TARGETS INCLUDE POTENTIAL VEIN SOURCE OF MULTIPLE VEIN
FRAGMENTS INCLUDING A 417 POUND NATIVE SILVER-RICH VEIN
FRAGMENT
VANCOUVER, British Columbia,
March 2,
2023 /CNW/ --Silver One Resources Inc. (TSXV:
SVE) (OTCQX: SLVRF) (FSE: BRK1) ("Silver One" or the
"Company") is pleased to announce that it has received the permit
from the US Forest Service for drilling its high-grade Phoenix
Silver Project (or the "property") located near Globe, Arizona.
The main target area includes the potential source of very
high-grade silver vein fragments located near the 417 pound (189
kg) vein fragment uncovered in the southern portion of the property
(see Figures 1 and 2). This vein fragment was not assayed, as
it is a collectors' specimen, but specific gravity tests indicate a
very high-grade silver content of up to 70% native silver (see News
Release of Feb 5, 2020).
Smaller specimens, also containing abundant visible native silver,
assayed up to 459,000 g/t (14,688 ounces/ton) silver as determined
by a concentrate assay performed at Skyline Assayers and
Laboratories, Tucson, Arizona
(ISO:17025:2005) (see Figure 3 and News Release of Feb 5, 2020). This assay result correlates
well with the order of magnitude of silver found in other vein
fragments, including the specific gravity estimate of silver in the
417 pound vein fragment.
Figure 1 – 417 pound vein fragment containing estimated 70%
silver (determined by specific gravity method). The photo is
of a selected sample that is not necessarily representative of the
mineralization hosted on the property.
Photo
- https://mma.prnewswire.com/media/2013949/Figure_1.jpg
Figure 2 – Map of the 417 Vein Target Area showing
outcropping veins and permitted drill pad locations.
Infographic
- https://mma.prnewswire.com/media/2013950/Figure_2_Infographic.jpg
Figure 3 – 459,000 g/t (14,688 oz/ton) vein fragment
containing abundant visible native silver.
Photo
- https://mma.prnewswire.com/media/2013951/Figure_3.jpg
The above photo is of a selected sample that is not
necessarily representative of the mineralization hosted on the
property.
There is little exposed bedrock on the property and these
fragments were discovered through prospecting and metal detecting.
The angular and unabraded nature to these fragments, that were
discovered at shallow depths under the cover soil, attests to the
fact that this material has not traveled far from its suspected
source. The best drill targets identified to date are just
upslope from where the 417 pound fragment was uncovered and are
coincidental with the location of geophysical and geochemical
anomalies (Figure 2 and January 11,
2021 news release).
The area will be tested by up to 40 diamond drill holes off 13
different drill pads (Figure 2). Drilling is expected to
commence in the first half of 2023 after site
preparation.
Greg Crowe, President and CEO
of Silver One commented: "We are pleased to have received the
permit to drill our high-grade native silver Phoenix Silver
project. This allows us to test what is truly a unique and a
rare opportunity which has the hallmarks to become a world class
silver deposit, owing to its extremely high grade and singular
characteristics. The property not only has the potential to
host a large amount of silver within small structures, but also has
multiple other as yet untested targets that make it a district
scale exploration play. We are looking forward to commencing
drilling in the near term."
The property has never been drilled or systematically explored
with modern exploration methods but the area has extensive mining
history, starting with the discovery of native silver in the late
1800's and small scale silver mining until the 1920's (Geology and
Ore Deposits of the Richmond
Basin, Gila County, AZ, UofA MS
Thesis, Otey Manley, 1935).
This was followed by the discovery of large nearby copper deposits,
also in the late 1800's, which are still being mined today.
Silver One's Phoenix Silver project occurs along the regional
northeast-trending mineralized structural system and lies between
Freeport McMoRan's Globe-Miami
copper mines, located just 10 km southwest of the property, and
past producing native silver mines to the northeast of Phoenix
Silver. Regional silver exploration was revived in 2018 when
Granite Solid (a private company) staked the property. Silver
One entered into an option agreement with Granite Solid in 2020,
giving Silver One the right to earn a 100% interest in the
project.
Six priority silver and polymetallic targets have been
delineated to date using a drone-mounted magnetic survey and via
geological mapping conducted throughout the entire property (Figure
4). Rock sampling, soil geochemistry and self-potential
surveys conducted over selected areas have also delineated
anomalies that coincide with exploration targets and highlight the
importance of the 417 silver fragment target and Mexican Mine areas
(See July 28, 2020 and
January 11, 2021 news releases).
The current drill permit encompasses only the 417 Target area
(Figure 2 and 4). This target includes part of the 417 vein
as well as several other veins, which have a combined length of
nearly 900 metres, that will be tested with a drilling program
planned for first half of 2023. This area is considered the
top priority given that is the potential source of most of the
large silver fragments found on the property to date. It is
worth noting however, that although evidence of silver
mineralization has been identified elsewhere in the property,
less than 50% of the property has been prospected and geochemically
sampled, and only a fraction (417 Target area) has been mapped in
detail. Thus, Silver One management believes that several
more areas will yield positive results and is optimistic about the
larger scale exploration potential of the property.
In addition to its exceptional silver potential, the property
also hosts indications of a potential porphyry copper system at
depth (See January 11, 2021 news
release). Three dimensional (3D) modeling of the magnetic
data has identified lineaments (faults and fractures) which are
potential controls of the mineralization, as well as areas of low
magnetic susceptibility that could be indicative of
magnetite-destructive hydrothermal alteration and possible
deep-seated sources of hydrothermal fluids. The magnetic signature
is similar to the magnetic signature of the Laramide aged copper
deposits being mined by Freeport McMoRan southwest of the Phoenix
Silver project.
Overall, Phoenix Silver is a highly prospective property that is
in the earliest stages of exploration. Not only is a near
term very high-grade silver exploration drill program ready to
begin, but the bulk of this underexplored property hosts multiple
other silver and potential base metal targets awaiting
evaluation.
Figure 4 – Map of the Phoenix Silver property, showing main
veins and targets. The north half of the property is covered by
Tertiary gravel and alluvium and has not been mapped in detail.
Target # 1 (or 417 Target Area), encompasses the 417 lb silver
fragment, part of the 417 vein and the permitted area for drilling.
Targets south of the 417 area, include polymetallic veins as well
as alteration zones potentially associated with porphyry-style
mineralization at depth.
Infographic
- https://mma.prnewswire.com/media/2013952/Figure_4_Infographic.jpg
Qualified Person
The technical content of this news release has been reviewed and
approved by Robert M. Cann, P. Geo,
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 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 previously 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 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.
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.com
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
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
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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SOURCE Silver One Resources Inc.
