SLVRF - Silver One Intersects 1032 G/T Ag Over 3.05 Meters at its Candelaria Project Nevada
(TheNewswire)
Vancouver, British Columbia – TheNewswire - February 16, 2021 - Silver One ResourcesInc. (TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) (“Silver One” or the “Company”) is pleased to reportinitial results from its ongoing reverse circulation (“RC”)drilling program on its past-producing Candelaria Silver Project inNevada. To date 9,381 meters of the 15,000-meter proposed programhave been drilled in 30 holes. Twenty-five holes were successfullyfinished, including repeats of five incomplete holes that wereabandoned due to technical drilling problems before reaching thetarget. The holes drilled and the assays of 13 holes received have expanded the down-dip mineralization an additional 250meters to the north at Mount Diablo and an additional 100 meters tothe north-northeast of the Northern Belle pit (see Figure 1 and Table1 below). Drilling is continuing with the goal of confirming areasof additional mineralization and to acquire material for ongoingmetallurgical studies.
Highlights include:
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-1,032 g/t Ag and 1.51 g/t Au over 3.05 meters within a 12.2 meterzone averaging 407 g/t Ag and 0.55 g/t Au in drill hole SO-C-20-59.
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-407 g/t Ag and 0.5 g/t Au over 6.1 meters within a 9.1 meter zoneaveraging 295 g/t Ag and 0.4 g/t Au in drill hole SO-C-20-60 (seetable and map below).
Silver One’s President and CEO, Greg Crowe commented “Drilling is progressing, and resultsreceived to date continue to expand the area of down-dipmineralization to the north of both the Mt. Diablo and Northern Bellepits. The assays of holes 59 and 60 north of Mount Diablo pit,illustrate that higher-grade mineralization persists down dip north ofand beyond the historic resource area. The mineralization is alsobeginning to form coherent clusters that could potentially definemineralized bodies that may be accessible by either an expansion ofthe open pit or by underground methods. These results are alsoconfirming the 2020 diamond drill results reported in the Company’snews release of May 26, 2020. One of the diamond drill holesreported an 8-meter interval of 1,129 gm/t silver and 1.33 gm/t goldwithin a 27.6-meter interval averaging 350 gm/t silver and 0.45 gm/tgold in hole SO-C-19-47 .
Mr. Crowe further commented: “Thenext round of holes will focus on testing the continuity of the openpit mineralization along-strike at Mount Diablo, as well as potentialfor IOCG/skarn targets identified in dump samples outside an historicadit near to the Georgine Pit (see Figure 2 below). Geophysics(airborne magnetics and ground IP) have been useful in selecting drilltargets . Additionally,samples collected from holes within the limits of the historic Diablopit will be used for metallurgical testing and to evaluate thepotential for future pit expansion.”
A summary of the relevant drill intercepts is includedin the table below.
Table 1: Significant assay resultsfrom RC drilling to date. All intercepts are true widths or near true widths.
Reverse circulation material collected from holes nearthe Diablo pit will also be used for metallurgical testing. Thisinformation, in combination with the ongoing metallurgical studiesbeing conducted on the historic heap leach pads, will be used toprepare an economic study during the second half of 2021. This studywill focus on the potential reprocessing of the historic leach padsalone, or on combining near surface in-situ mineralization marginal tothe pits with the heap leach pad material.
Fig 1. Drill hole intercepts from2020-2021 RC Drilling
Fig 2. Airborne Magnetometry (Totalmagnetic intensity map
Table 2 below includes the location, azimuth, dip and total depth ofholes drilled to date. All holes were completed using RC wet drillingin 5 ¼” nominal diameter. The drilling was initiated in October2020, with one drill. On early December, a second drill rig arrived toaccelerate the current program.
Table 2: Coordinates and otheridentification data of drill holes drilled to date
Quality Assurance/Quality Control(“QA/QC”)
The QA/QC program included the submission of Certified ReferenceMaterials, blanks, cutting duplicates, as well as the insertion ofcrush duplicates and pulp duplicates at random intervals. CertifiedStandards and blanks were inserted at a rate of one of each for every20 samples (5% of total each. Cutting, pulp and crush duplicatescombined were inserted at a rate of one duplicate per every 20 samples(5% of total). The standards used range in grade from 5 g/t Ag to 493g/t Ag, and were sourced from Analytical Solutions, Ltd., in Mulmur,ON, Canada. Blanks have been sourced locally from barren silica andmarble material. Field duplicates were obtained from quartered RCcuttings, crush and 'pulp' duplicates were taken from coarse rejectmaterial 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.
Samples to be assayed are securely stored for shipment, with chain ofcustody documentation through delivery.
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.
About Silver One
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. Potential reprocessing of silver from the historic leach pads atCandelaria is being investigated. Additional opportunities lie inpreviously identified high-grade silver intercepts down-dip and thepossibility of increasing the substantive silver mineralizationalong-strike from the 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 copper producingarea of Globe, Arizona.
In addition, the Company also holds a 100% interest in threesignificant silver assets located in Mexico – Peñasco Quemado,Sonora; La Frazada, Nayarit; and Pluton, Durango, acquired from FirstMining Gold, 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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