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Summa Silver Corp. is a junior mineral exploration company with a focus on high-grade silver and gold mineralization projects in the United States. The company owns the Hughes Project in Nevada and the Mogollon Project in New Mexico. The Mogollon Project, one of the largest historic silver producers in New Mexico, shows great promise with recent drill results indicating extensive mineralization along the Queen vein. With high-grade intersections like 1,133 g/t Silver Equivalent over 1.65 meters at the Eberle Mine and 393 g/t Silver Equivalent over 7.4 meters at the South Queen target, Summa Silver is poised for further exploration and growth.
Summa Silver Corp. (SSVR) announces plans to release inaugural mineral resource estimates (MREs) for its Hughes Project in Nevada and Mogollon Project in New Mexico in early 2025. The MREs will be based on approximately 40,000m of drilling from 60 holes at Hughes and 22 holes at Mogollon.
Key highlights include verification of historic drill data, excellent metallurgy with high recovery rates (90-98% for silver and gold), and significant drill intersections including up to 3,912 g/t AgEq over 2.8m at Hughes and 1,133 g/t AgEq over 1.65m at Mogollon. The company has also completed four RC pre-collars at the Ruby Discovery with ongoing core drilling.
The MREs will be completed by RESPEC, the same firm that completed the resource estimate for neighboring Blackrock Silver's Tonopah West Deposit.
Summa Silver Corp. (SSVR) has initiated exploration drilling at the Hughes Project in Tonopah, Nevada. The program includes up to 7,000 meters of combined reverse circulation and diamond drilling, focusing on the Ruby and Sapphire discoveries located 1.3 to 4.2 km east of the Tonopah Mining District.
Previous drilling at Ruby yielded significant results, including 1,450 g/t silver equivalent over 3.0m in SUM23-59. The company is fully funded for this program following a recent $6.5M financing. The drilling aims to test mineralization extension and continuity with holes spaced approximately 85m apart along the projected Ruby vein-system.
Additionally, the company reported that during the quarter ended November 30, 2024, it issued 501,500 Common Shares at an average price of $0.4184 through its ATM program, generating gross proceeds of $212,924.85.
Summa Silver Corp (SSVR) has announced plans for a 7,000-meter drill program at its Hughes Project in the Tonopah Mining District, Nevada. The program will focus on the Ruby and Sapphire discoveries, located 1.3 to 4.2 km east of the historic district. Previous drilling revealed significant results, including 1,450 g/t silver equivalent over 3.0m. The company is fully funded following a recent $6.5M financing, with drilling scheduled to begin in December. The program aims to test mineralization continuity across 600m eastward from Ruby using reverse-circulation pre-collared holes completed through core drilling.
Summa Silver Corp (TSXV: SSVR) (OTCQX: SSVRF) has completed a brokered financing raising $6.48 million through a combined Listed Issuer Financing Exemption and private placement. The offering consisted of units priced at $0.40 each, with each unit comprising one common share and half a warrant. Each whole warrant is exercisable at $0.55 until November 1, 2026. The offering included 12.5 million LIFE units and 3.7 million Accredited Investor units. The company paid agents a cash commission of $399,525 and issued 998,813 broker warrants. Proceeds will fund exploration work and general working capital.
Summa Silver Corp. (SSVR) has increased its brokered private placement from $5 million to $6 million due to strong investor demand. The company will issue up to 2.5 million additional units at $0.40 per unit. Each unit includes one common share and half a warrant, with each whole warrant exercisable at $0.55 for 24 months. The offering is led by Research Capital and Eventus Capital Corp. An additional agents' option could increase the offering by up to $900,000. The proceeds will fund exploration work and working capital. The offering is expected to close around November 1, 2024, subject to regulatory approvals.
Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) has provided an update on the eastern extension of the Tonopah Mining district at the Hughes Project in Nevada. The company has made three significant discoveries, including the Ruby and Sapphire veins, located up to 4.2 km along strike from the historic district. All new zones are open for expansion, with previous drilling intersecting broad zones of strong hydrothermal alteration.
Key highlights include:
- High-grade silver and gold mineralization intersected over 6.2 km
- Multiple target areas identified for upcoming drill program
- Systematic exploration approach yielding successful discoveries
The company plans to target mineralized extensions and previously untested areas in future drilling campaigns.
Summa Silver has announced a comprehensive drill program at its Mogollon Project in New Mexico. The priority targets are along the Queen vein, spanning 2 km and showing high-grade silver and gold mineralization. Key drill results include 1,133 g/t AgEq over 1.65 m and significant recoveries for both gold and silver. The project aims to explore and expand all known mineralized zones, with systematic infill and step-out drilling planned to aid future resource estimations. The drilling is expected to commence in Q3 2024, focusing on the Consolidated, Clifton, and South Queen targets.
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