Can you introduce NSC and provide an overview of your portfolio?
NSC is an exploration and mineral development company with two advanced stage projects in the US: our flagship Corcoran silver project in Nevada, and the Emily manganese project in Minnesota. Our primary focus, as reflected in our name, is in Nevada exploring for silver. We started trading on the TSXV in May 2021, listing via a reverse takeover. Our intention is to focus solely on silver and monetize the manganese project to the benefit of our shareholders.
The Corcoran silver project has several compelling features; it is silver plus gold, with mineralization from surface, and we are in Nevada, the world’s best mining jurisdiction according to the Fraser Institute, and in a district renown for multi-million-ounce silver and gold production. Corcoran has been explored since the 1980s, but never reached its full potential. We are the first company in a long while that is adequately skilled and funded to give the project a real opportunity for success.
What attracted you to the Toquima caldera complex where the Corcoran project is located?
The Toquima caldera complex is a well-endowed historic mining district with world-class assets in close proximity. It is less ‘cluttered’ than some of the other districts in Nevada, such as the Carlin and Battle Mountain Belts. Corcoran is the largest underdeveloped project within the Toquima complex, and the historical exploration, 18,000 meters of drilling, has provided a great starting point.
Can you tell us about the current resource estimate for the Corcoran property?
We published our maiden resource in October 2020, the goal being to draw a line under the historic drilling, from which we can then build the resource and the project. Corcoran has an inferred mineral resource of 33.5 million silver-equivalent ounces, including approximately 24 million oz silver and 250,000 oz gold. Based on historic data, the grade can appear low, averaging 30 g/t silver equivalent, but we believe the published grade understates the potential of the deposit, for several reasons. For example, much of the drilling was percussion and undertaken more than 30 years ago and could not accurately define the high-grade zones. Further, the high-grade intersections were capped, which also may understate the contained grade of the resource. Finally, assaying of samples 40 years ago tended to lose some of the silver in solution, again adversely impacting on grade. We believe we can increase the grade and tonnes significantly and see the current resource estimate as an excellent starting point.
Can you provide some insights into the ongoing drill campaign?
We embarked on an initial diamond drill program in September 2021, commencing with verification drilling within the main (Silver Reef) resource area. The program then moved on to test for extensions to the Silver Reef mineralization, with the intent to provide considerable infill data. This drilling is expected to extend the area of known mineralization and will form both the basis for an updated NI 43-101-compliant resource estimate as well as material for metallurgy and mineralogy studies.
17 holes for 3,040 meters were completed in the current program and assays have been received for three. These first results are very positive with wide intersections of up to 142 m from close to surface with silver and gold averaging 42 g/t AgEq. Numerous thinner intervals of high-grade silver and gold ranging to 1.33 m of 2,310 g/t Ag 2.6 g/t Au were intersected in each. The results are very encouraging.
Can you highlight some of Nevada Silver Corp’s key priorities for the future?
Our priority is to establish ourselves amongst a well-established peer group in Nevada and bring our company and our projects to forefront of all stakeholders. This can only come through our results and our actions. Our focus now is to continue drilling at Corcoran, and we have a multi-phase drilling program for 2021 and 2022 to build grade and tons, expand our footprint in Nevada and advance our test work. Our ultimate goal is to build a mine, which is why we are also looking at other acquisitions in Nevada. Underpinning all of the above is a commitment to sustainable exploration and mining practices, regenerating once we are done and operating in a humane and ethical manner.