SLVRF - Silver One Intercepts 1776 g/t Silver and 2.55 g/t Gold over 1.5 Meters Drilling continues to expand Mineralization at Candelaria Nevada
(TheNewswire)
Vancouver, BC - TheNewswire – May 26, 2021 -Silver One Resources Inc. (TSXV:SVE ) ( OTC: SLVRF ) ( FSE:BRK1 ) -“Silver One” or the “Company”) is pleased to report results offourteen additional drill holes from its 52-hole reverse circulation(RC) and diamond drilling program recently completed atCandelaria . The first 11 holes of this program were releasedon February 16, 2021. Drilling intercepts continue expandingdown-dip, higher-grade silver mineralization north of Mount Diablo pitand between the past producing Northern Belle and Mount Diablo pits. Additionally, drilling has extended near surface silver-oxidemineralization for 100 meters to the east and 500 meters to the westof the Mount Diablo open-pit, with the mineralized system remainingopen along-strike in both directions.
Highlights include:
-
- A high-grade intercept of 1,776 g/t silver and 2.55 g/t gold over1.52 meters, within a 7.62-meter interval that averaged 563 g/t silverand 0.73 g/t gold in hole SO-C-21-73 (see table 1 and map below). This is in the same area where previous drilling intercepted values to1,129 g/t silver and 1.33 g/t gold over 8 m within a 28 m interval of350 g/t silver and 0.45 g/t gold (see news release of May 26, 2020)and 1,032 g/t silver and 1.51 g/t gold over 3 m within 12 m of 407 g/tsilver and 0.55 g/t gold (see news release of February 16, 2021)
-
- Additional intercepts include: 546 g/t silver and 1.16 g/t gold over3.05 meters, within a 13.72-meter interval averaging 233 g/t silverand 0.47 g/t gold in hole SO-C-21-74 and; 477 g/t silver and 1.47 g/tgold over 3.05 meters, within a 7.62-meter interval averaging 273 g/tsilver and 0.74 g/t gold in hole SO-C-21-79
-
- Drill holes SO-C-20-69, SO-C-21-72A and SO-C-21-79 have extended thedown-dip, higher-grade mineralization an additional 250 meters tothe north of Mount Diablo pit, with select silver equivalent gradesthat greatly exceed the historical average grade of 88 g/t of silvermined by Kinross and its predecessors in the open pits.
-
- Drill holes intercepts have also expanded the along-strike,potential open-pit mineralization 100 meters and 500 meters to theeast and west of the Mount Diablo pit, respectively. Mineralizationremains open along strike
Gold and silver assays are set out in Table 1 below. Coordinates andother identification drill hole data are in Table 2 at the end of thisrelease. Drill collars and significant assays are also shown on asite map in Figure 1.
The 15,000 meter drill program was successful in outlining a zone ofhigher-grade, down-dip mineralization north of the Mt. Diablo pit andin highlighting the along-strike continuation of the more easilyaccessible near surface mineralization, marginal to the twopast-producing open-pits. Numerous historical workings occur on theproperty along the main east-west trending mineralized structure andhave been traced for over 4 km to the east and west of the twoopen-pits. This enhances the upside exploration potential for thediscovery of additional mineralized systems at Candelaria.
Silver One’s President and CEO, Greg Crowe commented: “Upon completion of the company’scurrent round of RC drilling, we continue seeing the expansion ofcoherent clusters of down-dip, higher-grade silver mineralization. Grades encountered in drilling here suggest that, under the righteconomic conditions, thismineralization has the potential to be accessed by undergroundmethods. Also, the presence of near-surface silver-oxidemineralization along-strike and adjacent to the Mount Diablo pit haspotential for near-surface access. Metallurgical studies of thismaterial will be undertaken to help determine if mixing freshmineralization with historic leach pad mineralization could increasethe overall grade and possible silver recoveries. A second phase ofdrilling is warranted which will focus on in-fill and step outs toexplore the continuity of silver mineralization farther to the eastand west from the pits. Currently, our geologists are preparing RCsamples for metallurgical studies as well as conducting geological andresource modelling in anticipation for additional drilling and thecompletion of an economic assessment study by year end. ”
Table 1: Relevant recent assayresults from RC drilling. Silver values over 150 g/t are highlightedin yellow. Hole 67 reported previously, is repeated here to amend anerror in the February 16, 2021 news release:
All widths in the above table are estimated true widths or near truewidths (90% or over), with exception of drill hole 85 which isapproximately 72% of the intercepted interval. Coordinates and other identification data fordrill holes are presented in Table 2 below.
Figure 1: Drill collarlocations with significant assays
The company’s first phase of reverse circulation drilling programwas completed on March 27, 2021 having drilled approximately 15,000meters in 52 holes. All samples are in the lab now with 27 holesawaiting assays.
Table 2 . Coordinates(UTM83-11) and other identification data.
Drill hole 81 was drilled with RC to a depth of 696 meters, followedby 292 meters of core drilling due to the excess or ground water thatimpeded the continuation of RC drilling.
QA/QC
The QA/QC program included the submission of Certified ReferenceMaterials, blanks, core duplicates, as well as the insertion ofcrushed duplicates and pulp duplicates at random intervals. Certified Standards were inserted at a rate of one standard forevery 20 samples (5% of total) and one blank for every 20 samples (5%of total). Core, pulp and crush duplicates combined were inserted at arate of one duplicate per every 20 samples (5% of total). Thestandards used in Candelaria’s drilling program range in grade from5.88 g/t Ag to 493.0 g/t Ag, and were sourced from AnalyticalSolutions, Ltd., in Mulmur, ON, Canada and from OREAS, BayswaterNorth, VIC, Australia. Blanks have been sourced locally from barrensilica. Field core duplicates were obtained via a 1/8 th split of RC cuttings or fromquartered core, crush and 'pulp' duplicates were taken from coarsereject material or pulverized splits, respectively.
Samples were assayed by American Assay Laboratories (“AAL” inSparks, NV, USA. (IAS accredited Laboratory, ISO/IEC 17025:2005. AALalso inserts blanks, standards and includes duplicate analyses toensure proper sample preparation and equipment calibration.
QualifiedPerson
The technical content of this news release has beenreviewed and approved by Greg Crowe, P. Geo, President and CEO ofSilver One, and a Qualified Person as defined by National Instrument43-101.
About SilverOne
Silver One is focused on the exploration and development of qualitysilver projects. The Company holds an option to acquire a100%-interest in its flagship project, the past-producing CandelariaMine located in Nevada. Potential reprocessing of silver from thehistoric leach pads at Candelaria provides an opportunity for possiblenear-term production. Additional opportunities lie in previouslyidentified high-grade silver intercepts down-dip and potentiallyincreasing the substantive silver mineralization along-strike from thetwo 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 11 kmalong-strike.
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 copper producingarea of Globe, Arizona.
For more information, pleasecontact:
Silver One Resources Inc.
Gary Lindsey - VP, Investor Relations
Phone: 604-974?5274
Mobile: (720) 273-6224
Email: gary@strata-star.com
Forward-LookingStatements
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 notguarantees of future performance. Silver One cautions that allforward-looking statements are inherently uncertain, and that actualperformance may be affected by a number of material factors, many ofwhich are beyond Silver One's control. Such factors include, amongother things: risks and uncertainties relating to Silver One's limitedoperating history, ability to obtain sufficient financing to carry outits exploration and development objectives on the Candelaria Project,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.
NEITHER TSX VENTURE EXCHANGE NOR ITSREGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIESOF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACYOR ACCURACY OF THIS RELEASE.
Copyright (c) 2021 TheNewswire - All rights reserved.