Silver One Announces IN-Ground, New Mineral Resource Estimate Prepared IN Accordance with Ni 43-101 ON Its Candelaria Project, Nevada
pg. 1
SILVER ONE ANNOUNCES IN-GROUND, NEW MINERAL RESOURCE ESTIMATE
PREPARED IN ACCORDANCE WITH NI 43-101 ON ITS CANDELARIA PROJECT,
NEVADA
Vancouver, British Columbia--(May 6, 2025) - Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) (FSE:
BRK1) (“Silver One” or the “Company”) is pleased to announce the completion of a NI 43 -101 mineral
resource estimate (“MRE”) for its Candelaria Project (the “Project”), located in Nevada, USA. The mineral
resource estimate, prepared by James A. McCrea, P. Geo, includes the in -ground mineralization and
stockpiles adjacent to the historic Mount Diablo and Northern Belle pits (Table 1). The MRE was prepared
in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition
Standards and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI
43-101”).
Highlights:
• Mount Diablo and Northern Belle pit-constrained resources:
o Measured and Indicated (M&I) resource of 22,070,000 tonnes averaging 94 g/t Ag and
0.20 g/t Au, for 66.754 million ounces of silver and 141,400 ounces of gold, or 70.84
million ounces of silver equivalent (“AgEq”) (see note ˧ in table 1).
o Inferred resource of 2,960,000 tonnes averaging 68 g/t Ag and 0.18 g/t Au, for 6.462
million ounces of silver and 17,000 ounces of gold (7.00 million oz AgEq).
• Underground Measured and Indicated resource of 1,200,000 tonnes averaging 168 g/t Ag and
0.27 g/t Au, for 6.45 million ounces of silver and 10,200 ounces of gold (6.50 million oz AgEq).
• Underground Inferred resource of 650,000 tonnes averaging 150 g/t Ag and 0.24 g/t Au, for
3.136 million ounces of silver and 5,100 ounces of gold (3.15 million oz AgEq).
• Candelaria’s project resources (from open-pit, underground, stockpiles and heap-leach pads)
now total 108.18 million ounces of silver equivalent in the Measured and Indicated categories,
and 29.46 million ounces of silver equivalent in the Inferred category.
Greg Crowe, President and CEO commented: “This updated mineral resource is based on results from
extensive reverse circulation and core drilling programs and metallurgical studies completed by Silver One.
It also includes historic drill hole information from previous operators. We are very plea sed with the
results. At this phase, a significant majority of the resource is in the Measured and Indicated category. The
current resource estimate exceeds the historic resource, which is encouraging as the current resource is
pit-constrained and of higher confidence than historic estimates, plus the mineralization remains open in
all directions. Additionally, the company’s efforts of testing a novel non -cyanide recovery process have
yielded excellent results and have demonstrated the capacity to increase silver and gold recoveries, while
potentially lowering process costs. The Company plans to resume drilling late in the year to continue
expanding the in -ground mineralization, both in the near -surface mineralization and the higher -grade
underground targets. Metallurgical testing of the n ew non-cyanide technology will continue to further
examine the optimization of silver and gold recoveries. Silver One is undertaking a PEA study to compare
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the recoveries and costs of using cyanide versus these new non -cyanide solutions. It is also examining a
pilot heap-leach test to investigate field silver and gold recoveries.”
Silver One previously announced a NI 43-101 mineral resource for mineralization in leach pads on August
18, 2020. The leach pad resources include 22.18 million tonnes for 30.02 million ounces of silver and
52,000 ounces of gold (at a grade of 42.1 g/t Ag and 0.074 g/t Au respectively) in the Indicated category,
and 11.45 million tonnes for 15.4 million ounces of silver and 36,700 ounces of gold (at grade of 41.8 g/t
Ag and 0.10 g/t Au respectively) in the Inferred category. Indicated and Inferred silver equivalent ounces
(AgEq) total 30.8 and 16.1 million ounces respectively (Table 2). See also the Company’s news release of
August 18, 2020.
Table 1. Candelaria in-ground, underground, and stockpiles mineral resource estimates.
