VANCOUVER, BC, June 13, 2022 /PRNewswire/ -- Silver One
Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) - "Silver
One" or the "Company") has identified new targets and continues to
expand ground holdings at its flagship property, the past-producing
Candelaria Silver Mine in
Nevada. Recent and historical
work, including geology, rock and soil geochemical sampling, IP and
3D magnetic data modelling, have revealed new exploration targets
and expanded previously known targets. As a result, the Company has
staked an additional 336 claims in the north and western part of
the property (see Figure 1). To date, the Company controls 20,376
acres (8,246 hectares) of patented and Bureau of Land Management
("BLM") ground covering the areas of historic mining, leach pads,
new targets and potential along-strike extensions to the known
mineralized systems. Silver One is also continuing its
metallurgical diamond drilling program in anticipation of an update
to the historical resource completed by Silver Standard in 2001
(visit the Company's website at www.silverone.com) and the
Company's first economic study.
Highlights:
- New zones of surface copper oxide mineralization found west of
the Georgine Pit. Four rock chip samples report between 0.7% to
over 1% copper in brecciated jasperoids at the Red Hill target (See
Figure 2 and Photos 1 and 2 below).
- New zones of skarn related copper mineralization found to the
south of the Georgine Pit. Here soil and surface rock sampling have
identified anomalous copper (>500 ppm), silver and gold covering
a 500 m x 1,000 m area. This is near Silver One's drill
holes SO-C-21-076 and SO-C-21-080 that encountered skarn
mineralization with anomalous copper (including 0.17% Cu over 18
meters from 208.79 meters depth in hole SO-C-21-080), as well as
near the Vanderbilt tunnel dump where a
grab sample of chalcopyrite rich material returned values to 2.76%
copper, 24 g/t silver and 0.67 g/t gold (see Company news releases
of October 15, 2020 and July 15, 2021 and Photo 3).
- Metal Factor ("MF" – associated high IP chargeability and low
resistivity) anomalies detected beneath the Northern Belle and
Mount Diablo silver-oxide pits. These anomalies continue down-dip
from the pits as well as eastwards and westwards covering
significant copper showings at Green Nick to the east, and Red Hill
to the west. These geophysical anomalies extend for over 10
kilometers east-west (See Figure 2).
- A second Metal Factor anomaly identified in the northwest part
of the property is buried under volcanic cover (See Figure 2).
- Magnetization Vector Inversion ("MVI") anomalies generally
coincide with MF anomalies and, in the highest priority targets,
with copper, silver and gold geochemical anomalies (see Figures
2-5).
- Recently staked claims cover new targets identified by
geophysics and surface geochemistry.
- Metallurgical diamond drilling continues in the area of the
past producing silver-oxide open pits in anticipation of an
upcoming historical in-situ resource update and economic study. The
company is still awaiting assay results from the recently completed
7,500 m reverse circulation drill
program completed marginal to the open pits (see Company news
release of April 22, 2022).
Greg Crowe, President and CEO of
Silver One Resources commented, "The geophysical and
geochemical surveys completed by Silver One, in combination with
historical data, strongly validate the potential for
porphyry-related copper-silver-gold zones beneath and along strike
from the known silver oxide mineralization at Candelaria. The
implications of this are a significant increase in the potential
for the discovery of new mineralized systems at Candelaria. The
most promising targets to date occur beneath the two past-producing
silver-oxide pits, at Red Hill to the west, and Green Nick to the
east. Additionally, an area of identified skarn mineralization
occurs both at surface and in recent drilling near the Georgine
Pit. These will be assessed in future exploration programs.
The Company also continues to aggressively evaluate the
potential for recovery of silver from the historic leach pads
and/or in combining this leach pad material with near-surface,
fresh mineralization marginal to the past producing open pits. To
date, Silver One has completed over 25,000 meters of diamond and
reverse circulation drilling. This information, along with the
metallurgical information obtained from the ongoing diamond
drilling program, will be used in an upcoming resource update and
in the Company's first economic study. Additional drilling is also
planned to examine the potential for higher-grade oxide and/or
sulphide silver mineralization down-dip from both the Northern
Belle and Mount Diablo open pits."
In addition to the reverse circulation (RC) drilling completed
in April (see Company's news release of April 25, 2022) and the ongoing core drilling
program for metallurgical testing, Silver One has been busy
conducting other important surveys at Candelaria. Over the last few
months, the company reprocessed, and 3D modeled detailed airborne
magnetic data, conducted an induced polarization (IP) survey over
the entire extent of the property, and conducted extensive surface
sampling as well as expanded geological mapping along highly
prospective areas of interest.
Coincidental geophysical anomalies and other
geological/geochemical features represent four potentially
mineralized areas within the property (Figure 2). These include, in
order of priority, the area beneath the past producing open pits,
the recently discovered Red Hill copper showings, the area of
surface skarn mineralization to the south of the Georgine Pit and
the Green Nick showings to the east of the Mount Diablo open pit.
All have coincidental IP (Metal Factor) and magnetization vector
inversion (MVI) anomalies together with strongly elevated copper,
silver and gold in select rocks and/or soil samples. Another area
of coincidental, anomalous IP (Metal Factor) and MVI anomalies is
located 3 kilometers north of the Georgine pit and comprises deep
targets (500-1000 meters depth) under post-mineral volcanic
cover.
