Silver One Intersects 1,032 G/T AG over 3.05 Meters at Its Candelaria Project, Nevada
pg. 1
SILVER ONE INTERSECTS 1,032 g/t Ag OVER 3.05 METERS AT ITS
CANDELARIA PROJECT, NEVADA
Vancouver, British Columbia --(February 1 6, 202 1) - Silver One Resources Inc. (TSXV: SVE) (OTCQ X:
SLVRF) (FSE: BRK1) (“Silver One” or the “Company”) is pleased to report initial results from its ongoing
reverse circulation (“RC”) drilling program on its past-producing Candelaria Silver Project in Nevada. To
date 9,381 meters of the 15,000-meter proposed program have been drilled in 30 holes . Twenty-five
holes were successfully finished, including repeats of five incomplete holes that were abandoned due to
technical drilling problems before reaching the target. The holes drilled and the assays of 13 holes
received have expanded the down -dip mineralization an additional 250 meters to the north at Mount
Diablo and an additional 100 meters to the north-northeast of the Northern Belle pit (see Figure 1 and
Table 1 below). Drilling is continuing with the goal of confirming areas of additional mineralization and to
acquire material for ongoing metallurgical studies.
Highlights include:
• 1,032 g/t Ag and 1.51 g/t Au over 3.05 meters within a 12.2 meter zone averaging 407 g/t Ag and
0.55 g/t Au in drill hole SO-C-20-59.
• 407 g/t Ag and 0.5 g/t Au over 6.1 meters within a 9.1 meter zone averaging 295 g/t Ag and 0.4
g/t Au in drill hole SO-C-20-60 (see table and map below).
Silver One’s President and CEO, Greg Crowe commented “Drilling is progressing, and results received to
date continue to expand the area of down -dip mineralization to the north of both the Mt. Diablo and
Northern Belle pits. The assays of holes 59 and 60 north of Mount Diablo pit, illustrate that higher-grade
mineralization persists down dip north of and beyond the historic resource area. The mineralization is also
beginning to form coherent clusters that could potentially define mineralized bodies that may be accessible
by either an expansion of the open pit or by underground methods. These results are also confirming the
2020 diamond drill results reported in the Company’s news release of May 26, 2020. One of the diamond
drill holes reported an 8-meter interval of 1,129 gm/t silver and 1.33 gm/t gold within a 27.6-meter interval
averaging 350 gm/t silver and 0.45 gm/t gold in hole SO-C-19-47.
Mr. Crowe further commented: “The next round of holes will focus on testing the continuity of the open pit
mineralization along-strike at Mount Diablo, as well as potential for IOCG/skarn targets identified in dump
samples outside an historic adit near to the Georgine Pit (see Figure 2 below). Geophysics (airborne
magnetics and ground IP) have been useful in selecting drill targets. Additionally, samples collected from
holes within the limits of the historic Diablo pit will be used for metallurgical testing and to evaluate the
potential for future pit expansion.”
A summary of the relevant drill intercepts is included in the table below.
pg. 2
Table 1: Significant assay results from RC drilling to date. All intercepts are true widths or near true
widths.
Reverse circulation material collected from holes near the Diablo pit will also be used for metallurgical
testing. This information, in combination with the ongoing metallurgical studies being conducted on the
historic heap leach pads, will be used to prepare an economic study during the second half of 2021. This
study will focus on the potential reprocessing of the historic leach pads alone , or on combining near
surface in-situ mineralization marginal to the pits with the heap leach pad material.
From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
Cu
(ppm)
Pb
(%)
Zn
(%) Area
SO-C-20-055A 242.32 249.94 7.62 0.20 26 0.01 0.05 0.07 Northern Belle
266.70 271.27 4.57 0.20 52 0.00 0.07 0.01 Northern Belle
274.32 275.84 1.52 0.14 34 0.01 0.05 0.06 Northern Belle
SO-C-20-056A 216.41 234.70 18.29 0.20 100 0.01 0.20 0.25 Northern Belle
Includes 217.93 219.46 1.52 0.71 382 0.04 0.67 0.91 Northern Belle
257.56 260.60 3.05 0.03 30 0.01 0.02 0.01 Northern Belle
274.32 277.37 3.05 0.20 25 0.01 0.03 0.03 Northern Belle
315.47 316.99 1.52 0.06 49 0.03 0.09 0.10 Northern Belle
SO-C-20-057 210.31 213.36 3.05 0.70 61 0.01 0.08 0.09 Northern Belle
234.70 245.36 10.67 0.27 115 0.02 0.30 0.46 Northern Belle
309.37 310.90 1.52 0.20 106 0.02 0.2 0.16 Northern Belle
SO-C-20-059 294.13 295.66 1.52 0.17 25 0.01 0.35 0.27 North Diablo
336.80 349.00 12.19 0.55 407 0.03 0.78 0.67 North Diablo
Includes 338.33 341.38 3.05 1.51 1,032 0.04 2.14 0.42 North Diablo
349.00 355.09 6.10 0.09 20 0.01 0.01 0.02 North Diablo
SO-C-20-060 358.14 367.28 9.14 0.40 295 0.03 0.53 0.65 North Diablo
Includes 359.66 365.76 6.10 0.50 407 0.36 0.73 0.87 North Diablo
SO-C-20-061 237.74 240.79 3.05 North Diablo
388.62 390.14 1.52 0.11 63 0.01 0.16 0.29 North Diablo
SO-C-20-062 324.61 339.85 15.24 0.27 169.1 0.02 0.39 0.57 North Diablo
Includes 335.28 339.85 4.57 0.41 246 0.04 0.54 0.87 North Diablo
339.85 342.90 3.05 0.12 54 0.01 0.08 0.11 North Diablo
SO-C-20-064 347.47 352.04 4.57 0.14 58.6 0.01 0.13 0.04 North Diablo
Includes 347.47 349.00 1.52 0.22 99.3 0.03 0.22 0.32 North Diablo
SO-C-20-065 213.36 233.17 19.81 0.2 84.4 0.01 0.19 0.27 Northern Belle
Includes 220.98 224.03 3.05 0.3 205.5 0.02 0.48 0.62 Northern Belle
SO-C-20-066 289.56 291.08 1.52 0.33 70 0.02 0.15 0.51 North Diablo
SO-C-20-067 349.00 352.04 3.05 0.34 244 0.03 0.30 0.60 North Diablo
Drill hole
Pend lab assay, pXRF reports 3m@74g/t Ag &
0.5%Pb+Zn
pg. 3
Fig 1. Drill hole intercepts from 2020-2021 RC Drilling
pg. 4
Fig 2. Airborne Magnetometry (Total magnetic intensity map
Table 2 below includes the location, azimuth, dip and total depth of holes drilled to date. All holes were
completed using RC wet drilling in 5 ¼” nominal diameter. The drilling was initiated in October 2020, with
one drill. On early December, a second drill rig arrived to accelerate the current program.
