Rio Silver Inc. announced it has finalized a surface access agreement with the local Community for a period of one year at the Company's Jorimina Project, an advanced gold/silver project near the city of Ayachucho in south central Peru. A recently completed Environmental Impact Study and community workshops aided by the President and Council of the local community, represent the final steps of the drill permitting application process and allow for the initiation of activities at this highly prospective, bulk tonnage gold and silver target located at the Company's wholly owned, Jorimina, Gold /Silver Project. Jorimina was previously a joint venture project of Newmont, one of the world's largest gold producers, that earned its interest from Southern Peru Copper by spending $US 7 million outlining that it was in fact a precious metals dominant deposit.
Newmont performed extensive geophysical and geochemical exploration programs followed by a detailed metallurgical review as part of an internal preliminary economic analysis. This was based upon their initial diamond drilling campaign, which was a fence or row of widely spaced diamond core drilling holes, that transected the property. A planned follow up, resource defining, diamond drilling campaign was never realized due to a major market correction in 2012.
The Company is in receipt of all the data generated and summarized in the 2012 Newmont report, which strongly recommended advancement of the project for which, upon a successful resource defining drill evaluation, could be capable of supporting a robust midsized mining operation. Rio Silver expects receipt of the necessary drill permitting late in Third Quarter, 2024, and is working with potential drill contractors to prepare to mobilize crews and equipment upon the receipt of the permits and minor property access upgrades. Rio Silver is a resource development company that has been selectively acquiring and advancing precious metal assets that afford the best possible leverage and returns in anticipation of an increasingly more favorable precious metals bull market.
Both Ninobamba and Jorimina area Au/Ag targets are suggestive of near surface, bulk mineable open pit targets.
