CARSON CITY, Nev., Nov. 01, 2016 (GLOBE NEWSWIRE) -- Del Toro Silver Corp. (OTCPink:DTOR) (“Del Toro” or the “Company”) is pleased to announce that it is working closely with Telegraph LLC, a registered Nevada limited liability company, on the rehabilitation of the Telegraph mine located in Sierra County, CA. The Company has agreed to consult with Telegraph LLC on their on-going work program at the Telegraph mine in conjunction with Del Toro’s due diligence on the property.
The Telegraph Mine is a fully permitted, high-grade gold mine located near Downieville, California in one of the richest districts of the California Mother Lode. The property consists of 140 acres of BLM lode claims and 80 acres of BLM placer claims. The claims are located within a larger 3000 acre claim block also owned by Telegraph LLC. This property is situated on the Great Blue Lead ancient river channel system, and straddles the prolific Melones and Goodyears Creek fault zones. Most of the richest mines in California are located adjacent to these two faults. Seven other historical mines are located on the property including the Dutch, Spaletto, Klondike, Crystal Quartz, Monte Cristo, Sol Wood and Excelsior. Over 65,000 ounces of gold was produced from the primary channel running through the Telegraph.
The mineral deposit consists of several underground Tertiary river channels and at least 7 known large, high grade quartz veins. Drill data and other geological information (non CA NI 43-101 compliant) on this historical producer indicate the potential for a world class gold reserve and one of the highest grade lode deposits in all of North America. The current work program has been funded with $2,000,000 secured through a JV in 2015. Del Toro is consulting Telegraph LLC in the rehabilitation of the existing Telegraph underground workings, sampling of the known veins and the twinning of several underground core drill holes drilled in 1972 by the American Petroleum Company. Work commenced in May of 2016 and approximately 2,200 feet of rehabilitation has been completed.
Commenting on the work program at the Telegraph mine, Patrick Fagen, CFO, said, “We have had our eye on the Telegraph for many years and feel it is the best property in the prolific Downieville District. The past geological data is exceptionally strong and needs to be substantiated to CA NI 43-101 standards. The Company has agreed to provide its expertise and experience in developing California properties to assist Telegraph LLC in their promising endeavor. This arrangement provides Del Toro the opportunity to perform extensive due diligence without the associated costs.”
For further information, contact Patrick Fagen at 530-416-0266.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, future rehabilitation, sampling and core hole twinning. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Source:Del Toro Silver Corp.