Silver One Advances Exploration Targets at Its Very High-Grade Phoenix Silver Project, Arizona
Silver One Advances Exploration Targets at Its
Very High-Grade Phoenix Silver Project,
Arizona
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2020) -
Silver One Resources Inc. (TSXV:
SVE) (OTCQX: SLVRF) (FSE: BRK1)
("Silver One" or the "Company") is pleased to announce results
of ongoing exploration at its Phoenix Silver Project near Globe, Arizona.
The focus of the work
undertaken since March 2020 has been to identify the upslope source of large, very angular vein
fragments, one of which weighed 417 pounds (189 kg).
The host vein-structure was thus called the "417
Vein" (see map below).
Specific gravity measurements indicate that this fragment contains up to 70%
silver.
One of the smaller vein fragments discovered in the same area was assayed (concentrate assay)
and returned just under 50% silver - 459,000 gm/t or 14,688 oz/t silver (see photos below and the
Company's News Release of Feb 5, 2020).
Subsequent work undertaken included prospecting,
geological mapping, rock and soil sampling, as well as ground supported Self Potential ("SP")
geophysical surveys.
The SP and soil geochemistry revealed strong anomalies upslope and to the
northwest of the area of the very high-grade vein fragments.
The Company will also be undertaking a
ground electromagnetic survey ("EM") around the 417 vein
and a drone-borne magnetic survey of the
entire property.
Greg Crowe, President and CEO of Silver One commented: "Despite the onset of COVID-19, we have
been able to continue our exploration of the Phoenix Silver Project while adhering to COVID-19
restrictions and regulations.
Silver One has been successful in outlining new targets and, with the
upcoming airborne geophysical surveys, should be in a position to significantly advance our
exploration efforts in Q3.
Our goal is to drill test some of the most prospective anomalies, especially
those in the vicinity of the very high-grade vein fragments, once our surface exploration is complete.
The Company has initiated archeological and biological surveys that will be required for drilling
permits."
Several new vein structures were identified throughout the property (see map below).
Some of these
returned strongly elevated silver values. Of note is the area around the historic Mexican Mine, which lies
just upslope from the 417 vein.
The silver-rich vein structures in the northern part of the property are
generally hosted within Precambrian - Proterozoic aged diabase.
This system has potential to be more
regional in scale as it occurs in a similar geological setting to the historic, world-class, high-grade silver
camp in the Cobalt-Gowganda region of northern Ontario, Canada.
This famous and prolific silver rich
area reportedly produced over 500 million ounces of silver from underground mining along high-grade
veins (Sergiades A.O., 1968, Silver Cobalt Calcite Veins of Ontario, Ontario Department of Mines,
Mineral Resources Circular No. 10, 498p)
Of additional interest is the area to the southwest of Silver One's Phoenix Silver property.
This copper
producing area is underlain by Late Cretaceous - Tertiary aged intrusives that are host to multiple
porphyry copper producing mines run by major mining companies such as Rio Tinto, Freeport McMorran
and BHP.
The southern portion of the Phoenix Silver project may be overprinted by these more recent
porphyry copper events.
Veins sampled in this area have returned strongly elevated copper, lead, zinc,
and molybdenum along with silver (see map below).
Ag / Base Metal Geochemistry
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4730/60570_phoenix_silver_nr_map_24july2020.jpg
Large Silver Fragments
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4730/60570_a680f8b114fceb51_002full.jpg
Silver One is in the process of initiating a property wide airborne (drone) magnetometer survey, similar
to the ones completed at both its Cherokee and Candelaria projects which were successful in outlining
potential structural and lithological hosts to mineralized systems.
All of the above described surveys may
be expanded should new targets be identified though our exploration efforts.
Ongoing work undertaken since March 2020 consists of prospecting, geological mapping and sampling,
a self-potential geophysical survey, and a soil geochemisty survey along a 1.1 km east-west by 300m
north-south grid covering the area in the vicinity of the 417 vein.
A total of 1,279 soil samples were
collected.
To date, company geologists have identified five vein systems (including the 417 Vein and the
Mexican Mine Vein) in the northern portion of the property and 6 silver rich polymetallic veins in the
southern portion of the property.
Exposed quartz-carbonate veins in the northern part of the property vary from a few centimeters to over 1
m in width and can be traced for several hundred meters along strike.
Select surface sampling from
these veins have returned silver values ranging from background of over 650 gm/t silver (see map
below).
Veins in the southern portion of the property are generally high in base metal content and may be
representative of porphyry related mineralization at depth.
Rock samples collected from these veins
ranged from background to 2,550 gm/t silver, 11.5% zinc, 12.89% lead and 1.58% copper.
Veins of this
type were mined at the historic Silver King and Silver Queen Mines and occur above and peripheral to
nearby porphyry copper deposits at Superior Arizona, 50 km southwest of Globe, Arizona (Haak, W.A.,
1991, History of Mining in Arizona, V2, Tucson Mining Club of the Southwest, pp 31-35).
The Phoenix Silver Project is highly prospective for high-grade native silver bearing veins, precious
metal bearing polymetallic veins, as well as potential for porphyry related copper and precious metal
mineralization at depth.
Qualified Person
The technical content of this news release has been reviewed and approved by Greg Crowe, P. Geo,
President and CEO of Silver One, and a Qualified Person as defined by National Instrument 43-101.
About Silver One
Silver One is focused on the exploration and development of quality silver projects.
The Company holds an option to acquire a 100%-interest in its flagship project, the past-producing
Candelaria Silver Mine, Nevada.
Potential reprocessing of silver from the historic leach pads at
Candelaria is being investigated.
Additional opportunities lie in previously identified high-grade silver
intercepts down-dip and the possibility of increasing the substantive silver mineralization along-strike
from the two past-producing open pits.
The Company has staked 636 lode claims and entered into a Lease/Purchase Agreement to acquire
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 12 km along-strike.
The property also has potential for
limestone related polymetallic plus silver and gold and/or other intrusive related systems at depth.
Silver One holds an option to acquire 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.
In addition, the Company also holds a 100% interest in three significant silver assets located in Mexico -
Peñasco Quemado, Sonora; La Frazada, Nayarit; and Pluton, Durango, acquired from First Mining
Gold, one of the Company's largest shareholders.
For more information, please contact:
Silver One Resources Inc.
Gary Lindsey
Phone: (720) 273-6224
Email:
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 no 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 its
mineral properties, 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.
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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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