Magnetic Data 3D Modelling
Airborne gradient magnetic data from a detailed survey
commissioned by Silver One in 2019 was reprocessed and modeled
using Magnetization Vector Inversion (MVI). This process has been
effective in mineral exploration and has been especially successful
in modelling porphyry copper deposits in the Americas. The
technique has been refined and utilized at Candelaria to identify
magnetic bodies and alteration areas potentially associated with
productive intrusive bodies. It has also been useful in identifying
structures which can typically control the silver and other
mineralization in the district.
The modelling reveals a series of anomalies interpreted as
apophyses (near-surface extensions to potentially mineralized,
larger intrusive bodies at depth) and alteration possibly
associated with porphyry-style mineralized systems. Depth of these
anomalies are interpreted by the geophysical MF and MVI data to
vary from near surface (100 m) to
over 1,000 meters.
The modelling has also been used to characterize the Candelaria
silver-oxide and deeper oxide-sulphide mineralization, which is
well known between the Mount Diablo and Northern Belle pits. The
identified features have then been utilized to search for similar
characteristics elsewhere on the property, revealing anomalies
often associated with the top of apophyses and/or margins of
interpreted alteration/intrusive zones. These anomalies also form
part of the targets shown in Figure 2. MVI anomalies were followed
up with additional geophysics and were the focus of the IP surveys
that cover the entire property.
Induced Polarization ("IP") surveys
An IP survey was conducted to further investigate the magnetic
anomalies and revealed strong metal factor (MF) anomalies, (low
resistivity and high chargeability) around the Candelaria
historical resource area. MF anomalies persist down-dip from the
mineralized pits, suggesting continuity of the mineralization
beyond the limits of the historic Mount Diablo and Northern Belle
pits and beyond the area of Silver One's recent drilling. Despite
the fact that the majority of the mineralization mined at
Candelaria is oxidized, a strong metal factor anomaly persists
around the resource area and may be representative of more
sulphide-rich mineralization at depth. Similar MF values continue
east and west from the Northern Belle and Diablo pits to the Green
Nick prospect to the east, to the area south of the Georgine pit,
and to the Red Hill showing to the west of the pits (see Figure
2).
Sampling
Extensive (over 1300 samples) surface rock and soil sampling
conducted by Silver One and SSR reveal several clusters of high
silver, gold, copper and other trace elements which delineate
significant anomalies. These anomalies, in combination with
coinciding geophysical anomalies, are considered promising drilling
targets (Fig. 2, 3, 4, and 5).
Around the historic pits, the surface assays have expanded the
footprint of the mineralization about a kilometer east and west of
the Mt. Diablo and Northern Belle pits, and around 400 meters west
of Georgine pit. Additionally, Silver One's recently completed
7,500 m reverse circulation drilling
has visually further expanded the area of the historic resource
mineralization 300 meters east of the Mt. Diablo pit. The total
expansion gained with all Silver One's drilling to date is
approximately 500 meters west and 400 meters east of the Mt. Diablo
pit. Assays from the 7,500 program are pending.
Other relevant targets identified to date include the Red Hill
target (where four rock chip samples report copper grades between
0.7% and 1.5% over widths between 1 to 1.5 meters), the Green Nick
target (where multiple assays from select rock chip samples report
highly anomalous gold between 0.20 to 0.88 g/t, silver between 84
to 585 g/t, and copper between 397 to 1,526 ppm), and the Georgine
target located south of the Georgine pit (with gold values between
0.55 to 2.78 g/t, silver between 215 to 557 g/t and copper between
0.1 to 4.5%).
Soil sampling has been conducted in the Georgine and Red Hill
areas where assays results reveal anomalous values generally
coinciding with rock geochemistry anomalies.
Analytical Details
Grab and chip samples collected by Silver One varied from
1 kg to 5 kg and were assayed by American Assay
Laboratories ("AAL") in Sparks,
NV, USA (ISO accredited Laboratory, ISO/IEC 17025:2017).
Samples were analyzed for thirty-seven elements by ICP-MS. Over
limit copper, lead and zinc were analyzed by ore-grade volumetric
analysis. Silver One inserted commercial standard and blanks
in the sample batches. AAL inserts blanks, standards and
includes duplicate analyses to ensure proper sample preparation and
equipment calibration.
About Candelaria
Candelaria was historically the highest-grade silver producer in
the state of Nevada, averaging
over 1,250 g/t AgEq (40 oz/ton AgEq) from high-grade vein
mining between the mid-1800s and the mid-1900s. Open pit
mining operations were undertaken in the 1970s through 1998 by
several companies, including Nerco Inc. and Kinross Gold
Corporation ("Kinross").
Kinross closed the open pit and
leach operation in 1998 due to low silver prices. Leaching of
the historic pads was not fully completed, leaving a substantial
amount of silver unprocessed. It is estimated that the
property has produced over 68 million ounces of silver.
Historical information was obtained from "Geology of the Candelaria
Mining District, Mineral County,
Nevada, 1959, Nevada Bureau of Mines, Bulletin 56", and the
2001 SSR Mining Inc. technical report titled "Candelaria
Project".
Qualified Person The technical content of
this news release has been reviewed and approved by Robert M. Cann, P. Geo, 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.
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