November 22, 2021 (Investorideas.com Newswire) Silver Wolf Exploration will be conducting the first modern exploration program on the project.
Silver Wolf Exploration Ltd. (SWLF:TSX.V; SWLFF:OTCQB) has begun the first high-resolution aeromagnetic, radiometric, and matrix electro-magnetic geophysical survey of its Ana Maria property located in Durango, Mexico, near the city of Gomez Palacio. The survey will be performed by Terraquest Ltd., which has completed surveys for Teck, Rio Tinto, and De Beers; it should be completed by January.
A total of 1,800 line kilometers will be flown over, as well as adjacent areas where Silver Wolf has submitted an application to the Mexican Public Registry of Mining to expand its land package and to identify anomalies on the property.
About Silver Wolf Exploration
Founded as Gray Rock Resources Ltd. as a spin-off of Avino Silver & Gold Mines Ltd., Silver Wolf Exploration adopted its current name in October 2020 to reflect its focus on silver as the target metal for its Ana Maria and El Laberinto properties located in a prolific carbonate replacement deposit district in Durango, Mexico.
The name also pays homage to the company’s founder, the late Lou Wolfin. The company’s mandate is to explore high-potential projects in prime silver and gold regions of Mexico and British Columbia, where management has considerable experience.
In Mexico, the company’s Ana Maria property consists of nine mining concessions encompassing 2,549 hectares.
“The geophysical survey represents an important step in our targeting process before we start drilling” said Peter Latta, Silver Wolf’s President.
“We will use the maps generated from this airborne survey and overlay them with the grade contour maps we’ve generated as well as the detailed topographic maps made from our ongoing field work. This will form the basis for prioritizing the initial drill program, which we look forward to kicking off in Q1 2022,” he noted.
Latta explained that Avino Silver & Gold, which has been operating in the deposit-rich area known as the “Silver Belt” for decades, spun-off what has become Silver Wolf to explore property to which it had claims, but had not yet explored.
“The Ana Maria property has quite a large skarn structure that looks as if it is mineralized, which could indicate a substantial deposit,” Latta said, noting that Avino’s retention of a substantial stake in Silver Wolf represents several advantages as the company proceeds in its exploration activities.
“Since mining is a high-risk activity, we’ve reduced our risk by substantially reducing overhead costs. Many of our people, including myself, are employees of Avino,” he said.
“We’re also just 200 kilometers away from Avino, which would reduce eventual processing costs, and we can share Avino’s drills. We run at costs than are substantially lower than costs for others.”
He said that the company’s experienced management and a location that has been successful in the past are positives.
“We also have a tight share structure, with half of the shares owned by management and insiders,” Latta said. “If the share price moves, it can move quickly and benefit investors.”
On Nov. 15, Silver Wolf announced a non-brokered private placement to raise up to CA$1.5 million. Up to 6 million units will be offered at CA$0.25 a piece, each comprising one common share of the company and one-half of a common share purchase warrant. One full warrant will allow the holder to purchase one common share at an exercise price of CA$0.35 for a period of 18 months after the date of issuance.
The company notes that the proceeds of this financing will be used for the initial drill program at Ana Maria and general working capital.
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