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- CSE: TOC | FSE: TV3 | OTC: TCVNF
Calgary, Alberta – September 19, 2022 Tocvan Ventures Corp. (the “Company”) (CSE: TOC; OTCQB: TCVNF; FSE: TV3), is pleased to announce an operational update for both gold-silver projects in Sonora, Mexico. With the conclusion of the wet weather season approaching, the Company plans to first initiate drilling at El Picacho with a maiden drill program targeting the San Ramon prospect (see news release, September 13, 2022). Drilling will target the 500-meter by 500-meter prospective area where high-grade gold at surface and in underground workings have outlined the potential for a near-surface bulk tonnage target. At Pilar, planning is underway for the next stage of exploration and development. A bulk sample is scheduled to begin preparation in October and November, utilizing a local heap leach facility to process material from Pilar. An independent Qualified Professional will oversee the operations to ensure the accuracy of the results. The outcome will provide useful data to assist in proceeding with the permitting and development requirements for establishing a bulk test mine on-site. Exploration at Pilar will continue with drilling scheduled to follow-up on key expansion target areas and provide infill data along established mineralized domains for future resource calculations.
Pilar Next Steps
El Picacho Next Steps
“Over the last year we have seen a major advancement in our understanding of our Pilar and El Picacho projects.”, commented CEO, Brodie Sutherland. “We are excited to continue that advancement with the first large scale bulk sample at Pilar to further confirm the grade and recovery of gold and silver. This information will lead us into permitting for our own pilot facility at Pilar. At the same time, drilling will commence at our El Picacho project initially targeting our highly prospective San Ramon area, one of several target areas permitted for drilling. Pilar still has potential for expansion and will remain a focus for us with continued drilling on several trends that remain open to the southeast. Our success over the past two years has gained a lot of interest from large-scale producers in the region, we look forward to building off that success and developing strong relationships during the upcoming operating season and beyond.”
Recap of Past Operating Season at Pilar (November 2021 to July 2022)
Trench Program
Phase III Drilling – 16 Drill Holes, totalling 2,944-meters highlighted by:
Main Zone
NEW Discovery 600-meters from Main Zone
NEW Discovery Trend 375-meters from Main Zone
Metallurgy
Surface Results Highlights
Main Zone Expansion:
4-T Trend extended over 100-meters to the southeast, highlighted by:
NEW Vein Target defined over 200-meter strike, highlighted by:
South Zone reconnaissance sampling
Discussion
As the Company looks to advance Pilar towards production with bulk sampling and more advanced metallurgical analysis it is important to note the key advantages of operating in a quality mining jurisdiction.
Why Mine in Sonora, Mexico
San Antonio – Oxide Zone | ||
Grade | g/t | 0.89 |
Recovery | % | 70 |
Parameter | Unit | Cost |
Mining Cost | USD/t | $2.95 |
Processing Cost | USD/t | $4.00 |
G&A Costs | USD/t | $2.50 |
Total | USD/t | $9.45 |
La Colorada – Main Pit | ||
Grade | g/t | 0.61 |
Recovery | % | 53-89 |
Parameter | Unit | Cost |
Mining Cost | USD/t | $3.31 |
Processing Cost | USD/t | $2.98 |
G&A Costs | USD/t | $0.98 |
Total | USD/t | $7.27 |
San Francisco – Main Pit | ||
Grade | g/t | 0.51 |
Recovery | % | 64 |
Parameter | Unit | Cost |
Mining Cost | USD/t | $4.40 |
Processing Cost | USD/t | $4.15 |
G&A Costs | USD/t | $0.41 |
Total | USD/t | $8.96 |
References: San Antonio Data is from NI43-101 Technical Report, dated July 12, 2022. La Colorada Data is from NI43-101 Technical Report, dated October 1, 2021. San Francisco Data is from NI43-101 Technical Report, dated August 28, 2020.
2. At surface oxide gold-silver amenable to heap-leach
3. Excellent infrastructure
4. Strong local technical expertise
5. Straightforward and established permitting process
6. A quality jurisdiction, home to major producers and potential development partners
About The Pilar Property
The Pilar Gold-Silver property has recently returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Three primary zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. The Main Zone and 4-T trends are open to the southeast and new parallel zones have been recently discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far. To date, over 22,000 m of drilling has been completed.
About The Picacho Property
The El Picacho Gold-Silver property is interpreted as an orogenic gold system within the regional Caborca Orogenic Gold Belt known for producing gold mines that include La Herradura (>10 Moz Au) and San Francisco (>3 Moz Au). The project is 140 kilometers north of Hermosillo and only 18 kilometers southwest of the producing San Francisco Mine. The Project totals 24 square kilometers. Five primary zones of mineralization have been identified across the property totalling over six kilometers of prospective trends. Surface sampling and historic workings have identified high-grade gold and silver values. The project has only seen widely spaced reconnaissance drilling with no follow-up. Tocvan believes this provides an excellent opportunity for discovery of a muti-million ounce district.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 36 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.
Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be 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 information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: ir@tocvan.ca
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