SILVER ONE COMMENCES ROAD AND PAD CONSTRUCTION IN PREPARATION FOR DRILLING AT ITS HIGH-GRADE PHOENIX SILVER PROJECT, ARIZONA

Rhea-AI Summary

Silver One Resources Inc. (SLVRF) has begun road and drill pad construction at its Phoenix Silver Project near Globe, Arizona, preparing for a 2,500-meter diamond drilling program set to start in early October. The main target is the 417 Target Area, potentially the source of high-grade silver vein fragments, including a 417-pound specimen estimated to contain up to 70% native silver. Other samples have assayed up to 459,000 g/t silver.

The company also plans a ZTEM geophysical survey in late September to identify alteration and mineralization zones, particularly in the southern part of the property where samples have shown over 1% copper with high silver values. This mineralization may be related to a buried porphyry system similar to nearby copper complexes.

Positive

• Commencement of road and drill pad construction for a 2,500-meter diamond drilling program
• Main target area potentially contains extremely high-grade silver, with samples assaying up to 459,000 g/t silver
• Planned ZTEM geophysical survey to identify additional mineralization zones
• Potential for a buried porphyry system with over 1% copper and high silver values in the southern part of the property

Negative

• None.

DRILL TARGETS INCLUDE VEIN STRUCTURES THAT ARE POTENTIAL SOURCE OF MULTIPLE VEIN FRAGMENTS INCLUDING A 417 POUND NATIVE SILVER-RICH VEIN FRAGMENT

VANCOUVER, BC, Sept. 17, 2024 /PRNewswire/ -- Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to announce the commencement of construction of road and drill pads in preparation for drilling the first of several silver targets at its high-grade Phoenix Silver Project located near Globe, Arizona (See Figures 1 and 2).

Forest Service fire restrictions have been lifted in the project area and road construction has started in preparation for drilling by the first week of October. The main drill target is the 417 Target Area which includes the potential source of very high-grade silver vein fragments located around the 417 pound (189 kg) vein fragment found in the central part of the property (see Figures 1, 2 and 3). This vein fragment was not assayed, as it is a collectors' specimen, but specific gravity tests indicate a very high-grade silver content of up to 70% native silver (see News Release of Feb 5, 2020). Multiple other smaller specimens found in the property, also containing abundant visible native silver, assayed up to 459,000 g/t (13,385 oz tr/sh tn) silver (see Figure 4 and News Release of Feb 5, 2020). This assay result correlates well with the order of magnitude of silver found in other vein fragments, including the specific gravity estimate of silver in the 417 pound vein fragment.

The easing of fire restrictions will also allow the scheduling of the ZTEM geophysical survey announced in the August 12 news release, estimated for the fourth week of September. This electromagnetic survey is expected to be useful in outlining areas of alteration and/or mineralization. This will be especially important in the southern part of the property where multiple select samples from breccia and alteration zones and veining have returned values greater than 1% copper with high silver values (see News Release of June 6, 2024). This type of mineralization may be related to a buried porphyry system similar to the along strike and nearby Miami copper complex being operated by Freeport McMoRan and the recently discovered Ocelot porphyry system being explored by BHP. The Ocelot hosts multiple intercepts of 250+ meters averaging 0.6-0.7% copper and lies beneath the historic Old Dominion mine that produced base metals, silver and gold from near surface veins (BHP's News Release 9/23 of Apr 21, 2023). Both the Miami and Ocelot are along strike and are part of a 40+ km long porphyry belt that projects northeastwards beneath the Phoenix Silver project (see Figure 5).

The drill program approved by the company consists of 2,500 metres including up to 40 diamond drill holes off 13 different drill pads, as authorized by the Forest Service (Figure 1). 

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 and an independent consultant to the Company.

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 owns 636 lode claims and 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 also owns 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. 

Photo: https://mma.prnewswire.com/media/2507296/Map_of_417_vein_target_area.jpg
Photo: https://mma.prnewswire.com/media/2507292/Map_Phoenix_Silver.jpg
Photo: https://mma.prnewswire.com/media/2507294/grades_vein_fragment.jpg
Photo: https://mma.prnewswire.com/media/2507295/silver_vein_fragment.jpg
Photo: https://mma.prnewswire.com/media/2507293/Phoenix_Silver_Map.jpg
Logo: https://mma.prnewswire.com/media/1574720/4747260/Silver_One_Logo.jpg

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/silver-one-commences-road-and-pad-construction-in-preparation-for-drilling-at-its-high-grade-phoenix-silver-project-arizona-302249977.html

SOURCE Silver One Resources Inc.

FAQ

When is Silver One Resources (SLVRF) expected to start drilling at the Phoenix Silver Project?

Silver One Resources (SLVRF) is expected to start drilling at the Phoenix Silver Project by the first week of October 2024.

What is the main target area for Silver One's (SLVRF) drilling program at Phoenix Silver?

The main target area for Silver One's (SLVRF) drilling program at Phoenix Silver is the 417 Target Area, which includes the potential source of very high-grade silver vein fragments.

What was the highest silver assay result from samples at Silver One's (SLVRF) Phoenix Silver Project?

The highest silver assay result from samples at Silver One's (SLVRF) Phoenix Silver Project was 459,000 g/t (13,385 oz tr/sh tn) silver.

When is Silver One Resources (SLVRF) planning to conduct the ZTEM geophysical survey at Phoenix Silver?

Silver One Resources (SLVRF) is planning to conduct the ZTEM geophysical survey at Phoenix Silver in the fourth week of September 2024.