Silver One Commences Geophysical Survey at Penasco Quemado, Sonora State, Mexico
Silver One Commences Geophysical Survey at Penasco
Quemado, Sonora State, Mexico
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2017) - Silver One Resources Inc. (TSXV: SVE) (OTC Pink:
SLVRF) (FSE: BRK1) ("Silver One" or the "Company") has commenced a geophysical survey at its wholly-owned Peñasco
Quemado silver property in Sonora, Mexico. The purpose of the survey is to develop a 3D-quality map of lithologies identified
as high-priority target areas with strong zinc and lead soil geochemistry analysis in early 2017 (see Company news release
dated March 1, 2017) and better delineate targets for potential future drilling.
Greg Crowe, Silver One's President and CEO commented, "We believe this survey will be extremely useful, as previous
geophysical surveys successfully identified lithologies and mineralization associated with the historic Peñasco Quemado
resource area, where nearly 10 million ounces (measured and indicated resource) of silver were identified through drilling
between 2008 and 2009 (see Company news release dated September 27, 2016). The previous geophysical survey was
conducted in specific areas of the property only and did not entirely test the targets outlined through recent soil surveys
completed by Silver One.
The present geophysical survey will cover a wider area to investigate the newly discovered large target
found in the western part of the property, as well as the 3+ kilometre-long zinc and lead soil anomaly that occurs along-strike to
the southeast of the historic resource area.
Both targets have the potential to significantly increase the existing resource and to
define new areas of mineralization.
Additionally, the Controlled-Source Audio-Frequency Magnetotellurics ("CSAMT") being used will probe deeper with higher
resolution than previous surveys allowing us to explore the possibilities of a zinc-lead-silver mineralized system with geological
similarities to the Hermosa-Taylor Deposits being developed by Arizona Mining, located approximately 125 kilometres to the
northeast of Peñasco Quemado."
Silvermex Resources Limited reported in a technical report titled
"Updated NI 43-101 Technical Report and Resource
Estimate for the Penasco Quemado Silver Property"
dated March 9, 2007 (filed on SEDAR March 16, 2007), prepared by
William J. Lewis and James A. McCrea, the above referenced historical mineral resource estimate.
The historical mineral
resource estimate used "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", which are
categories set out in NI 43-101.
Accordingly, Silver One considers these historical estimates reliable as well as relevant as it
represents a target for exploration work by Silver One.
The historical resource estimate is set out in detail below:
Resource Category
(Underground)
Mineral Type
Tonnes
(Mt)
Ag
(g/t)
Ag
(Moz)
Measured
Oxides
0.12
152
0.60
Indicated
Oxides
2.44
115
9.03
Total M + I
Oxides
2.57
117
9.63
Inferred
Oxides
0.10
41
0.13
** The data base for the historical resource estimate consisted of 24 reverse circulation holes from a 1981/82 program, 17
reverse circulation holes from a 2006 program and 8 diamond drill holes from a 2006 drill program.
Assay data was available
for all 49 of the drill holes and 12 trenches.
The mineral resource estimate used a kriging es
timation method to establish
mineralization
zones with a cut-o
ff grade of 30 g/t Ag and assay
s capped at 700 g/t Ag. Resource blocks were estimated by
ordinary kriging with samples wi
thin a search radius of 25 metre
s classified as a measured m
ineral resource, within 47 metre
s
classified as an indicated mine
ral resource and within 70 metre
s classified as an inferred mineral resource. As required by NI
43-101, CIM definitions (
August
2004) were used to classify mineral resources with the c
lassification of each kriged
mineralization
block dependent upon the number of penetrating holes. An in-situ
block density of 2.50 t/cu metres
was
assigned
to
the mineralization
blocks
.
The qualified person has not done sufficient work to classify the historical estimate as
a current mineral resource. Silver One is not tr
eating this historical estimate
as current mineral resources
.
Zonge International, a well-respected geophysical services company with worldwide experience, is conducting the survey which
is expected to be completed by the end of December 2017. The current program consists of CSAMT, a resistivity sounding
method that provides an excellent combination of lateral resolution and depth of investigation.
A total of 12 lines are planned,
each a minimum of three kilometres in length. Eight lines are scheduled over a strong soil anomaly in the western area of the
property and four lines over a strong zinc-lead soil anomaly in the eastern area of the property.
Peñasco Quemado
Peñasco Quemado is a 3,746-hectare property located in northern Sonora, 60 kilometres south of the town of Sasabe on the
US-Mexico border. A 2006 drilling program outlined a historical measured and indicated resource of 2.57 million tonnes at a
grade of 117 grams per tonne silver for a silver historic measured and indicated resource of 9.63 million ounces. The silver
mineralization is associated with manganese and barium oxides in a near surface shallow westerly dipping zone of polymictic
conglomerate.
A soil geochemistry survey completed by Silver One in February 2017 outlined two main target areas. The first one, the
Peñasco Target is a 3,000 metre-long by 300 metre-wide linear zone with strong anomalous zinc, lead, barium and manganese
with values up to 3,500 parts per million zinc and 800 parts per million lead. This zone contains a historic measured and
indicated resource of 9.63 million ounces silver at its northwestern end (see Company news release dated September 27,
2016) within a manganese and barium oxide replacement of a shallow westward-dipping conglomeratic horizon. The second
anomalous area is a new and unexplored 2,500 metre by 1,500-metre target located in the western side of the property with
lead, zinc, barium and manganese anomalies similar to the Peñasco Target.
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 a silver focused exploration company that holds an option to acquire a 100% interest in the past producing
Candelaria Silver Project, located in Nevada, from SSR Mining Inc. (formerly, Silver Standard
Resources Inc.) and holds a 100% interest in three significant silver assets located in Mexico: Penasco Quemado in the State of
Sonora, La Frazada in the State of Nayarit, and Pluton in the State of Durango. The Mexican mining assets were acquired from
First Mining Finance, a key shareholder a result of the transcation.
For more information, please contact:
Silver One Resources Inc.
Monica Hamm
VP, Investor Relations
Phone: (604) 974-5274
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
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
its mineral projects
, 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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IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITYFOR THE ADEQUACY OR
ACCURACY
OF THIS RELEASE.