(TheNewswire)
SCHEDULES DRILLING AT CANDELARIAPROJECT, NEVADA.
Vancouver, BC - TheNewswire – November 16, 2021 - Silver One Resources Inc. (TSXV:SVE ) ( OTC:SLVRF ) ( FSE: BRK1 ) - ( “Silver One” or the “Company”) is pleased to announce the completion of 796 meters of the planned1,500-meter diamond drilling program on its 100% owned CherokeeProject located in eastern Nevada, USA (see Company news release ofAugust 15, 2021). Silver One experienced extremely slow drilling andtechnical issues, which led to the early termination of this program. As such, the Company was unable to fully test all desired targets.
Four of the nine holes intersected strongly anomalous silver andcopper mineralization near to the historic Cherokee and SoutheastCherokee workings (see Figure 1 and Table 1). The mineralization isassociated with thick quartz veining (up to 25 meters thick in holeGC21-01) hosting narrower silver and copper mineralized intervalswithin the vein and structures (see Figures 2 and 3).
Figure 1. Geology map showing drillholes location of the Cherokee and Cherokee southeast areas.
Table 1. Relevant assays Cherokeedrilling
Drill holes GC21-03, 05, 07, 08 and 09 are omitted as they had nosignificant mineral values. Estimated true widths range from 70% to90% of the reported intervals. Coordinates and identification drillhole data are in Table 2 at the end of this release.
Figures 2 and 3. Drill hole GC21-01,3 Native wire silver within quartz carbonate grains in hole GC21-01.
Figure 2 - Silver-copper mineralization
Figure 3 – Native Wire Silver in Drill Core
The highest intercepts were around the Cherokee Mine with values inhole GC21-01 averaging 455 g/t silver plus 1.84% Cu over 1.55 metersfrom 16.85 meters, within a 6.29 meter interval averaging 118 g/tsilver plus 0.47% copper from 13.56 meters. Hole GC21-02 intercepted4.88 meters of 59 g/t silver plus 0.28% copper from 46.02 meters. Hole GC21-06 intercepted 5.45 meters of 80 g/t silver plus 0.40%copper from 38.80 meters. All mineralized intervals occur within 50meters of the surface. (Figure 1 and Table 1). Drilling around theCherokee Southeast workings returned anomalous, but low silver andcopper values. Drilling immediately to the northwest of the Cherokeeworkings returned only weakly anomalous silver and copper values. The mineralized intervals are also highly anomalous in zinc andlead.
The drilling tested silver-copper-gold epithermal vein targets, on patented claimsoverlying the past producing Cherokee and Southeast Cherokee historicworkings. Several other targets on the property outside the PatentedClaims remain untested and permitting of some of these areas isplanned for 2022. Some of the more promising targets are the moregold-silver rich areas around the Johnnie Mine and Hidden treasurevein systems, the relatively untested Mojoto vein and deeper porphyrymineralization that was the target of drilling in the 1980’s in theBlue Nose and Viola areas of the property. See Figures 1 and 4
Gregory Crowe, President and CEO commented; “The results of this shortened programare encouraging in that the mineralized structures remain open todepth and other anomalous surface values occur off the patented claimsto the northwest and southeast of the area drilled. Moreimportantly, this program only targeted one vein system on thepatented claims. Numerous other veins and areas of alteration withhigh silver-copper-gold select surface values occur over a 12 kmstrike length throughout the property and will be targeted afterpermitting in 2022. The southeast area of the property is alsohighly prospective for potential porphyry style copper and or molybdenummineralization, with targets identified by geophysics and surfacegeochemistry. The abundance of veins and alteration areas hostingstrongly elevated silver-gold-copper values identifies Cherokee as ahigh-priority exploration project.”
Figure 4. Total magnetic intensitymap of the Cherokee project showing main target areas
Cherokee is an emerging epithermal silver, gold andcopper district located approximately 75 kilometers south of thehistoric Pioche silver-gold-copper-zinc-lead mining camp. SilverOne’s property covers 5,200 hectares (52 square kilometers) coveringa 12-kilometre long by 4-kilometre wide structurally controlledsilver-copper-gold system. It is hosted by Paleozoic aged sediments,similar in part to the host rocks for the mineralized systems atPioche. From 1869 to present, the neighboring Pioche area mined over6 million tons producing over 1 million ounces of gold, 20 millionounces of silver, 7 million pounds of copper, 350 million pounds oflead and 700 million pounds of zinc. Production was initially fromgold-silver-copper epithermal veins and later from underlyingcarbonate-hosted replacement-type mineralized bodies.
QA/QC
The QA/QC program included the submission of Certified ReferenceMaterials, blanks and core 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 duplicates were inserted at a rate of one duplicateper every 20 samples (5% of total). The standards used inCherokee’s drilling program range in grade from 5.88 g/t Ag to 493.0g/t Ag, and were sourced from Analytical Solutions, Ltd., in Mulmur,ON, Canada and from OREAS, Bayswater North, VIC, Australia. Blankshave been sourced locally from barren silica. Core duplicates wereobtained from quartered core.
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.
Company’s Projects Update
The company is also advancing its Phoenix Silverproject in Arizona and Candelaria in Nevada.
Drill permitting is underway at Phoenix Silver. APlan of Operations has been filed at the Tonto National Forest (TNF)and, barring TNF delays, permitting is expected by the end ofDecember-2021.
A 15,000meter RC and diamond drilling campaign wasrecently completed in Candelaria, with final assays reported in theJuly 15, 2021 news release. Metallurgical testing is underway. Asecond phase of drilling is scheduled to commence in December 2021 orJanuary 2022. This drill program will be followed by a resourceestimate in preparation for an economic evaluation scheduled to becompleted by 2H 2022.
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.
Table 2. RC holes coordinates (UTMWGS84) and other identification data
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.
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