Deep porphyry style alteration intersected below Candelaria
silver oxide mineralized systems with 0.67 meters of 5.99 g/t
Au
VANCOUVER, BC, July 15, 2021 /CNW/ -- Silver One Resources
Inc. (TSXV: SVE; OTCQX: SLVRF; FSE: BRK1 - "Silver One"
or the "Company") is pleased to report results of the last 22 drill
holes from its 52-hole, 15,000-meter, reverse circulation (RC) and
diamond drilling program completed at its Candelaria project,
Nevada. The three main
objectives of the program, which included the outlining of deep,
higher-grade silver and gold mineralization down-dip from the
previously mined open-pits, extending near-surface, potentially
open-pit mineralization to the east of west of the previously mined
areas, and examining potential for porphyry related mineralization
at depth, were all successfully achieved.
Previous results of this program were released on February 16, and May
26, 2021. Recent assays received continue to confirm
the presence of down-dip, higher-grade silver mineralization north
of Mount Diablo pit and between Northern Belle and Mount Diablo
pits. Similarly, drilling immediately east and west of the
Mount Diablo pit reports significant widths of mineralized
intervals with silver averages exceeding historic cut-off
grades. This confirms the continuity of robust near surface
silver-oxide mineralization along-strike for at least 500m west and 100m
east of the Diablo pit. The mineralized system remains open
along-strike in both directions. Additionally, indications of
porphyry style alteration and mineralization have been identified
in felsic dykes and altered intrusives with deep, drill intercepted
gold mineralization associated with porphyry style alteration
returning 5.99gm/t gold over 0.67m in
hole 81 located west of the Northern Belle open-pit.
Highlights include:
- A high-grade intercept of 1,070 g/t silver and 1.48 g/t gold
over 4.57 meters, within a 25.91-meter interval that averaged 248.5
g/t silver and 0.40 g/t gold in hole SO-C-21-92 (see Figure 1
below), located by the eastern rim of the Northern Belle pit and
approximately 42 meters east of historic hole N228 which averaged
670 g/t silver over 13.7 meters and 300 meters northwest of the
2021 hole 047 with returned 1,129 g/t silver and 1.33 g/t gold over
8 meters within 28 meters of 350 g/t silver and 0.45 g/t
gold.
- Additional intercepts include: 300 g/t silver and 0.74 g/t gold
over 9.14 meters in hole SO-C-21-87 and 463 g/t silver with 0.53
g/t gold over 1.52 meters, within a 22.86-meter interval averaging
117 g/t silver and 0.23 g/t gold in hole SO-C-21-98
- Drill hole SO-C-21-85 (reported on May
26, 2021 news release), and holes SO-C-21-87, SO-C-21-94,
SO-C-21-96 and SO-C-21-97 have extended the along-strike, potential
open-pit mineralization 500 meters to the west, and hole SO-C-21-98
has extended it 100 meters to the east of the Mount Diablo
pit. The mineralization remains open along strike in both
directions.
- Deep drilling, north of the Candelaria fault (Hole 081 - Fig 2)
on the porphyry/IOCG target, intercepted 81 meters of a diorite
porphyry with hydrothermal alteration indicative of a potential
porphyry system at the bottom of drill hole 81. Massive sulphide
veinlets in a potasically altered diorite with secondary biotite
(see Fig. 3A) and magnetite veinlets reported 5.99 g/t gold over
0.67 meters from a depth of 928 meters. The system appears to
be open to depth.
Silver One's President and CEO, Greg
Crowe, commented: "We are extremely pleased with the
results of the 15,000 meters drill program, as all goals laid out
at the outset have been met. Drill hole assays to the east
and west of the Diablo pit not only demonstrate the continuity of
near-surface silver-oxide mineralization, but grades are above the
cut-off grade of the historic mining, suggesting that the areas
drilled may potentially be amenable to open pit mining. This
bodes well with the prospect of reprocessing historic heap-leach
material by mixing it with fresh mineralization and potentially
increasing the overall grade and silver recoveries.
Metallurgical work is ongoing.
Additionally, hydrothermal alteration and gold mineralization
found in a diorite porphyry at the bottom of hole 81 suggests
proximity to a potential porphyry/skarn system. This
mineralized system was first identified in historic adit dumps,
which returned assays to 2.76% copper, 25 g/t silver and 0.67 g/t
gold (see Figure 3A and News Release Oct
15, 2020). Drill targets were subsequently delineated
by Silver One's 2019 airborne magnetic survey followed by an IP
survey. The possibility of a porphyry related
mineralized system below the extensive area of nearer surface
silver-oxide mineralization adds an entirely new and exciting
aspect to what is already a robust project at Candelaria."
Drill collars are shown in Figure 1 and Figure 2. Gold and
silver assays are set out in Table 1 and coordinates and
identification drill hole data are in Table 2 at the end of this
release.
Results from the 15,000 meter drill program along with ongoing
metallurgical testing will be important in the preparation of an
economic study planned for year-end, 2021.
An additional phase of drilling is planned for Q4 2021.
This will serve to test the near-surface, along-strike
extensions still farther away from the pits and to investigate new
targets identified from recent surface sampling programs.
The investigation of potential porphyry/skarn
mineralization will also be pursued.
Porphyry/Skarn target
Sulphide veinlets with gold mineralization intersected within a
potasically altered diorite with secondary biotite (Figure
3B) and magnetite veinlets in hole 81
suggest the proximity to a potentially mineralized porphyry/skarn
system in the vicinity of the Candelaria project.
