 2,01 M
P/E ratio 2021 -20,0x
Yield 2021 -
Capitalization 40,1 M 31,6 M 31,4 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 95,5%
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Managers and Directors
Donald James MacKenzie President, Chief Executive Officer & Director
Derick Sinclair Chief Financial Officer
D. Grant Devine Chairman
William L. MacDonald Secretary & Independent Director
Andrew M. Gertler Independent Director
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