SLVRF - Silver One Provides Update on Its Cherokee Project Nevada Drill Targets Identified
(TheNewswire)
Vancouver, British Columbia - TheNewswire - February 1,2021 - Silver One Resources Inc. (TSXV:SVE) (OTC:SLVRF) (FSE:BRK1) (“Silver One” or the “Company”) ispleased to provide a summary of its 2020 exploration at its 100% ownedCherokee Project, Nevada. The work was undertaken between August andDecember 2020 and was successful in helping to define drill targets inthe Cherokee Mine, Johnnie and Hidden Treasure areas (see map below). The programs also have increased the understanding of the geologicaland structural controls on mineralization, identified additional areasdisplaying multiple styles of alteration and mineralization, and havehighlighted the need for additional exploration along the entire 12 kmstructural corridor (see map below).
Highlights
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- 3 areas with drill targets selectedto date
- Large zones of alteration withstrongly elevated silver, gold and copper identified. These zonesmay be related to large replacement or porphyry systems atdepth
- Large upside exploration potentialremains throughout the property
Greg Crowe, President and CEO ofSilver One commented: “The Cherokee project continues to advance andevolve from a single epithermal silver-copper vein first found at thehistoric Cherokee Mine, to multiple styles of silver-gold-coppermineralization throughout the property. The various styles includeepithermal veins, vein breccias, and areas of extensive alteration andveining, some of which may be indicative of larger replacement orporphyry style deposits at depth. This mineralized system isdeveloping into a district scale play, similar to the historic silvervein and replacement camp at Pioche located 50 miles to the north,which is also hosted in Paleozoic-Mesozoic aged rock units.”
Mr. Crowe went on to comment: “Initial drill targets have been identified in the surface veinand vein breccia zones at Cherokee, Johnnie and Hidden Treasure, butfurther exploration along the entire 12 km structural corridor willlikely produce additional drilling targets in the near future. Additionally, a large magnetic high in the southeastern part of theproperty (see map below) may represent a buried intrusive that was thetarget of a deep porphyry molybdenum drilling program in the 1980’s. All of the above suggest the Cherokee property may be host to anintrusive centered system exceeding 1 km in vertical extent thatincludes distal epithermal veins and replacements, and potentialporphyry deposits at depth. This evolving high-gradesilver-gold-copper system continues to enhance the prospectivity ofthe property .”
To date, geologic mapping has been completed over 90%of the claim block. A total of 830 rock and 727 soil samples havebeen analyzed and a helicopter-towed aeromagnetic three-axis gradientsurvey was conducted over the entire Cherokee project area. All ofthe above have provided support to the lithologic, structural andexploration models proposed and have identified select drill targets. The surveys have also delineated other anomalous areas requiringadditional exploration.
Significant silver gold and copper mineralization hasbeen identified over the entire area in two main geologic settings(see map below):
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1) Veins and vein brecciascutting Triassic thru Pennsylvanian limestone and sandstone, asidentified along the Cherokee and Mojoto vein systems and;
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2) Alteration zones andhydrothermal solution breccias in Permian thru Mississippian limestoneand calcareous sandstone. These surface areas of alteration may beassociated with higher temperature mineralizing solutions at depth,like those found in the Pioche silver camp to the north. Two areason the property hosting this style of alteration, in association withhigh silver, gold and copper values, are Garden Mountain and BlueNose.
Vein mineralization is composed of massive to bandedquartz, chalcedony and calcite with minor amounts of silver and copperbearing minerals. Vein textures, including boiling point textures,in combination with elevated copper values at Cherokee may indicatethat mineralization there is deeper in the epithermal system than thatfound at Hidden Treasure and Johnnie . The mineralogy of thealteration zones and solution breccia bodies is similar but containsbarite and minor fluorite.
Across the property, multiple veins, each in excess of1-2 meter wide, occur within a structural corridor that has beentraced for over 12 km along strike. It must be emphasized that theveins and alteration areas are oxidized and leached within 3 meters ofthe surface and that the vast majority of the entire structuralcorridor has not been sampled in detail. .
Drill programs have been designed and proposed forthree of the vein systems: Cherokee corridor (Cherokee Mine and SECherokee), Johnnie-Mojoto corridor and the Hidden Treasure vein system(see map below). Cherokee is underlain by Patented claims, so wouldbe first on the drill roster.
The Cherokee corridor is developed along a majorNW-trending normal fault with at least several hundred meters ofdisplacement. A major system of silver-copper veins has beenidentified over 4 kilometers containing four segments or shoots inexcess of 300 meters each at Rattlesnake, Cherokee mine, SE Cherokeemine and Jackrabbit (see map below). Sampling at the Cherokee and SECherokee mines has identified strongly banded veins in outcrop anddumps containing select surface samples returning silver and coppervalues from background to highs s in excess of 1150 g/t silver and4.8% copper ( seeCompany’s news releases of July 9, 2018; Oct 23, 2018; Sept 3, 2019,Nov 11, 2019, June 10, 2020; Aug 6, 2020 and maps on the Company’swebsite – www.silverone.com ).
