Silver One Provides Update ON Its Phoenix Silver Project, Arizona
SILVER ONE PROVIDES UPDATE ON ITS PHOENIX SILVER PROJECT, ARIZONA
Vancouver, British Columbia--(January 11, 2021) - Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF)
(FSE: BRK1) (“Silver One” or the “Company”) is pleased to provide an update of its 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 fragment weighed 417
pounds (189 kg) and specific gravity measurements indicate that it 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).
The above photos are selected samples that are not necessarily representative of the mineralization
hosted on the property.
Since July, 2020 (see News Release of July 28, 2020), the Company has completed additional prospecting
and geological mapping, soil and rock geochemical sampling , a property wide drone-borne magnetic
survey, as well as ground self-potential (SP) and electromagnetic (EM) geophysical surveys in the vicinity
of the vein fragment structures. Some of these surveys were postponed due to COVID -related delays
encountered by some of the Company’s contractors. From this work, a series of exploration targets have
been identified and a drill plan has been submitted for permitting, with the aim of testing vein-structures
interpreted as the upslope source to the very high -grade vein fragments . The permitting process is
expected to take 2-3 months.
The magnetic survey has been particularly useful in identifying structural linears, some of which are
associated with silver bearing veins. Not only were the east -west trending 417 and Mexican Mine
structures identified, but additional strong lineaments were outlined in the northeast and northwest
orientations (see map below). Of particular interest is that all three interpreted linear structures intersect
in close proximity to, and upslope from the area hosting the very high-grade vein fragments (including the
417 pound fragment and the 459,000 g/t fragment) and also in the vicinity of the Mexican Mine. Other
areas of intersecting structures have been identified elsewhere on the property and will re quire future
exploration to determine if they are related to silver vein mineralization.
Rock sampling and geological mapping have identified multiple areas of veining on the property (see map
below) and the mapping has led to a much greater understanding of the geological and structural controls
on the mineralization.
Two separate mineralizing events are suspected of being responsible for the bulk of the veins discovered
to date. The first event comprises h igh-grade silver veins hosted in Proterozoic (Precambrian) aged
diabase, near the contacts with similar aged metasediments. This style and grade of mineralization is
similar to the high-grade Cobalt silver camp in northern Ontario, Canada. The second event consists of
silver-bearing polymetallic veins (copper, zinc, lead and gold) which may include remobilization of older
silver mineralization during the much younger, Laramide (Upper Cretaceous – Tertiary) porphyry copper
event. This younger mineralizing episode resulted in the emplacement of large copper deposits which are
actively being mined immediately to the southwest of Phoenix silver.
Three dimensional modeling of the magnetic data has not only helped in outlining enhanced lineaments
potentially associated with veins, but has also revealed multiple areas of low magnetic susceptibility which
could be indicative of hydrothermal alteration and deep-seated sources of hydrothermal fluids. These
latter characteristics are very similar to the magnetic sig nature of the Laramide aged copper deposits
located adjacent to the southwest area of the Phoenix Silver project.
Exploration for porphyry copper is being conducted immediately to the west of Phoenix silver. Combined
with the results of Silver One’s magnetic survey, this further substantiates the possibility that the silver-
bearing polymetallic veins, that occur especially in the southern parts of the property, may be associated
with a porphyry copper system at depth.
Greg Crowe, Presid ent and CEO of Silver One commented: “ Ongoing exploration at Phoenix Silver
continues to enhance the merits of the property. Geophysic s in combination with geochemical sampling
and geological mapping have identified multiple exploration prospects. The primary, near-term focus will
be the drilling of the vein structures immediately upslope from where the very high -grade silver vein
fragments were discovered. Permitting is in progress , with drilling anticipated to begin in Q2 2021.
Additional, highly pr ospective targets will be the focus of future programs. We are looking forward the
advancement of this uniquely high-grade silver opportunity.”
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.
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 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 histor y,
ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral
properties, o btaining 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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