(TheNewswire)
Vancouver, British Columbia – TheNewswire - January 11, 2021 - Silver One ResourcesInc. (TSXV:SVE) (OTC:SLVRF) (FSE:BRK1) (“Silver One” or the “Company”) is pleased to providean update of its ongoing exploration at its Phoenix Silver Projectnear Globe, Arizona. The focus of the work undertaken since March2020 has been to identify the upslope source of large, very angularvein fragments. One fragment weighed 417 pounds (189 kg) andspecific gravity measurements indicate that it contains up to 70%silver. One of the smaller vein fragments discovered in the samearea was assayed (concentrate assay) and returned just under 50%silver – 459,000 gm/t or 14,688 oz/t silver (see photos below andthe Company’s News Release of Feb 5, 2020).
The above photos are selected samples that are not necessarilyrepresentative of the mineralization hosted on the property.
Since July, 2020 (see News Release of July 28, 2020),the Company has completed additional prospecting and geologicalmapping, soil and rock geochemical sampling, a property widedrone-borne magnetic survey, as well as ground self-potential (SP) andelectromagnetic (EM) geophysical surveys in the vicinity of the veinfragment structures. Some of these surveys were postponed due toCOVID-related delays encountered by some of theCompany’s contractors. From this work, a series of explorationtargets have been identified and a drill plan has been submitted forpermitting, with the aim of testing vein-structures interpreted as theupslope source to the very high-grade vein fragments. The permittingprocess is expected to take 2-3 months.
The magnetic survey has been particularly useful inidentifying structural linears, some of which are associated withsilver bearing veins. Not only were the east-west trending 417 andMexican Mine structures identified, but additional strong lineamentswere outlined in the northeast and northwest orientations (see mapbelow). Of particular interest is that all three interpreted linearstructures intersect in close proximity to, and upslope from the areahosting the very high-grade vein fragments (including the 417 poundfragment and the 459,000 g/t fragment) and also in the vicinity of theMexican Mine. Other areas of intersecting structures have beenidentified elsewhere on the property and will require futureexploration to determine if they are related to silver veinmineralization.
Rock sampling and geological mapping have identifiedmultiple areas of veining on the property (see map below) and themapping has led to a much greater understanding of the geological andstructural controls on the mineralization.
Two separate mineralizing events are suspected of beingresponsible for the bulk of the veins discovered to date. The firstevent comprises high-grade silver veins hosted in Proterozoic(Precambrian) aged diabase, near the contacts with similar agedmetasediments. This style and grade of mineralization is similar tothe high-grade Cobalt silver camp in northern Ontario, Canada. Thesecond event consists of silver-bearing polymetallic veins (copper,zinc, lead and gold) which may include remobilization of older silvermineralization during the much younger, Laramide (Upper Cretaceous –Tertiary) porphyry copper event. This younger mineralizing episoderesulted in the emplacement of large copper deposits which areactively being mined immediately to the southwest of Phoenixsilver.
Three dimensional modeling of the magnetic data has notonly helped in outlining enhanced lineaments potentially associatedwith veins, but has also revealed multiple areas of low magneticsusceptibility which could be indicative of hydrothermal alterationand deep-seated sources of hydrothermal fluids. These lattercharacteristics are very similar to the magnetic signature of theLaramide aged copper deposits located adjacent to the southwest areaof the Phoenix Silver project.
Exploration for porphyry copper is being conductedimmediately to the west of Phoenix silver. Combined with the results of SilverOne’s magnetic survey, this further substantiates the possibilitythat the silver-bearingpolymetallic veins, tha toccur especially in the southern areas parts ofthe property, may be associated with a porphyry copper system atdepth.
Greg Crowe, President and CEO ofSilver One commented: “Ongoing exploration at Phoenix Silvercontinues to enhance the merits of the property. Geophysics incombination with geochemical sampling and geological mapping haveidentified multiple exploration prospects. The primary, near-termfocus will be the drilling of the vein structures immediately upslopefrom where the very high-grade silver vein fragments were discovered. Permitting is in progress, with drilling anticipated to begin in Q22021. Additional, highly prospective targets will be the focus offuture programs. We are looking forward the advancement of thisuniquely high-grade silver opportunity.”
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 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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