SLVRF - Silver One Commences 15000 Meter Drill Program at Candelaria Nevada
(TheNewswire)
Vancouver, British Columbia- TheNewswire - Oct. 15, 2020- Silver One Resources Inc. (TSXV:SVE) (OTC:SLVRF) (FSE:BRK1) ("Silver One" or the"Company") is pleased to announce the commencement of a15,000 meter reverse circulation ("RC") drilling program onits 100% owned Candelaria silver project in Nevada. The drillingprogram will test potential high-grade down-dip targets and potentialalong strike extensions of the historic Candelaria open-pit minesmineralization. Reverse circulation material will also be used formetallurgical testing on the near surface mineralization proximal tothe two open-pits, with the aim of completing an economic study onboth the historic leach pads and on combining near surfacemineralization with the heap leach pad material. These studies areslated for H1, 2020.
Three main areas on the property will be drill tested. These include:
- 1,500 by 500 meter, potentialhigh-grade areas of mineralization down-dip from the two historicopen-pit mines
- High-grade silver mineralization encountered in historic drilling bySilver Standard (up to 670 g/t silver over 14m) in 2002 and in thediamond drilling program completed by Silver One in early 2020. Silver One's Intercepts include: 1,129 g/t silver with 1.33 g/t goldover 8 m within 27.6 meters averaging 350 g/t silver and 0.45 g/t goldencountered on the northern down-dip extension to the Mount Diabloopen-pit mineralization as well as 894 g/t silver with 2.84 g/t goldover 2 meters within 8 meters of 237 g/t silver with 0.79 g/t gold onthe northern down-dip extension to the Northern Bell open-pitmineralization (see map below and Company News Release, May 26, 2020).
- Extensions to near-surface pitmineralization
- Extensions of the mineralization east and west of the historic pitsto investigate the continuity of the mineralization along strike.
- Potential skarn - IOCG (Iron oxide,copper, gold) mineralization identified in historic adit dumps andtargeted by Silver One's 2019 airborne magnetometer survey andsubsequent IP survey
- Sampling from chalcopyrite rich dump material near the Georgine openpit (see magnetometer map below) returned values to 2.76% copper with24 g/t silver and 0.67 g/t gold.
- IP anomalies north of Georgine pit are interpreted to be related tothe IOCG target.
- Additionally, the IP survey is being extended to areas notpreviously covered to better select targets for drilling.
Down-dip Intercepts from 2019-2020Diamond Drilling
Greg Crowe, President and CEO commented: "This drill program andthe subsequent metallurgical and economic studies are best consideredas a Phase 1 in the ongoing, longer term redevelopment of Candelaria. The vision for this highly prospective project entails an earlierpotential recovery of silver from the historic heaps, where werecently announced a current 43-101 compliant resource estimate (seeCompany news release of August 18, 2020) containing Indicatedresources of 30.017 million ounces of silver (22,184,000 tonnes at42.1 ppm) plus Inferred resources of 15.397 million ounces of silver(11,451,000 tonnes at 41.8 ppm). Alternatively, a combining of theheap material and fresh open-pit material will also be considered.
Greg Crowe further commented: "Silver One will also continue toexamine the high-grade, down-dip extensions to the mineralized system,that could significantly add to the life of any potential futureoperation. Additionally, the possibility of sulphide bearing,silver-gold-copper rich IOCG or skarn
mineralization at depth has never been tested. Should significantconcentrations of this style of mineralization be outlined, it wouldsignificantly alter and enhance the merits of this project."
Representative RC samples will be collected for metallurgical testing. Test results will help to ascertain the effectiveness of mixinghigher-grade open-pit material with the historic heap leach materialwith the aim of potentially increasing recoveries and extending themine life associated with the goal of recovering silver from theheaps. Both scenarios (heap alone and heaps plus open-pit material)will be part of the upcoming economic study in H1, 2021.
Airborne Magnetometer Survey
The technical content of this news release has beenreviewed and approved by Greg Crowe,P.Geo. , and a Qualified Person as defined byNational Instrument 43-101.
Silver One is focused on the exploration and development of qualitysilver projects.
The Company holds an option to acquire a 100%-interest in its flagshipproject, the past-producing Candelaria Silver Mine, Nevada. Potentialreprocessing of silver from the historic leach pads at Candelaria isbeing investigated. Additional opportunities lie in previouslyidentified high-grade silver intercepts down-dip and the possibilityof increasing the substantive silver mineralization along-strike fromthe two past-producing open pits.
The Company has staked 636 lode claims and entered into aLease/Purchase Agreement to acquire five patented claims on itsCherokee project located in Lincoln County, Nevada, host to multiplesilver-copper-gold vein systems traced to date for over 12 kmalong-strike. The property also has potential for limestone relatedpolymetallic plus silver and gold and/or other intrusive relatedsystems at depth.
Silver One holds an option to acquire a 100% interestin the Silver Phoenix Project. The Silver Phoenix Project is a veryhigh-grade native silver prospect that lies within the "ArizonaSilver Belt", immediately adjacent to the prolific copperproducing area of Globe, Arizona.
In addition, the Company also holds a 100% interest in threesignificant silver assets located in Mexico - Penasco Quemado, Sonora;La Frazada, Nayarit; and Pluton, Durango, acquired from First MiningGold, one of the Company's largest shareholders.
For more information, pleasecontact:
Silver One Resources Inc.
Gary Lindsey
Phone: (720) 273-6224
Email: gary@strata-star.com
Forward-Looking Statements
Information set forth in this news release containsforward-looking statements that are based on assumptions as of thedate of this news release. These statements reflect management'scurrent estimates, beliefs, intentions, and expectations. They are noguarantees of future performance. Silver One cautions that allforward-looking statements are inherently uncertain, and that actualperformance may be affected by a few material factors, many of whichare beyond Silver One's control. Such factors include, among otherthings: risks and uncertainties relating to Silver One's limitedoperating history, ability to obtain sufficient financing to carry outits exploration and development objectives on its mineral properties,obtaining the necessary permits to carry out its activities and theneed to comply with environmental and governmental regulations.Accordingly, actual, and future events, conditions and results maydiffer materially from the estimates, beliefs, intentions andexpectations expressed or implied in the forward-looking information.Except as required under applicable securities legislation, Silver Oneundertakes no obligation to publicly update or revise forward-lookinginformation.
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