Contained
oz Ag oz Au oz AgEq
Measured 5,470 101 0.19 106 17,688,000 33,700 18,580,000
Indicated 13,250 95 0.18 100 40,356,000 78,600 42,629,000
M&I 18,720 97 0.19 102 58,045,000 112,300 61,208,000
Inferred 2,780 67 0.17 72 5,941,000 15,400 6,460,000
oz Ag oz Au oz AgEq
Measured 1,250 79 0.30 89 3,163,000 12,000 3,586,000
Indicated 2,100 82 0.25 89 5,547,000 17,000 6,042,000
M&I 3,350 81 0.27 89 8,710,000 29,100 9,628,000
Inferred 180 90 0.27 93 521,000 1,600 541,000
M&I 22,070 94 0.20 100 66,754,000 141,400 70,836,000
Inferred 2,960 68 0.18 74 6,462,000 17,000 7,001,000
Measured 220 175 0.28 177 1,223,000 2,000 1,235,000
Indicated 980 166 0.26 167 5,222,000 8,300 5,268,000
M&I 1,200 168 0.27 169 6,445,000 10,200 6,504,000
Inferred 650 150 0.24 150 3,136,000 5,100 3,146,000
oz Ag oz Au oz AgEq
Inferred 3,780 25 0.10 27 2,999,000 11,700 3,281,000
† - Pit Resources tabulated below May, 1997 surface (pit surface when mining ceased in 2007) using a US $9.273 NSR cut-off
˧ - AgEQ(T) formula = Ag (T) + (Au (T) * recovery *67.73/0.8841). AgEqT calculations use US $27.50/oz Ag , US$2,106/oz Au
┬ - Underground resource tabulated using a 90 gpt Ag(T) cut-off below the $27.50 Design Pit, and using a 70% mining recovery
Contained oz Ag - using Total Ag (Ag_T) - factored silver
Contained oz Au - using Total Au (Au_T) - factored gold
Contained oz AgEq - using AgEq(T) factored gold - silver equivalent
Stockpiles will be mined in their entirety with no grade control or selectivity.
Mt Diablo†
Classification Tonnes (000)
Total Ag
(g/t)
Total Au
(g/t) AgEq(T) ˧
Contained
Northern Belle†
Field metalurgical recoveries: Ag 56%, 66%, 55% for oxide, mixed and sulfides respectively. Au 51%, 10%, 0% for oxide,
mixed and sulfides, respectively.
Total values may not add up correctly due to rounding
Low-grade Stockpiles
Classification Tonnes (000)
Total Ag
(g/t)
TotalAu
(g/t)
AgEq(T)
(g/t) ˧
Classification Tonnes (000)
Total Ag
(g/t)
Total Au
(g/t)
AgEq(T)
(g/t) ˧
Contained
Combined Mt Diablo & Northern Belle Pits†
Underground Resource
pg. 3
Totals above include pit Constrained Mineral Resources (Mt. Diablo and Northern Belle) at a US$9.273
NSR cut-off, within a US$27.50/oz Ag optimized engineered pit (“design pit”) (see footnotes and Resource
Estimate Details section below).
1. A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in s uch form, grade or
quality and quantity that there are reasonable prospects for eventual economic extraction.
An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of lim ited
geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.
An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a
Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with
continued exploration.
An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics
are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation
of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, s ampling and testing
and is sufficient to assume geological and grade or quality continuity between points of observation.
An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to
a Probable Mineral Reserve.
2. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral re sources has no
known issues and does not appear materially affected by any known environmental, permitting, legal, title, socio -political, marketing, or other
relevant issues. There is no guarantee that Silver One will be successful in obtaining any or all of the requisite consents, permits or approvals,
regulatory or otherwise for the project or that the project will be placed into production.
3. The mineral resources in this study were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’), CIM Standards
on Mineral Resources and Reserves, Definitions and Guidelines prepared by the Standing Committee on Reserve Definitions and adopted by the
CIM Council on May 10, 2014.
4. This Mineral Resource Estimate for the near -surface material is based on material within an optimized open pit shell that results from a
US$27.50/oz silver price revenue factor. Tonnes and grade reported at $27.50/oz Ag and U$2,106/oz Au.
5. The Mineral Resource Estimate for underground material was calculated using a 90 g/t Ag(T) cut-off below the $27.50 Pit and using a 70%
mining recovery.
6. Total Ag (AgT) and Au (AuT) mean total silver and gold assays (FA/Gravity) reported by the lab. It also means Calculated silver and gold values
for historic samples collected by previous operators that were assayed for cyanide soluble silver or gold only, but not assayed for total gold and
silver. Average total silver and gold for Mt. Diablo, Northern Belle and Underground resources in this table are derived from silver and gold assays
in a database that consists of up to 80% of cyanide soluble silver and gold assays only. Approximately 20% of the assays in the database have both
FA and or gravity total silver and gold values . The latter constitutes the basis for the generation of the Calculated silver and gold values using
regression formulas developed by qualified Silver One professionals.
