NSX Silver Inc. (TSXV:NSY) is a mineral exploration company focused on the exploration and development of silver and associated metals properties in Mexico. Its main asset is the Oso Blanco Property in Sonora, Mexico, located midway between Hermosillo and Chihuahua.
Geological mapping and geochemical sampling completed to date have identified several anomalous zones. Sampling has returned significant precious and base metals values with the highest precious metal values being 2,030 grams per tonne silver and 9.4 grams per tonne gold. None of the mineralized showings have yet been drill tested.
- Van Hoof Industrial Holdings Ltd. owns 26% of NSX Silver’s common shares
- Projects are in Mexico, a mining-friendly jurisdiction
- Oso Blanco is situated in Sierra Madre Occidental, the “Lower Volcanic Sequence”
- Surrounding companies include Agnico Eagle, Alamos Gold, First Mexican Gold, and Corex Gold Corp.
NSX Silver holds a 100% interest in three contiguous mining concessions: Oso Blanco, Oso Blanco 2 and Piedras del Norte, comprising approximately 5,600 hectares of prospective ground located in Sonora State, Mexico in close proximity to the border with Chihuahua State. Situated in the Sierra Madre Occidental, which is regionally denoted as the “Lower Volcanic Sequence”, neighboring projects include Agnico Eagle’s La India Mine, Alamos Gold’s Mulatos Mine, First Mexican Gold’s Guadalupe Project and , Corex Gold Corp.’s Santana Project.
The highly prospective Huerigo area in the western portion of the Oso Blanco 2 mining concession was first identified by NSX Silver in 2012, and now comprises 8 square kilometres of highly prospective ground. A total of five anomalous zones have now been identified — defined by elevated silver-lead-copper assay values supported by multi-element assay values that exceed the statistical background populations. Background levels for silver, lead, and copper are 1.3, 18, and 20 ppm respectively.
Detailed mapping and geochemical sampling on the Oso Blanco 1 and Piedras del Norte concessions have also shown encouraging results at the Santa Rosalita and La Prieta zones.
Santa Rosalita Zone
The Santa Rosalita Zone is a mineralized zone located immediately north of the town of Santa Rosa. Mineralization in this zone occurs in a shear zone of indeterminate size that is obscured by heavy overburden in an area with difficult access due to dense vegetation.
Significant values obtained during initial sampling in this zone include the following:
La Prieta Zone
La Prieta is a strong shear zone with veins containing silver and it is one of the more prominent silver occurrences located near Santa Rosalita. This mineralized zone is located on the Oso Blanco 1 mining concession.
A 700 meter long narrow shear zone was identified, approximately 0.5 to 1.2 meters in width that hosted the old La Prieta polymetallic mine (copper, lead, zinc, gold, and silver).
For the full sampling results, click here.
Anomalous assays along the length of the zone range from trace to a high value of 352 grams per tonne silver and from trace to a high value of 9.4 grams per tonne gold. Of note is the fact that most of the higher grade silver samples also returned significant gold values.
In October 2013, NSX acquired two mining concessions covering a total of 856 hectares located in the Municipality of Tecoripa, State of Sonora, Mexico. The mining concessions, designated Guisa 1 and Guisa 2, are contiguous, and are situated approximately 140 kilometers east of the capital city of Hermosillo.
The Guisa concessions are on the eastern flank of the porphyry copper system that hosts the Cerro Verde Copper project and a number of other porphyry deposits. Porphyry copper deposits may host gold and silver deposits on their margins. Three of ten grab samples taken on the Guisa concessions during NSX Silver’s initial prospecting phase returned values of significance as detailed below:
|Sample #||Gold (gpt)||Silver (gpt)|
Mineralization occurs over a wide area and is not limited to distinct veins but is found in stringers in the host andesites (volcanic rocks). Most of the Guisa concessions are covered by these volcanics which NSX Silver considers to be a more favourable target than the adjacent granites. The Guisa concessions have not been mapped in any detail and will be subject to a Phase 1 work program incorporating a systematic geochemical survey as well as geologic mapping.
NSX Silver owns three mining concessions (Oso Blanco, Oso Blanco 2 and Piedras del Norte) comprising approximately 6,000 hectares of prospective ground situated in the prolific Sierra Madre Occidental in the State of Sonora, Mexico.
NSX Silver has discovered two new mineralized zones, the Santa Rosalita Zone and the La Prieta Zone. Initial sampling results on the Santa Rosalita Zone returned a high value of 2,030 grams per tonne silver, while at the La Prieta Zone, a discovery of a 700 meter long narrow shear zone, approximately 0.5 to 1.2 meters in width that hosted the old La Prieta polymetallic mine (copper, lead, zinc, gold, and silver) was made.
The Company also acquired two mining concessions totaling approximately 800 hectares near Tecoripa, based on the favorable geology of the region and the highly anomalous values for silver and gold which occur in vein systems within the area. An initial exploration program for this property is presently being developed.
Johannes (Hans) van Hoof – Chairman and CEO
Mr. van Hoof has held senior positions at various European financial institutions, including PVF Pension Funds, Paribas Capital Markets and Bankers Trust. His various roles during the past twenty-two years have included senior Portfolio Manager, senior Risk Manager, Deputy Head of global equity derivatives, Managing Director responsible for M&A arbitrage, derivatives arbitrage and venture capital investments as well as Chairman and Senior Executive Officer of Soros Funds Limited in London. In 2002, Mr. van Hoof founded VHC Partners alternative investment management group, active in hedge fund management, corporate and project finance advisory services, private equity investments and charitable projects.
Glenn Holmes – Director and CFO
Mr. Holmes has more than twenty-three years experience in the financial management of listed junior mining companies including equity financings, debt financings, corporate acquisitions, mining feasibility studies and financial restructurings. Mr. Holmes previously served as Chief Financial Officer and Vice-President Finance of Etruscan Resources Inc. (TSX) where he played a lead role in securing a US$100 million combined structured debt financing and gold hedging facility for the development of an 80,000 ounce per annum gold mine located in West Africa. Previously Mr. Holmes was Vice-President Finance and Secretary-Treasurer for NovaGold Resources Inc. (TSX). He holds a B.Comm. and is a member of the Institute of the Chartered Accountants of Nova Scotia.
James Proudfoot – Director
Mr. Proudfoot has more than 45 years experience in the mining industry as both a mining engineer and independent consultant. He has held numerous senior management positions with several mining companies, including Noranda Mines as a production engineer and Mine Superintendent and Chief Engineer for Anaconda America Brass Ltd at their Caribou mine. His career encompasses all facets of the mining industry from exploration through project design, construction and operations management.
Grant Loon – Director
Mr. Loon has over fourteen years experience in trading and operations roles within financial institutions and alternative investment management firms. As Partner and Chief Operating Officer of VHC Partners, an alternative investment management group, Mr. Loon had responsibility for the establishment and oversight of the group’s operations. More recently, his roles have included establishing a multi-fund operations infrastructure and risk management framework while working as COO for a Stockholm based hedge fund management company. Mr. Loon is currently the Managing Director of VHC Sweden and holds several non-executive Board positions. Prior to joining VHC, Mr. Loon worked at Morgan Stanley & Co International, Commerzbank Global Equities and Soros Funds Limited.
Neil Weiner – Secretary
Mr. Wiener is a partner with the law firm Heenan Blaikie LLP. He practices exclusively in the area of securities law, with an emphasis on public financings. Mr. Wiener has been involved in numerous public offerings, for both issuers and underwriters. He has handled private placements, take-over bids, reverse take-overs, going-private transactions, stock exchange listings and a broad range of other securities matters.