Silver One Completes Metallurgical Core Drilling at Candelaria, Nevada Sets Options
Silver One Completes Metallurgical Core
Drilling at Candelaria, Nevada
Sets Options
Vancouver, British Columbia
--
(Newsfile Corp.
-
August 25, 2022)
-
Silver One Resources Inc. (TSXV:
SVE) (OTCQX: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to report the
completion of a core drilling program for metallurgical testing at its Candelaria project in Nevada. A
total of 1,010 metres in six ho
les were drilled along the north side of the Mount Diablo pit in an area
300 m long by 200 m wide (Table 1 and Figure 1 below). The samples collected are representative of
each type of mineralization (oxide, mixed (oxide
-
sulphide), and sulphide) in the pro
perty, and are
being prepared for testing at Kappes, Cassiday & Associates in Reno, Nevada (KCA).
Bulk samples of oxide mineralization, previously collected with a backhoe from the bottom of the Mt.
Diablo pit (August 16, 2022 news release), are already at
the KCA laboratory undergoing bottle roll
and column cyanide leach tests to investigate the silver and gold extractions.
Results from the metallurgical testing will be used in an upcoming in
-
ground resource estimate to
update the historical resource compl
eted by Silver Standard in 2001, as well as to evaluate the
economics of various processing scenarios, including mixing fresh mineralization with the historic
heap leach mineralization versus processing the heap leach material alone.
Table 1. Metallurgical
core hole coordinates and other identification data (UTM NAD83
-
11).
DRILL HOLE ID
East (m)
North (m)
Elevation (m)
Azimuth Deg
Dip Deg
Total Depth (m)
Notes
SO
-
C
-
22
-
132
405463
4223229
1851.5
0
-
90
176.50
Sulfide North
Diablo pit
SO
-
C
-
22
-
133
405493
4223234
1851.5
0
-
90
193.50
Sulfide North
Diablo pit
SO
-
C
-
22
-
134
405551
4223219
1820.7
0
-
90
164.60
Oxide North Diablo
pit
SO
-
C
-
22
-
135
405312
4223092
1833.3
180
-
70
169.11
Oxide North Diablo
pit
SO
-
C
-
22
-
136
405314
4223232
1857.3
180
-
75
145.82
Mixed North Diablo
pit
SO
-
C
-
22
-
137
405383
4223247
1858.7
180
-
80
161.21
Mixed North Diablo
pit
1,010.74
Fig. 1.
Drill collar and metallurgical bulk samples location map.
To view an enhanced version of Fig. 1, please visit:
https://images.newsfilecorp.com/files/4730/134865
_1c2caec8c4ea1982_001full.jpg
Silver One Sets Options
Silver One also announces that is has granted a total of 2,590,000 stock options to its directors,
officers, employees, and consultants. The options are exercisable at $0.33 per share, subject to
Silver
One's option vesting terms and expire five years from the date of grant.
About Candelaria
Candelaria was historically the highest
-
grade silver producer in the state of Nevada, averaging over
1,250 g/t AgEq (40 oz/ton AgEq) from high
-
grade vein mining betw
een the mid
-
1800s and the mid
-
1900s. Open pit mining operations were undertaken in the 1970s through 1998 by several
companies, including Nerco Inc. and Kinross Gold Corporation ("Kinross"). Kinross closed the open
pit and leach operation in 1998 due to lo
w silver prices. Leaching of the historic pads was not fully
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 o
f the
Candelaria Mining District, Mineral County, Nevada, 1959, Nevada Bureau of Mines, Bulletin 56", and
the 2001 SSR Mining Inc. technical report titled "Candelaria Project".
Qualified Person
The technical content of this news release has been reviewed
and approved by Robert M. Cann, P.
Geo, 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%
-
int
erest 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 prev
iously 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 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 11 km along
-
strike.
Silver One holds an option to acquire a 100% interest in the Silver Pho
enix 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.co
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 enviro
nmental 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 u
nder 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 VENT
URE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.