SILVER ONE COMMENCES DRILLING AT ITS HIGH-GRADE PHOENIX SILVER PROJECT, ARIZONA

Rhea-AI Summary

Silver One Resources has commenced drilling at its Phoenix Silver Project near Globe, Arizona. The program involves 2,500 meters of core drilling across up to 40 holes, targeting high-grade silver vein fragments, including a notable 417-pound fragment containing up to 70% native silver. Previous samples from the site have assayed up to 459,000 g/t silver. The drilling aims to explore the 417 Target Area, identified through various surveys and mapping. The project is promising, with multiple high-grade silver fragments found at shallow depths, suggesting proximity to the source. The current permit covers the 417 Target Area, but less than 50% of the property has been prospected, indicating potential for further discoveries.

Positive

• Commencement of drilling at Phoenix Silver Project.
• Targeting high-grade silver vein fragments, including a 417-pound fragment with up to 70% native silver.
• Previous samples assayed up to 459,000 g/t silver.
• 2,500 meters of core drilling across up to 40 holes.
• Multiple high-grade silver fragments found at shallow depths.

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, Oct. 2, 2024 /PRNewswire/ -- Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to announce drilling has commenced at its high-grade Phoenix Silver Project located near Globe, Arizona.  The program consists of 2,500 metres in up to 40 holes of core drilling to test the first of several silver targets identified to date in the property.

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/t troy ounce per short ton) silver (see Figure 2b and News Release of Feb 5, 2020). 

Greg Crowe, Silver One's President, CEO and Director, commented, "We are very excited to initiate the inaugural drilling program at this exceptional project.  The property has never been drilled but the outlook is promising as evidenced by the abundance and nature of the very high-grade silver fragments found around the drilling area.  The angular and unabraded nature to the fragments that have been discovered at shallow depths under the cover soil suggests this material has not traveled far from its suspected source.  The best drill targets identified to date are just upslope from where the 417 pound fragment was uncovered and are coincidental with the location of geophysical and geochemical anomalies. "

Program Details and Background

The drilling program consists of 2,500 metres including up to 40 diamond drill holes off 13 different drill pads (Figure 1).  Seven priority silver and polymetallic targets have been delineated to date using a drone-mounted magnetic survey and via geological mapping conducted in selected areas of  the property (Figure 3).  Rock sampling, soil geochemistry and geophysical surveys (self-potential – an electrical surveying method used in mineral exploration) conducted over selected areas have also delineated anomalies that coincide with exploration targets and highlight the importance of the 417 silver fragment target and Mexican Mine areas  (See July 28, 2020 and January 11, 2021 news releases).

The current drill permit encompasses only the 417 Target area (Figure 1 and 3).  This target includes part of the 417 vein as well as several other vein-structures.  This area is considered the top priority given that it is the potential source of most of the large silver fragments found on the property to date.    It is worth noting however, that although evidence of silver mineralization has been identified elsewhere in the property,  less than 50% of the property has been prospected and geochemically sampled and only a fraction (417 Target area) has been mapped in detail.  Over 200 smaller silver samples have been collected to date from various areas on the property. Thus, Silver One management believes that with continued exploration several more areas will yield positive results and is optimistic about the larger scale exploration potential of the property.

Figure 1 – Map of the 417 Vein Target Area showing outcropping veins and permitted drill pad locations.

Infographic - https://mma.prnewswire.com/media/2521344/Silver_One_Figure_1.jpg

Figure 2 (a) and (b) – a) 417 pound vein fragment containing estimated 70% silver (determined by specific gravity method). The photo is of a selected sample that is not necessarily representative of the mineralization hosted on the property. b) 459,000 g/t silver (13,385 oz/t) vein fragment containing abundant visible native silver. This sample is not necessarily representative of the mineralization hosted on the property.

 Photo - https://mma.prnewswire.com/media/2521342/Silver_One_Figure_2_a.jpg

Photo - https://mma.prnewswire.com/media/2521343/Silver_One_Figure_2_b.jpg

Figure 3 – Map of the Phoenix Silver property, showing main veins and targets. Much of the north half of the property is covered by Tertiary and Quaternary gravel and alluvium and has not been mapped in detail. Target # 1 (or 417 Target Area) encompasses the 417 lb silver fragment, multiple veins (see figure 1) and the permitted area for drilling. Targets south of the 417 area, include polymetallic veins as well as alteration zones potentially associated with porphyry-style mineralization. 

Infographic - https://mma.prnewswire.com/media/2521345/Silver_One_Figure_3.jpg

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. 

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SOURCE Silver One Resources Inc.

FAQ

What is the focus of Silver One's drilling at the Phoenix Silver Project?

The focus is on exploring high-grade silver vein fragments, including a 417-pound fragment with up to 70% native silver.

How extensive is the drilling program at the Phoenix Silver Project?

The drilling program involves 2,500 meters of core drilling across up to 40 holes.

What are the assay results from previous samples at the Phoenix Silver Project?

Previous samples have assayed up to 459,000 g/t silver.

What is the significance of the 417-pound silver fragment at the Phoenix Silver Project?

The 417-pound fragment is significant due to its high-grade silver content, with up to 70% native silver, indicating potential for rich silver deposits.

How much of the Phoenix Silver Project property has been prospected?

Less than 50% of the property has been prospected, indicating potential for further discoveries.