Silver Glance negotiating for fluorite project financing

Management of Silver Glance Resources (VSE) is involved in early-stage negotiations with an undisclosed sponsor to raise about $20 million to continue advancing its fluorite deposit in La Paz Cty., Ariz.

The company also plans a Toronto Stock Exchange listing and a name change to Silverspar Minerals.

Silver Glance recently completed an 84-hole reverse circulation drilling program comprising 13,645 ft. to test various deposits on its property, and recently started a small (3,000-ft.) infill program. A 100-lb. bulk sample was submitted to an Arizona lab for preliminary metallurgical tests, and results are expected sometime this month.

Silver Glance noted that a number of holes drilled on the Silver Glance and Black Rock zones point to an overall increase in preliminary reserves relative to original estimates. Selected results from these holes include: 30 ft. grading 8.7% fluorite and 8.83 oz. silver per ton; 65 ft. of 12.1% fluorite and 3.65 oz. silver; 85 ft. of 9.9% fluorite and 4.8 oz. silver; and 20 ft. of 15.4% fluorite and 1.33 oz. silver.

Results were also released from drilling in the Padre Kino, Princess, Silver King (and part of Silver Glance) deposits, including hole 361 which returned 115 ft. grading 24.5% fluorite and 0.06 oz. silver per ton. In general, however, silver grades were lower (0.01 oz. to 3.33 oz.) than in Silver Glance-Black Rock, and a few holes returned no mineralization.