Summa Silver Files Technical Reports for its Two American High-Grade Silver Projects
Rhea-AI Summary
Summa Silver Corp. (SSVR) has filed technical reports for its two 100% owned US silver projects, detailing mineral resource estimates. The Hughes Project in Nevada shows:
- Indicated Resources: 10.26M silver equivalent ounces (5.81M oz silver, 0.05M oz gold) at 333 g/t AgEq
- Inferred Resources: 32.91M AgEq (15.91M oz silver, 0.19M oz gold) at 421 g/t AgEq
- Tailings Resources: 2.74M AgEq (1.79M oz silver, 0.011M oz gold) at 68 g/t AgEq
The Mogollon Project in New Mexico contains Inferred Resources of 32.08M AgEq (12.12M oz silver, 0.24M oz gold) at 367 g/t AgEq. Calculations use silver at $25/oz and gold at $2100/oz, with recovery rates of 90-97%.
Positive
- Large resource base: 75.25M oz AgEq total across both projects
- High-grade deposits: 333-421 g/t AgEq for Hughes, 367 g/t AgEq for Mogollon
- 100% ownership of both projects
- Additional resource potential in tailings (2.74M oz AgEq)
Negative
- Majority of resources (87%) are in inferred category
- Resources not yet classified as reserves - no demonstrated economic viability
- Technical report shows slight decrease in Hughes resource vs. January estimates
News Market Reaction – SSVRF
On the day this news was published, SSVRF gained 8.45%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - March 3, 2025) - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE: 48X) ("Summa Silver" or the "Company") is pleased to report that it has finalized technical reports (the "Technical Reports") detailing the mineral resource estimates (each an "MRE"), for the Company's
Hughes Project:
- Indicated Mineral Resources (in-situ) are estimated to include 10.26 million silver equivalent ounces(1) (Moz AgEq) (5.81 Moz silver and 0.05 Moz gold) at a grade of 333 grams per tonne silver equivalent(1) (g/t AgEq) (188.4 g/t silver and 1.59 g/t gold) contained within 0.96 million tonnes (Mt).
- Inferred Mineral Resources (in-situ) are estimated to include 32.91 Moz AgEq (15.91 Moz silver and 0.19 Moz gold) at a grade of 421 g/t AgEq (203.7 g/t silver and 2.41 g/t gold) contained within 2.43 Mt.
- Inferred Mineral Resources in Tailings are estimated to include 2.74 Moz AgEq (1.79 Moz silver and 0.011 Moz gold) at a grade of 68 g/t AgEq (44.0 g/t silver and 0.26 g/t gold) contained within 1.26 Mt.
Mogollon Project:
- Inferred Mineral Resources are estimated to include 32.08 Moz AgEq (12.12 Moz silver and 0.24 Moz gold) at a grade of 367 g/t AgEq (139 g/t silver and 2.72 g/t gold) contained within 2.72 Mt.
Note:
1. Silver Equivalent (AgEq) grade is based on silver and gold prices of
Table 1. Summary of Indicated and Inferred Mineral Resources for Summa Silver's Projects
| Summa Silver Projects | Classification (6) | Cut-off | Tonnes (kt) | Grade | Contained Metal | ||||
| Grade (AgEq g/t) (1) (2) (3) | Au (g/t) | Ag (g/t) | AgEq (g/t)(4) | Au (oz) | Ag (oz) | AgEq (oz)(4) | |||
| Hughes in situ Mineral Resources | Indicated | 190 | 959 | 1.59 | 188.4 | 333 | 49,000 | 5,813,000 | 10,261,000 |
| Inferred | 190 | 2,429 | 2.41 | 203.7 | 421 | 188,000 | 15,906,000 | 32,907,000 | |
| Hughes Tailings Mineral Resources | Inferred | 45 | 1,264 | 0.26 | 44 | 68 | 11,000 | 1,787,000 | 2,744,000 |
| Mogollon Mineral Resources | Inferred | 175 | 2,716 | 2.72 | 138.8 | 367.4 | 238,000 | 12,117,000 | 32,083,000 |
Notes:
1. Silver Equivalent (AgEq) cut-off grade for the Hughes Project in situ Mineral Resources is based on a silver price of
2. Silver Equivalent (AgEq) cut-off grade for the Hughes Project tailings Mineral Resources is contained within an optimized pit and based on a silver price of
3. Silver Equivalent (AgEq) cut-off grade for the Mogollon Project Mineral Resources is based on a silver price of
4. AgEq is based on silver and gold prices of
5. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.
6. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves. The quantity and grade of reported Inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred mineral resources as Indicated mineral resources. It is uncertain if further exploration will result in upgrading them to the Indicated mineral resources category.
7. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
8. There are no known environmental, permitting, legal, or other factors which could materially affect the MREs.
Technical Disclosure
The MRE for both the Hughes and Mogollon projects were prepared under the supervision of Jeffrey Bickel, CPG, an employee of RESPEC. Mr. Bickel has reviewed and approved the technical contents relating to the MREs in this news release.
Summa Silver's exploration activities on the Hughes and Mogollon projects are conducted and supervised by Galen McNamara, P.Geo., the CEO and Director of the Company. Mr McNamara is a Qualified Person as defined under NI 43-101. He has reviewed and approved the contents of this news release.
In the Technical Report prepared for the Hughes Project, the indicated portion of the MRE is 0.21 Moz AgEq lower, and the inferred portion of the MRE is 0.51 Moz AgEq lower than the figures reported in the Company's news release dated January 16, 2025. This amendment is due to regular property boundary confirmation work as part of the preparation of the Technical Reports. There are no other material differences in either Technical Report from those results disclosed in the Company's news release dated January 16, 2025.
About Summa Silver Corp
Summa Silver Corp is a junior mineral exploration company. The Company owns a
Follow Summa Silver on Twitter: @summasilver
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Website: https://www.summasilver.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Galen McNamara"
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com
Investor Relations Contact:
Giordy Belfiore
Corporate Development and Investor Relations
604-288-8004
giordy@summasilver.com
www.summasilver.com
Neither the 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.
Cautionary note regarding forward-looking statements
This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: the Company's exploration plans.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; the ongoing conflict in Ukraine; and other related risks and uncertainties disclosed in the Company's public disclosure documents.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243187
FAQ
What are the total silver equivalent resources reported in Summa Silver's (SSVRF) Hughes Project?
What is the grade of silver and gold in SSVRF's Mogollon Project?
How many ounces of gold were reported in SSVRF's Hughes Project mineral resource?
What metal prices were used to calculate SSVRF's resource estimates?