The Johnnie-Mojoto corridor is a major pre- andpost-mineral NW-trending normal fault vein system that has been mappedover 9 kilometers along strike. Near the Johnnie mine, a 1.3 kmsegment of the corridor hosts a robust area of veining up to 75 meterswide, composed of hydrothermal breccia and chalcedony veins. Selectsurface samples in several areas along the vein structure returnedanomalous silver values from background to 27.3 g/t silver and goldvalues from background to 0.434 g/t. The presence of higher goldvalues and lower copper values at Johnnie may be indicative of ashallower level within the epithermal vein system.
Hidden Treasure is comprised of at least 5 distinct sub-parallel veins identifiedover a 2 km strike in the footwall of the Mojoto structural corridor.The primary targets here are the hanging-wall veins, with selectsurface samples returning values from background to 1.9 kg/t (1900 ppmor g/t) silver and up to 2 g/t Au (see Company’s news releases ofOctober 23, 2018, June 10, 2020 and maps on the Company’s website– www.silverone.com). Broad zones of parallel chalcedony veinsare observed across a zone measuring up to 50 meters in width. Thisarea represents a wide zone of multiple veining with individualhigh-grade veins within the wider alteration halo.
More detailed maps of sampling at Cherokee, Johnnie andHidden Treasure can be viewed on the Company’s website at www.silverone.com .
Alteration Zones and HydrothermalSolution Breccias
Areas of hydrothermal solution breccia represent adifferent style of mineralization that is widely developed in severalareas within the Cherokee project (see map below). This type ofalteration and associated mineralization is hosted within limestoneand calcareous sandstone units throughout the Paleozoic and Mesozoicrocks. In two specific areas, the Garden Mountain and Blue Nose -Viola corridors (see map below), these breccia bodies occur assemi-conformable lenses up to 10 meters in width and traceable in thesurface for a few to several hundred meters along the strike of the‘favorable’ horizon. Mapping has revealed that these brecciabodies are best developed immediately below or adjacent to jasperoidbodies or at the limestone-sandstone interface. Select surfacesampling has returned highly anomalous values in silver, gold andcopper in both of these areas.
The proximity to jasperoid masses, extensivedecalcification of the limestone and epithermal textures in thebreccia masses, suggest that they occupy upper levels of a robustdissolution and mineralizing event. Althoughgenerally oxidized and leached, several occurrences of thesehydrothermal solution breccias contain relict silver-copper-lead-zincsulfides in a quartz-calcite-barite-fluorite gangue. Select surfacesamples report silver values ranging from background to over 500 g/tsilver, 2.0 g/t gold and 10,000 ppm (1%) copper at Blue Nose.
Both the Garden Mountain and Blue Nose - Viola areaswill require additional exploration before drill targets can beidentified.
Summary
The mineralogy of the vein deposits and alteration zonesolution breccias is sufficiently similar to suggest that their fluidsemanated from similar sources. Their distinct appearances suggestcontrasting pre-mineral ground preparation prior to the mineralizingevents. It is also possible that the areas of alteration and solutionbreccias may be volumetrically important as exploration follows thesefavorable horizons to greater depths.
At the historic Cherokee mine workings, limited silverproduction via several shallow workings indicates that erosion hasreached the productive horizon on veins and vein breccias. Additionally, the extensive presence of hydrothermal solutionbreccia elsewhere on the property, with anomalous silver, gold andcopper values, suggest that the overall epithermal system isvertically preserved, and erosion has been minimal. This alsoheightens the prospectivity for these mineralized systems atdepth.
The Cherokee project is a major, underexplored andevolving silver camp hosted by a variety of structures in Tertiaryvolcanic and Mesozoic/Paleozoic sedimentary rocks. The broad extentof silver/copper mineralization suggests a robust hydrothermal systemhosted by a variety of rock types, not only
containing the surface expressions of high-gradesilver-gold and copper veins but also being capable of hosting major,concealed mineralized deposits.
Qualified Person
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 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.
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 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 its mineral
properties, obtaining the necessary permits to carryout its activities and the need to comply with environmental andgovernmental regulations. Accordingly, actual, and future events,conditions and
results may differ materially from the estimates,beliefs, intentions and expectations expressed or implied in theforward-looking information. Except as required under applicablesecurities legislation, Silver One undertakes no obligation topublicly update or revise forward-looking information.
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