Bedford, Nova Scotia – October 28, 2013 – NSX Silver Inc. (NSY: TSXV) reports that it has acquired by request to the Mexican government two mining concessions covering a total of 856 hectares located in the Municipality of Tecoripa, State of Sonora, Mexico. The mining concessions, designated Guisa 1 and Guisa 2, are contiguous, and are situated approximately 140 kilometers east of the capital city of Hermosillo.
The Guisa concessions are on the eastern flank of the porphyry copper system that hosts the Cerro Verde Copper project and a number of other porphyry deposits. Porphyry copper deposits may host gold and silver deposits on their margins. Three of ten grab samples taken on the Guisa concessions during NSX Silver’s initial prospecting phase returned values of significance as detailed below.
|Sample #| |Gold (gpt)| |Silver (gpt)|
| | | | | |
|325765 | |0.216 | |31.0 |
|325766 | |0.351 | |80.2 |
|325767 | |0.100 | |22.8 |
Mineralization occurs over a wide area and is not limited to distinct veins but is found in stringers in the host andesites (volcanic rocks). Most of the Guisa concessions are covered by these volcanics which NSX Silver considers to be a more favourable target than the adjacent granites. The Guisa concessions have not been mapped in any detail and will be subject to a Phase 1 work program incorporating a systematic geochemical survey as well as geologic mapping.
NSX Silver personnel continue to evaluate other acquisition opportunities in Sonora and elsewhere in Mexico. Additional acquisitions will be announced as and when completed.
Oso Blanco Property
NSX Silver’s core asset is the Oso Blanco Property located in Sonora, Mexico located midway between the cities of Hermosillo and Chihuahua. Geological mapping and geochemical sampling completed to date have identified several anomalous zones. Sampling has returned significant precious and base metals values with the highest precious metal values being 2,030 grams per tonne silver and 9.4 grams per tonne gold. None of the mineralized showings have yet been drill tested.
The Oso Blanco Property is situated in the Sierra Madre Occidental (“SMO”) in a cretaceous volcanic suite, which is regionally denoted as the “Lower Volcanic Sequence”. These rocks are overlain and completely covered to the East by a tertiary sequence of rhyolite tuffs and basalts regionally known as the “Upper Volcanic Sequence”. The interface between these sequences, and in particular the upper parts of the Lower Volcanic Sequence, is the host environment for several significant gold and silver districts including the nearby Sahuaripa, Mulatos, Dolores and Ocampo Districts and further south the El Sauzal discovery. The geologic setting of these deposits varies but they all occur at or within this highly prospective interface.
Rock chip samples were taken and bagged, sealed and numbered on site. The sealed samples were transported by Company personnel to ALS Chemex’s preparation lab in Hermosillo then forwarded to ALS labs in Vancouver BC for testing using the ICP-61 protocols.
John E. Hiner, Licensed Geologist and Registered Member of SME, a qualified person as defined by National Instrument 43-101, has reviewed and approved the information provided in this news release.
About NSX Silver
NSX Silver Inc. is a mineral exploration company actively exploring for silver and associated metals in Mexico. NSX Silver owns three mining concessions (Oso Blanco, Oso Blanco 2 and Piedras del Norte) comprising approximately 6,000 hectares of prospective ground situated in the prolific Sierra Madre Occidental. NSX Silver’s shares are listed on the TSX Venture Exchange under the symbol NSY.
For further information, please contact:
Glenn A. Holmes
Chief Financial Officer, NSX Silver Inc.
This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of NSX Silver Inc. (“NSX Silver”), or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that NSX Silver or its shareholders will derive. Forward-looking statements and information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond NSX Silver’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risks and Uncertainties” in NSX Silver’s Management Discussion and Analysis for the Year ended December 31, 2012, which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. NSX Silver does not intend, nor does NSX Silver undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.