HORN SILVER MINES, INC. ANNOUNCES EXECUTED LEASE AND OPTION AGREEMENTS WITH ALDERAN REsOURCES LIMITED
Salt Lake City, August 15th, 2017 - Horn Silver Mines, Inc. (“Horn Silver” or the “Company”) is pleased to announce that the company has executed Lease and Option Agreements (“Agreements”) with the US subsidiary of Alderan Resources, an Australian mining exploration company. Subsequent to the execution of the Agreements covering the company’s mining claims in the San Francisco Mining District, Alderan has conducted a thorough review of the historical data on the area, including the results of numerous exploration efforts previously conducted on the mining claims.
Alderan is currently conducting a high definition Induced Polarization Survey over the entire Frisco Project (approximately 15 square miles). IP, an abbreviation for induced polarization, is a method for detecting conductive compounds beneath the surface, which can be an important component of metallic ore bodies. Additionally, an electromagnetic survey program is scheduled begin over a copper-zinc zone within the claims in late 2017 to early 2018. This geophysical work will define targets for a drilling program of up to 30,000 feet, set to begin in the fall of 2017.
In 2016, Alderan conducted a high resolution airborne magnetic survey of the area as well as an extensive mapping and sampling program. The results of this work were sufficiently encouraging that Alderan initiated a public offering on the Australian Stock exchange, successfully completing the offering for $8,500,000 Australian Dollars (approximately $6,800,000 USD).
Employing a district wide evaluation, classical geologic exploration methods and modern geophysical techniques, Alderan has identified three exploration prospects on the Company’s mining claims:
Cactus Canyon is a copper-gold-silver prospect within which the airborne magnetic survey identified a number of structures that may be indicative of a porphyry copper deposit at depth. There has been historical mining in this area at the Cactus Mine, the workings of the Cactus Mine were associated with breccia zones adjacent to one of these structures. The Cactus Canyon Area will be the focus of initial drilling.
This is a copper-zinc-lead-silver-gold prospect that will be the subject of the electromagnetic survey scheduled for later this year, as well as part of the drilling program scheduled for 2017 and 2018. This area has a significant number of mineralized workings that may indicate the potential for economic ore bodies.
Horn Silver Area
Horn Silver Area is a zinc-lead-silver prospect in the vicinity of the historic Horn Silver Mine which was a major producer of lead, zinc and silver in the late 1800’s.
Horn Silver management is encouraged by the results of the work conducted to date as well as the extraordinary team of mining professionals Alderan has assembled to conduct these activities. Horn Silver has provided a link to Alderan’s website and encourages Horn Silver shareholders to monitor this website for announcements of Alderan’s progress as the exploration activities are conducted and the results are reported.
About Alderan Resources Limited
Alderan is a copper explorer with a focus on the Frisco Project, located in Utah, United States of America. The Frisco Project encompasses an area of significant historical mining activity with numerous old mines and workings across an area of approximately 7km by 4km. These include:
- The Cactus copper-gold-silver deposit and breccia pipe, one of several mineralized breccia pipes over an area of approximately 1000 m by up to 400 m. Modelling of magnetic survey data demonstrates that these pipes are likely connected at depth;
- The Accrington copper-zinc-silver-gold skarn, which hosts extensive mineralization across an area of 1.8 km by 1.2 km; and
- The Horn zinc deposit, a historical lead-silver mine, which contains significant amounts of unmined high grade zinc.
Alderan believes that these three deposits were formed contemporaneously with, and are genetically related to, underlying mineralized (copper-molybdenum-gold) porphyry intrusions. Work undertaken by the Alderan has confirmed the presence of a mineralized porphyry system beneath and adjacent to the Cactus breccia pipes.
For further information about Alderan Resources Ltd., please contact:
+61 3 420 582 887
Chief Executive Officer