DRILL TARGETS INCLUDE VEIN STRUCTURES THAT ARE POTENTIAL
SOURCE OF MULTIPLE VEIN FRAGMENTS INCLUDING A 417 POUND NATIVE
SILVER-RICH VEIN FRAGMENT
VANCOUVER, BC, Oct. 2, 2024
/CNW/ -- Silver One Resources Inc. (TSXV: SVE) (OTCQX:
SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to
announce drilling has commenced at its high-grade Phoenix Silver
Project located near Globe,
Arizona. The program consists of 2,500 metres in up to 40
holes of core drilling to test the first of several silver targets
identified to date in the property.
The main drill target is the 417 Target Area which includes the
potential source of very high-grade silver vein fragments located
around the 417 pound (189 kg) vein fragment found in the central
part of the property (see Figures 1, 2 and 3). This vein
fragment was not assayed, as it is a collectors' specimen, but
specific gravity tests indicate a very high-grade silver content of
up to 70% native silver (see News Release of Feb 5, 2020). Multiple other smaller
specimens found in the property, also containing abundant visible
native silver, assayed up to 459,000 g/t (13,385 oz/t troy ounce
per short ton) silver (see Figure 2b and News Release of Feb
5, 2020).
Greg Crowe, Silver One's
President, CEO and Director, commented, "We are very
excited to initiate the inaugural drilling program at this
exceptional project. The property has never been drilled but
the outlook is promising as evidenced by the abundance and nature
of the very high-grade silver fragments found around the drilling
area. The angular and unabraded nature to the fragments that
have been discovered at shallow depths under the cover soil
suggests this material has not traveled far from its suspected
source. The best drill targets identified to date are just
upslope from where the 417 pound fragment was uncovered and are
coincidental with the location of geophysical and geochemical
anomalies. "
Program Details and Background
The drilling program consists of 2,500 metres including up to 40
diamond drill holes off 13 different drill pads (Figure 1).
Seven priority silver and polymetallic targets have been delineated
to date using a drone-mounted magnetic survey and via geological
mapping conducted in selected areas of the property (Figure
3). Rock sampling, soil geochemistry and geophysical surveys
(self-potential – an electrical surveying method used in mineral
exploration) conducted over selected areas have also delineated
anomalies that coincide with exploration targets and highlight the
importance of the 417 silver fragment target and Mexican Mine
areas (See July 28, 2020 and
January 11, 2021 news releases).
The current drill permit encompasses only the 417 Target area
(Figure 1 and 3). This target includes part of the 417 vein
as well as several other vein-structures. This area is
considered the top priority given that it is the potential source
of most of the large silver fragments found on the property to
date. It is worth noting however, that although
evidence of silver mineralization has been identified elsewhere in
the property, less than 50% of the property has been
prospected and geochemically sampled and only a fraction (417
Target area) has been mapped in detail. Over 200 smaller
silver samples have been collected to date from various areas on
the property. Thus, Silver One management believes that with
continued exploration several more areas will yield positive
results and is optimistic about the larger scale exploration
potential of the property.
Figure 1 – Map of the 417 Vein Target Area showing
outcropping veins and permitted drill pad locations.
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Figure 2 (a) and (b) – a) 417 pound vein fragment containing
estimated 70% silver (determined by specific gravity
method). The photo is of a selected sample that is not
necessarily representative of the mineralization hosted on the
property. b) 459,000 g/t silver (13,385 oz/t) vein
fragment containing abundant visible native silver. This sample is
not necessarily representative of the mineralization hosted on the
property.
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Figure 3 – Map of the Phoenix Silver property, showing main
veins and targets. Much of the north half of the property is
covered by Tertiary and Quaternary gravel and alluvium and has not
been mapped in detail. Target # 1 (or 417 Target Area) encompasses
the 417 lb silver fragment, multiple veins (see figure 1) and the
permitted area for drilling. Targets south of the 417 area, include
polymetallic veins as well as alteration zones potentially
associated with porphyry-style mineralization.
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Qualified Person
The technical content of this news release has been reviewed and
approved by Robert M. Cann, P. Geo, a Qualified Person as
defined by National Instrument 43-101 and an independent consultant
to the Company.
About Silver One
Silver One is focused on the exploration and development of
quality silver projects. The Company holds a 100% interest in
its flagship project, the past-producing Candelaria Mine located in
Nevada. Potential reprocessing of silver from the historic
leach pads at Candelaria provides an opportunity for possible
near-term production. Additional opportunities lie in
previously identified high-grade silver intercepts down-dip and
potentially increasing the substantive silver mineralization
along-strike from the two past-producing open pits.
The Company owns 636 lode claims and five patented claims on its
Cherokee project located in Lincoln
County, Nevada, host to multiple silver-copper-gold vein
systems, traced to date for over 11 km along-strike.
Silver One also owns a 100% interest in the Silver Phoenix
Project. The Silver Phoenix Project is a very high-grade native
silver prospect that lies within the "Arizona Silver Belt,"
immediately adjacent to the prolific copper producing area of
Globe, Arizona.
For more information, please contact:
Silver One Resources Inc.
Gary Lindsey - VP, Investor
Relations
Phone: 604-974–5274
Mobile : (720) 273-6224
Email : gary@strata-star.com
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Silver One cautions that all
forward-looking statements are inherently uncertain, and that
actual performance may be affected by a number of material factors,
many of which are beyond Silver One's control. Such factors
include, among other things: risks and uncertainties relating to
Silver One's limited operating history, ability to obtain
sufficient financing to carry out its exploration and development
objectives on the Candelaria Project, obtaining the necessary
permits to carry out its activities and the need to comply with
environmental and governmental regulations. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, Silver One undertakes no
obligation to publicly update or revise forward-looking
information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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SOURCE Silver One Resources Inc.