pg. 5
Table 2: Coordinates and other identification data of drill holes drilled to date
DRILL HOLE ID East_m North_m Azimuth
Deg
Inclination
Deg
Total Depth
(ft) Total Depth (m)
SO-C-20-055 404922 4223927 224 -65 365 111.25 Abandoned*
SO-C-20-055a 404925 4223926 224 -65 980 298.71
SO-C-20-056 404962 4223897 180 -65 355 108.20 Abandoned*
SO-C-20-056a 404966 4223897 180 -65 1080 329.18
SO-C-20-057 405088 4223795 224 -80 1045 318.51
SO-C-20-058 405215 4223843 224 -75 170 51.82 Abandoned*
SO-C-20-058a 405212 4223841 224 -75 1145 349.00
SO-C-20-059 405485 4223421 0 -90 1280 390.14
SO-C-20-060 405562 4223459 0 -90 1305 397.76
SO-C-20-061 405621 4223482 0 -90 1460 445.01
SO-C-20-062 405616 4223391 0 -90 1235 376.43
SO-C-20-063 405534 4223573 0 -90 1475 449.58
SO-C-20-064 405452 4223440 224 -75 1305 397.76
SO-C-20-065 405172 4224071 224 -75 820 249.94
SO-C-20-066 405538 4223481 0 -90 1145 349.00
SO-C-20-067 405628 4223610 224 -75 1525 464.82
SO-C-20-068 405058 4223106 0 -90 500 152.40
SO-C-20-069 405671 4223482 0 -90 1600 487.68
SO-C-20-070 405380 4223328 314 -80 985 300.23
SO-C-20-071 405348 4223295 314 -70 605 184.40 Abandoned*
SO-C-20-072 405628 4223610 0 -90 245 74.68 Abandoned*
SO-C-20-071A 405348 4223295 314 -70 940 286.51
SO-C-20-072A 405628 4223610 0 -90 1840 560.83
SO-C-20-073 405320 4223260 314 -85 770 234.70
SO-C-20-074 405675 4223320 0 -90 1025 312.42
SO-C-20-075 405650 4223290 0 -90 905 265.18
SO-C-20-076 403310 4223660 180 -85 1575 480.06
SO-C-20-077 405320 4223260 314 -65 970 295.66
SO-C-20-078 405312 4223224 314 -65 765 233.17
SO-C-20-079 405736 4223506 224 -75 1400 426.72
Total drilled (meters) 9,381.74
* Abandoned (incomplete hole)
pg. 6
Quality Assurance/Quality Control (“QA/QC”)
The QA/QC program included the submission of Certified Reference Materials, blanks, cutting duplicates,
as well as the insertion of crush duplicates and pulp duplicates at random intervals. Certified Standards
and blanks were inserted at a rate of one of each for every 20 samples (5% of total each. Cutting, pulp and
crush duplicates combined were inserted at a rate of one duplicate per every 20 samples (5% of total).
The standards used range in grade from 5 g/t Ag to 493 g/t Ag, and were sourced from Analytical Solutions,
Ltd., in Mulmur, ON, Canada. Blanks h ave been sourced locally from barren silica and marble material.
Field duplicates were obtained from quartered RC cuttings, crush and 'pulp' duplicates were taken from
coarse reject material or pulverized splits, respectively.
Samples were assayed by Ameri can Assay Laboratories (“AAL” in Sparks, NV, USA. (IAS accredited
Laboratory, ISO/IEC 17025:2005. AAL also inserts blanks, standards and includes duplicate analyses to
ensure proper sample preparation and equipment calibration.
Samples to be assayed are s ecurely stored for shipment, with chain of custody documentation through
delivery.
Qualified Person
The technical content of this news release has been reviewed and approved by Greg Crowe, 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% -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.
pg. 7
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: [email protected]
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based o n
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 few material factors, many of which are beyond Silver One's control. Such factors include,
among other things: risks and uncertainties relating t o Silver One's limited operating histor y, ability to
obtain sufficient financing to carry out its exploration and development objectives on its mineral
properties, obt aining 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 PR OVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS R ESPONSIBILITYFOR THE
ADEQUACY OR ACCURACYOF THIS RELEASE.