Table 2. Candelaria Leach Pad mineral resources. As reported on August 18, 2020 company’s news
release.
Ag (Moz) Au (oz)
AgEq
(Moz)
LP1 Indicated 22,180.000 42 0.074 43.00 16 0.022 30.02 52,000 30.84
LP2 Inferred 11,450.000 42 0.100 44.00 23 0.032 15.40 36,700 16.10
* - Contained Metal based on fire assay grades
˧ - AgEQ(T) formula = Ag (T) + (Au (T) * recovery *67.73/0.8841). Field Ag, Au recoveries were used in the calculation .
Prices for calculating contained silver equivalents are US$27.5 oz Ag and US$2,106 oz Au
Metal prices used for this resource estimate were US$1500/oz Au, US$20/oz Ag. Same prices were used for the processing scenarios
related to reasonable prospects for eventual economic extraction
LP1 cyanide leach estimated field silver and gold recoveries are 25% and 20% respectively. KCA lab column leach tests Ag and Au
recoveries are 29% and 21%respectively
LP2 cyanide leach estimated field silver and gold recoveries are 35% and 25% respectively. KCA lab column leach tests Ag and Au
recoveries are 40% and 27% respectively
The MRE above was reported in "Technical Report on the Leach Pads Within the Candelaria Property" prepared in accordance with NI
43-101 standards, with an effective date August 6, 2020.
Candelaria Heaps
Deposit Classification
Tonnes
(000)
Ag (FA)
(g/t)
Au (FA)
(g/t)
AgEq(T)
(g/t) ˧
CN Soluble
Ag (g/t)
CN Soluble
Au (g/t)
Contained Metal*
pg. 4
Candelaria’s project resources now total 108.18 million ounces of silver equivalent (“AgEq”) in the
Measured and Indicated categories, and 29.46 million ounces of silver equivalent including in -ground,
leach pad and stockpiles material. Higher grade material such as the underground resource , contains a
significant amount of zinc. However, owing to the scarcity of base metal assays in most of the database,
base metals are not included in the resource estimate at this time.
This report brings to current, upgrades and expands the historic resource of the Mount Diablo, Northern
Belle and Stockpiles reported by SSR in a Technical Report filed on SEDAR in 2002, and complements the
resource estimate of the leach pads reported by the company in 2020.
Metal prices used for this resource estimate are US $ 27.50 per ounce of silver and US $ 2,106 per ounce
of gold. These prices are used for the exploitation scenarios related to reasonable prospects for eventual
economic extraction. The 3 -year trailing average metal prices are US $2,146 per ounce of gold and US
$25.11 per ounce of silver. Spot prices for April 30, 2025 were US 3,328 per ounce of gold and US $33.19
per ounce of silver.
To fulfill the requirement of reasonable prospects for economic extraction (“RPEEE”), a conceptual
crushing and leaching scenario using the Merrill-Crowe process was developed based on the results of the
High-Pressure Grinding Rolls (“HPGR”) and column cyanide leach tests. These metallurgical tests were
completed by McClelland Laboratories Inc. and Kappes Cassiday & Associates (“KCA”) in Reno, Nevada
(see Company’s news release May 21, 2019).
The scenarios evaluated were developed based on an operational throughput of 10,000 per day (tpd).
The base case was using a silver recovery of 56%, 66% and 55% for oxide, mixed and sulfide material
respectively, and gold recoveries of 51%, 10% and 0% for oxide, mixed and sulfide, respectively. These
metal recoveries are estimated field recoveries which are discounted by a factor of 9% from laboratory
column test recoveries, as normally done in practice by KCA for feasibility study purposes. The mining
and heap-leach processing assumptions for RPEEE are shown in Table 3.
Table 3. Mining and Heap Leach Processing assumptions for RPEEE.
Parameter Value Unit
Open Pit Mining Cost 2.50$ US$ per tonne mined
Underground Mining Cost 55.00$ US$ per tonne mined
Processing Cost 8.02$ US$ per tonne processed
General and Adminintrative 1.25$ US$ per tonne processed
Silver Refining 0.50$ US$ per troy oz Silver
Gold Refining 5.00$ US$ per troy oz Gold
Silver Base Case Price 27.50$ US$ per troy oz Silver
Gold Base Case Price 2,106.00$ US$ per troy oz Gold
pg. 5
The above assumptions use an open-pit mining internal cut-off NSR value of US$9.27/tonne (equivalent
to a cut-off grade between 14.81 g/t AgEq to $17.78 g/t AgEq depending on the rock and mineralization
type). Cut-off for underground mining is 90 g/t Ag.
