VANCOUVER, BC, March 17, 2021
/CNW/ - Summa Silver Corp. ("Summa" or the "Company") (TSXV: SSVR)
(OTCQB: SSVRF) (Frankfurt:48X) is pleased to announce that it has
engaged National Drilling EWP of Elko,
NV to carry out drilling at the Company's high-grade
silver-gold Hughes Property near Tonopah,
Nevada in 2021.
Drilling is expected to start in early to mid-April. The focus
of the drilling will be to expand on previously reported high-grade
silver and gold intercepts at hole spacings suitable for mineral
resource estimation. Further details on specific targets and total
meters to be drilled will be finalized and announced in due course
as the Company continues to await assays from the 14 outstanding
holes remaining from the 2020 drill program.
Key highlights from the 2020 drill program so far include*:
- 3,760 g/t silver equivalent (1,762 g/t Ag and 19.99 g/t
Au) over 2.5 m from 347.1 m within
596 g/t silver equivalent (286 g/t Ag and 3.10 g/t Au) over
18.5 m from 347.1 m in SUM20-06
- 6,220 g/t silver equivalent (2,910 g/t Ag and 33.1 g/t
Au) over 0.7 m from 397.4 m within
3,182 g/t silver equivalent (1,495 g/t Ag and 16.9 g/t Au)
over 1.4 m from 397.4 m in SUM20-20
*see news releases dated September
30th, 2020 and December
17th, 2020 for more details
Galen McNamara, CEO,
commented: "With the closing of our $10,168,00 financing last month which included a
significant investment from Mr. Eric
Sprott, the Company has approximately $13,500,000 in cash on hand. We are fully
financed to complete aggressive drill programs at both Hughes, NV
and Mogollon, NM in 2021 as we
push towards mineral resource estimates. National Drilling EWP is a
safety, environmental and client focused leader in both
reverse-circulation and core drilling in the United States with clients that include
some of the largest mining companies in the world. We're happy to
welcome National back to the project after executing a safe and
efficient program last year. In addition, we look forward to
releasing the remaining results form the 2020 drill program and
will do so once results become available."
2020 Drill Results Update
Due to ongoing delays at geochemical analytical labs, assay
results for 14 of 29 holes drilled during the 2020 drill program
remain pending. Samples submitted to ALS Global of Reno, NV in early December are now being
assayed in Vancouver after being
crushed and pulverized at preparation facilities in Mexico. The Company will release results once
the data have been received, interpreted, and modelled. The Company
is currently reviewing all available options to speed up analytical
turn-around times for exploration programs in 2021.
Qualified Person
The technical content of this news release has been reviewed and
approved by Galen McNamara, P. Geo.,
the CEO of the Company, and a qualified person as defined by
National Instrument 43-101.
About Summa Silver Corp
Summa Silver Corp is a
Canadian junior mineral exploration company. The Company has
options to earn 100% interests in the Hughes property located in
central Nevada and the
Mogollon property located in
southwestern New Mexico. The
Hughes property is host to the high-grade past-producing Belmont
Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The
Mogollon property features a
number of high-grade past-producing mines which operated between
the 1880's and 1942.
Follow Summa Silver on
Twitter: @summasilver
LinkedIn:
https://www.linkedin.com/company/summa-silver-corp/
ON BEHALF OF THE BOARD OF DIRECTORS
"Galen
McNamara"
Galen McNamara,
Chief Executive Officer
info@summasilver.com
www.summasilver.com
Investor Relations Contact:
Kin Communications
Nima Shafigh
604-684-6730
SSVR@kincommunications.com
Neither the 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.
Cautionary note regarding forward-looking statements
This news release contains certain "forward looking
statements" and certain "forward-looking information" as defined
under applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. These
forward–looking statements or information relate to, among other
things: the closing of the Offering, the expected use of proceeds
of the Offering, the participation of Eric
Sprott in the Offering, and the exploration and development
of the Company's mineral exploration projects.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
actions, events or results to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: the requirement for regulatory approvals;
enhanced uncertainty in global financial markets as a result of the
current COVID-19 pandemic; unquantifiable risks related to
government actions and interventions; stock market volatility;
regulatory restrictions; and other related risks and
uncertainties.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses,
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect.
The Company undertakes no obligation to update
forward-looking information except as required by applicable law.
Such forward-looking information represents management's best
judgment based on information currently available. No
forward-looking statement can be guaranteed, and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information.
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SOURCE Summa Silver Corp.