VANCOUVER, BC, May 31, 2023
/CNW/ -- Silver One Resources Inc. (TSXV: SVE) (OTCQX:
SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased
to announce that it has acquired a 100% interest in the past
producing Candelaria silver mine project in Nevada from SSR Mining Inc. ("SSR
Mining").
In order to obtain its 100% interest, Silver One previously
issued to SSR Mining a total US$3,100,000 of common shares (being 10,424,374
common shares) over a three year period from 2017 to 2020, and
assumed an US$2,491,757 reclamation
bond filed with the BLM.
Greg Crowe, President and CEO
of Silver One commented: "Securing the 100% interest in Candelaria
represents a major milestone in the Company's history. Candelaria
was a former producer, with Kinross
Gold operating the open-pit mine up until 1997. Historically
it produced over 60 million ounces of silver. Operations were shut
down due to a major drop in silver prices to under US$5.00 per ounce and the property was sold to
SSR Mining. Silver One entered into an agreement with SSR Mining in
2017, giving Silver One the ability to acquire a 100% interest in
the project. Silver One is now poised to advance the project and
continue evaluating the potential to bring the operation back into
production. Silver One is currently updating the historical
resource estimate to a current resource and completing
metallurgical studies with the aim of completing an economic
study. The property also hosts significant exploration
potential for silver, gold and copper."
As part of its acquisition of the Candelaria silver mine
project, the Company did not grant a royalty to SSR Mining.
Prior to the Company's acquisition of Candelaria silver mine
project, the Company and SSR Mining agreed to extend the option end
date and, in consideration of which, the Company agreed to issue
250,000 common shares to SSR Mining. The issuance of the shares is
subject to TSX Venture Exchange acceptance and will be subject to
restrictions on resale for a period of four months from the date of
issue.
Qualified Person
The technical content of this news release has been reviewed and
approved by Robert M. Cann, P. Geo,
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 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.
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.