Hole 81, collared just north of the Georgine Pit (Figure 2),
exhibits over 300 meters of moderate to strong hydrothermal
alteration from the base of Tertiary to Quaternary volcanic rocks
at 647.7 meters to the bottom of the hole at 989.88
meters. Alteration proceeds downhole from nearer
surface propylitic alteration though quartz-sericite alteration and
then into 80 plus meters of a diorite porphyry with potassic
alteration, biotite-magnetite micro-veinlets +/- tourmaline and
gold mineralization in massive sulfide veinlets near the base of
the hole. Here, a 60 cm sample from 928-meter depth assayed
5.99 g/t gold within a 13.33 meter zone averaging 0.5 g/t.
Mineralization within the historic resource area between Mount
Diablo and Northern Belle pits is also spatially related to
multiple phases of altered dikes, especially felsic dikes with
tourmaline alteration (Figure 3C). This could also be an
indication of a potential intrusive source to the mineralized
systems. Recent reconnaissance by Silver One geologists has
identified favorable structures as well as similar alteration in
felsic dikes both to the east and west of the pits, all within
Silver One's property. These areas have been sampled and are
awaiting lab assays. Additional drilling targets will be
ranked based on the above mentioned structure-alteration and
mineralization features.
Metallurgical Work
Metallurgical testing with samples from RC drilling will expand
on work completed in 2019 by McClelland and KCA labs. RC
samples will be prepared based on geological and mineralogical
domains to investigate potential silver recoveries of in-situ fresh
mineralization. Additional samples from historic
heap-leach pads are in the lab for crushing and further
metallurgical testing including roasting and cyanide leaching.
Silver values over 150 g/t are highlighted in yellow. Holes
omitted include 79 and 85 reported in the May 26th news release, and 82, 86, 88,
89 and 100 which have no significant values. Hole 76 is
repeated here to include assays not previously reported. Estimated
true widths for holes 083, 084A, 087, 093, 094, 095, 096, 097, 098
and 099 range from 83% to 99% and average 90%. True thickness
for holes 090, 091 and 092 is estimated at 65%.
QA/QC
The QA/QC program included the submission of Certified Reference
Materials, blanks, core duplicates, as well as the insertion of
crushed duplicates and pulp duplicates at random intervals.
Certified Standards were inserted at a rate of one standard for
every 20 samples (5% of total) and one blank for every 20 samples
(5% of total). Core, pulp and crush duplicates combined were
inserted at a rate of one duplicate per every 20 samples (5% of
total). The standards used in Candelaria's drilling program
range in grade from 5.88 g/t Ag to 493.0 g/t Ag, and were sourced
from Analytical Solutions, Ltd., in Mulmur, ON, Canada and from OREAS, Bayswater North, VIC,
Australia. Blanks have been sourced locally from barren
silica. Field core duplicates were obtained via a 1/8th
split of RC cuttings or from quartered core, crush and 'pulp'
duplicates were taken from coarse reject material or pulverized
splits, respectively.
Samples were assayed by American Assay Laboratories ("AAL" in
Sparks, NV, USA. (IAS accredited
Laboratory, ISO/IEC 17025:2005. AAL also inserts blanks,
standards and includes duplicate analyses to ensure proper sample
preparation and equipment calibration.
Qualified Person
The technical content of this news release has been reviewed and
approved by Greg Crowe, P. Geo,
President and CEO of Silver One, and a Qualified Person as defined
by National Instrument 43-101.
About Silver One
Silver One is focused on the exploration and development of
quality silver projects. The Company holds an option to
acquire a 100%-interest in its flagship project, the past-producing
Candelaria Mine located in Nevada. Potential reprocessing of
silver from the historic leach pads at Candelaria provides an
opportunity for possible near-term production. Additional
opportunities lie in previously identified high-grade silver
intercepts down-dip and potentially increasing the substantive
silver mineralization along-strike from the two past-producing open
pits.
The Company has staked 636 lode claims and entered into a
Lease/Purchase Agreement to acquire five patented claims on its
Cherokee project located in Lincoln
County, Nevada, host to multiple silver-copper-gold vein
systems, traced to date for over 11 km along-strike.
Silver One holds an option to acquire a 100% interest in the
Silver Phoenix Project. The Silver Phoenix Project is a very
high-grade native silver prospect that lies within the "Arizona
Silver Belt", immediately adjacent to the prolific copper producing
area of Globe, Arizona.
For more information, please contact:
Silver One
Resources Inc.
Gary Lindsey - VP, Investor
Relations
Phone: 604-974–5274
Mobile: (720) 273-6224
Email: gary@strata-star.com
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Silver One cautions that all
forward-looking statements are inherently uncertain, and that
actual performance may be affected by a number of material factors,
many of which are beyond Silver One's control. Such factors
include, among other things: risks and uncertainties relating to
Silver One's limited operating history, ability to obtain
sufficient financing to carry out its exploration and development
objectives on the Candelaria Project, obtaining the necessary
permits to carry out its activities and the need to comply with
environmental and governmental regulations. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, Silver One undertakes no
obligation to publicly update or revise forward-looking
information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
For more information, please contact:
Silver One
Resources Inc.
Gary Lindsey - VP, Investor
Relations
Phone: 604-974–5274
Mobile: (720) 273-6224
Email: gary@strata-star.com
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SOURCE Silver One Resources Inc.