VANCOUVER, BC, Aug. 17, 2021 /PRNewswire/ -- Silver One
Resources Inc. (TSXV: SVE) (OTC Pink: SLVRF) (FSE:
BRK1) - "Silver One" or the "Company") is pleased to announce
the commencement of a 1,500-meter diamond drilling program on its
100% owned Cherokee Project located in eastern Nevada, USA. Cherokee is a district-size
exploration play with multiple epithermal vein targets that have
never been drill tested, plus excellent discovery potential for
additional mineralized systems within the Company's extensive
property holdings. The current drilling will test rich
silver-copper-gold epithermal vein targets, both along-strike and
to depth, on patented claims overlying the past producing Cherokee
and Southeast Cherokee historic workings (Figures 1 and 2).
Additional drilling of veins and targets outside patented land, but
still within the Company's claims, is planned for 2022 following
environmental permitting.
Surface sampling along the Cherokee vein system has returned
multiple select surface samples in the 100's g/t silver range, with
highs of 954 g/t silver and 4.8% copper at Cherokee, and 1,163 g/t
silver and 4.3% copper with strongly elevated gold on the Southeast
Cherokee vein (Figure 1 and August 6,
2020 and July 19, 2018 Company
news releases).
These veins have been traced on the patented claims alone for
over 1.75 km along strike and are known to extend off the patents
to both the northwest and southeast. Cherokee and Southeast
Cherokee veins occur within an extensive structural zone of
multiple veining and alteration that has been traced for over 12 km
along strike. Individual vein thicknesses vary from
2 m to 10
m within a wider 50 meter-thick envelope of hydrothermally
altered rock, including sheeted or stockwork of quartz-calcite
veinlets that strike NW and generally dip 60 to 75 degrees to the
southwest.
Earliest historic production from the Cherokee mine dates back
to the 1880's. Production since then was scarce, and the total
production is unknown. Shipments reported by a rancher in the
1950's, however, indicate that materials produced exceeded 1,000
g/t silver (Tschanz & Pampeyan, 1973).
Textures seen at the Cherokee workings illustrate classic
epithermal boiling point textures (Figure 3), which are consistent
with the strong silver and base metal (copper +/- zinc, lead)
values typically seen in this portion of an epithermal
system. Similar epithermal veins were noted in the early
mining of the Pioche precious and
base metal camp to the north of Cherokee. The Pioche veins
were hosted in Paleozoic limestones, these carbonate rocks being of
the same age as those that underlie much of Silver One's Cherokee
project. Subsequent mining at Pioche uncovered larger tonnage, base and
precious metal bearing carbonate replacement deposits (CRD's), with
mining of that camp lasting until the mid-1990's.
Gregory Crowe, President and CEO
commented; "The geological, geochemical and geophysical
characteristics of multiple targets in the Cherokee project present
a unique opportunity for discovery. High-grade silver and copper
values on surface in the Cherokee and Southeast Cherokee
veins, within wide silicified structures, represent highly
prospective drill targets. None of the veins, however, have been
drilled. The Cherokee vein targets will be tested first within the
patented claims owned by Silver One. Subsequent drilling of these
and other veins outside the patents, such as Mojoto, Johnnie and
Hidden Treasure, where high-grade silver-gold values up to 1,895
gm/t silver and 2 gm/t gold have been found (October 23, 2018 News release), as well as other
targets such as potential replacements or porphyry style targets at
Garden Mountain, Blue Nose and Viola (Figure 2), will be considered
for 2022".
Replacement and Porphyry Style Targets
A large magnetic high in the Blue Nose-Viola area was outlined
in Silver One's 2019 airborne gradient magnetic survey and may be
representative of a buried porphyry intrusive (Nov.11, 2019 news
release). Three-dimensional modelling of the magnetic data
identified a large northeast oriented zone of low magnetic
susceptibility by the eastern margin of the Viola and Blue Nose
areas (Fig. 2). Drilling of this area in the 1980's by Canyon
Resources explored a buried porphyry molybdenum
target. However, drilling never penetrated the overlying
limestone cover rocks. The geophysical features associated to
this low magnetic susceptibility zone have strong similarities with
large known porphyry copper, molybdenum, and/or precious metal
deposits, reason for which the company geophysicists believe that
there could be a porphyry system at depth in the southeastern
portion of the property. This interpretation is consistent with an
observed corridor of hydrothermal alteration in limestones
consisting of recrystallization and sanding coinciding in space
with scattered elevated copper and precious metal values.
Strong NW structures and veins emanating from this interpreted
intrusive host significant high-grade silver-gold and base metal
values as evidenced by surface sampling of the Cherokee, Southeast
Cherokee, Johnnie, Hidden Treasure and Mojoto vein systems, the
entire corridor having be traced for over 12 km along-strike.
Cherokee is an emerging epithermal silver, gold and copper
district located approximately 75 kilometers south of the historic
Pioche
silver-gold-copper-zinc-lead mining camp. Silver One's property
covers 5,200 hectares (52 square kilometers) covering a
12-kilometre long by 4-kilometre wide structurally controlled
silver-copper-gold system. It is hosted by Paleozoic aged
sediments, similar in part to the host rocks for the mineralized
systems at Pioche. From 1869 to
present, the neighboring Pioche
area mined over 6 million tons producing over 1 million ounces of
gold, 20 million ounces of silver, 7 million pounds of copper, 350
million pounds of lead and 700 million pounds of. Production was
initially from gold-silver-copper epithermal veins and later from
underlying carbonate-hosted replacement-type mineralized
bodies. The above historical information was derived from the
1970 Nevada Bureau of Mines Bulletin # 73, Geology and Mineral
Deposits of Lincoln County, Nevada
by C.M. Tschanz and E.H.
Pampeyan.
Company's Projects Update
Silver One is also advancing its Phoenix Silver project in
Arizona and Candelaria in
Nevada. Drill permitting is underway at Phoenix Silver. A
Plan of Operations has been filed at the Tonto National Forest and
permitting is expected by Q4-2021.
A 15,000 meter RC and diamond drilling campaign was recently
completed in Candelaria, with final assays reported in the
July 15, 2021 news release. A
preliminary resource estimate and metallurgical testing is underway
in preparation for an economic evaluation scheduled to be completed
by the end of 2021.
Figure 1. Geology and select surface assays of the Cherokee
and Cherokee southeast areas
Figure 2. Total magnetic intensity map of the Cherokee
project showing main target areas
Figure 3. Photo of vein breccia showing well developed
crustiform and colloform textures, revealing a complex epithermal
history likely due to boiling fluids; Cherokee mine dump
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.
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 its minerals projects, 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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Photo:
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Photo:
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