Resource Estimate Details
o The constraining pit for RPEEE was designed using 6m and 3m block size and the Lerch-Grossman “LG”
algorithm. The optimal design pit resulted from a US$27.50 g/t Ag and US$2,106 g/t Au price revenue
factor and then engineered to generate a design pit for the near-surface resource estimate. Tonnage
and grade reported was tabulated at US$27.50/oz Ag and US$2,106/oz Au.
o Specific gravities were calculated from 78 laboratory measurements of all types of mineralized
materials. Averages are 2.52 g/cm 3 for oxide and mixed mineralization, 2.66 g/cm 3 for sulfides, and
2.37 g/cm3 for all other rock materials.
o Historical mine workings at Northern Belle were digitized in mine grid from various maps, vertical and
longitudinal sections and solid wireframes were built and converted to UTM coordinates. Volume of
workings were calculated and deducted from the respective block affected.
o Measured, Indicated and Inferred Mineral Resources were determined from respective classification
search ranges for Mt Diablo:
▪ Range composites classification
▪ 0 to 5.81m >5 Measured,
▪ 5.81to9.62m >10 Measured
▪ 9.62to11.53m >10 Indicated
▪ 11.53-27.1m 10-30 Indicated
▪ >27.1m all Inferred
o Classification search ranges for Northern Belle:
▪ Range composites classification
▪ 0 to 6.26m >5 Measured
▪ 6.26 to 12.65m >10 Measured
▪ 6.26t o 12.65m <10 Indicated
▪ 12.65 to 37.18m 10-30 Indicated
▪ >37.18m all Inferred
o Underground resources were tabulated using a 90 g/t Ag(T) cut-off below the $27.50 Pit and using a
70% mining recovery.
o The Mineral Resource Estimate is based on a drill hole database containing 938 surface RC, percussion
and diamond drill holes totaling 143,389 metres of drilling and 76,796 assays. Historic drilling (90% of
the drillholes with only cyanide soluble assays ) was converted from mine grid to UTM by surveying
mine grid points in UTM and doing a grid conversion.
o Verification of the interpolation of the resource model included visual inspections of the block grades
versus composite values and geologic model, block model swash plots for soluble silver, and a ‘one
out’ cross-validation.
A Technical report in support of the MRE will be filed on SEDAR+ within 45 days of this press release.
pg. 6
Candelaria Project Background
Candelaria was historically the highest -grade silver producer in the state of Nevada, averaging over
1,200 g/T AgEq (40 oz/t AgEq) from high -grade vein mining between the mid -1800s and the mid -1900s.
Open pit mining operations mined silver and base metals from stockwork and manto -style mineralized
bodies with accessory gold values hosted in rocks of the Candelaria and Pickhandle Gulch formations. The
majority of the mineralization is associated with the Lower Candelaria shear and Pickhandle thrusts.
Open-pit mining was undertaken in the 1970s through 1998 by several companies, including Nerco, Inc.
and Kinross. Kinross closed the open pit and leach operation in 1998 due to low silver prices. Leaching of
the historic pads was not completed leaving a substantial amount of silver unprocessed. It is estimated
that the property has produced over 68 million ounces of silver. Historical information was obtained from
“Geology of the Candelaria Mining District, Mineral County, Nevada, 1959, Nevada Bureau of Mines,
Bulletin 56”, and the SSR Mining Inc. technical report titled “Candelaria Project Technical Report” dated
May 24, 2001 (filed on SEDAR June 20, 2002), prepared by Pincock Allen & Holt.
Qualified Persons
The mineral resource estimate was prepared by James A. McCrea, P. Geo, an independent Qualified
Person as defined by National Instrument 43 -101 who has reviewed and approved the content of the
news release relating to the mineral resource estimate.
The technical content of this news release , not related to the mineral resource estimate, 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
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 inc reasing 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.
pg. 7
For more information, please contact:
Silver One Resources Inc.
Gary Lindsey - VP, Investor Relations
Phone: 604-974‐5274
Mobile: (720) 273-6224
Email: [email protected]
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.