Silver One to Conduct Airborne Geophysics and Prepares for Drilling on Its Phoenix Silver Project, Arizona

Rhea-AI Summary

Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) has contracted Geotech Airborne Geophysical Surveys to conduct a ZTEM survey over its Phoenix Silver project in Arizona. The survey aims to detect large alteration systems and structures potentially hosting mineralization, particularly in the southern portion where previous surveys and high-grade samples suggest a copper-silver system at depth.

The company plans to begin road and pad building for drilling high-grade silver targets in the 417 area, where large vein fragments containing over 70% silver were previously uncovered. Select sample assays have returned up to 459,000 gram/tonne silver. The drilling program is fully permitted and funded, awaiting improved weather conditions.

Additionally, Silver One has granted options to purchase 3,705,000 common shares to directors, officers, and consultants, exercisable at $0.24 per share with a five-year expiration.

Positive

• ZTEM survey contracted to detect potential mineralization systems
• Fully permitted and funded drilling program ready to commence
• Previous high-grade silver samples up to 459,000 g/t silver

Negative

• Weather conditions causing delays in survey and drilling activities
• Potential shareholder dilution from 3,705,000 stock options granted

Vancouver, British Columbia--(Newsfile Corp. - August 12, 2024) - Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to announce that it has entered into a contract with Geotech Airborne Geophysical Surveys to conduct a ZTEM survey over its 100% owned Phoenix Silver project in Arizona. ZTEM is an effective electromagnetic tool for detecting large alteration systems and structures that may be host to mineralization. This could be especially important in the southern portion of the property where previous magnetic surveys in combination with multiple select high-grade copper and silver samples (see Company's news release of June 6, 2024 and Figures 1 and 2) are suggestive of a copper-silver system at depth. It may also help to identify additional structures that may be host to high-grade silver systems. The survey will be scheduled as soon as any Forest Service field restrictions permit.

The weather in the area has been extremely hot and dry and is subject to intermittent forest closures. Once conditions improve, Silver One will also begin road and pad building in preparation for drilling the very high-grade silver targets in the 417 area. This is where multiple large (up to 417 pounds estimated to contain over 70% silver- see company news release of February 5, 2020, and May 15, 2024) vein fragments were uncovered. The extremely angular and unabraded nature of these fragments suggests they have not traveled far. Structures just up-slope are believed to be the host to this extremely high-grade silver mineralization. Select sample assays have returned up to 459,000 gram/tonne silver (see news release of February 20, 2020). The program is fully permitted, fully funded and is ready to commence once weather conditions have improved.

The Company has also granted options to purchase 3,705,000 common shares to its directors, officers and consultants. The options are exercisable at $0.24 per share, subject to Silver One's standard vesting schedule, and expire five years from the date grant.

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.

Figure 1: Phoenix Silver location map showing copper belts of the Miami-Globe porphyry copper district as well as the location of major mines including the Miami-Inspiration mining complex and BHP's porphyry copper discovery area. Blue contours are northeast-oriented regional magnetic (MVI - contour interval 0.0002 SI) anomalies which form a spatially coincident signature of the mineral belts of the Miami-Globe copper district.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4730/219546_3947f9f864df58b4_001full.jpg

Figure 2: Property Map showing selected copper assays as well as silver targets, copper targets and regional magnetic anomalies (contours are 0.0002 increments in SI units).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4730/219546_3947f9f864df58b4_002full.jpg

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 its mineral properties, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219546

FAQ

What is the purpose of the ZTEM survey for Silver One's Phoenix Silver project?

The ZTEM survey aims to detect large alteration systems and structures that may host mineralization, particularly in the southern portion of the property where previous surveys suggest a copper-silver system at depth.

What were the highest silver grades found in samples from Silver One's Phoenix Silver project?

Select sample assays from the Phoenix Silver project returned up to 459,000 gram/tonne silver, as reported in the company's news release of February 20, 2020.

How many stock options did Silver One (SLVRF) grant and at what price?

Silver One granted options to purchase 3,705,000 common shares to its directors, officers, and consultants, exercisable at $0.24 per share with a five-year expiration.

What is delaying Silver One's drilling activities at the Phoenix Silver project?

Extreme hot and dry weather conditions, which may lead to intermittent forest closures, are delaying the start of Silver One's drilling activities at the Phoenix Silver project.