Summa Silver Executes Drilling Contract for the High-Grade Hughes Silver-Gold Property, Nevada

Rhea-AI Summary

Summa Silver Corp. announced drilling activities at its high-grade silver-gold Hughes Property in Nevada, set to begin in April 2021. The company has engaged National Drilling EWP to expand on previously reported high-grade silver and gold intercepts. Notably, the 2020 drill program yielded impressive results, including 3,760 g/t silver equivalent over 2.5 m. Summa has approximately $13.5 million in cash, enabling aggressive exploration efforts. However, assay results from 14 out of 29 holes from 2020 remain pending due to lab delays.

Positive

• Engaged National Drilling EWP, indicating a commitment to advancing exploration.
• Strong cash position of approximately $13.5 million, enabling future projects.
• High-grade drill results reported from the 2020 program, including 3,760 g/t silver equivalent.

Negative

• Assay results for 14 out of 29 holes from 2020 remain pending due to delays at geochemical labs.

VANCOUVER, BC, March 17, 2021 /PRNewswire/ - Summa Silver Corp. ("Summa" or the "Company") (TSXV: SSVR) (OTCQB: SSVRF) (Frankfurt:48X) is pleased to announce that it has engaged National Drilling EWP of Elko, NV to carry out drilling at the Company's high-grade silver-gold Hughes Property near Tonopah, Nevada in 2021.

Drilling is expected to start in early to mid-April. The focus of the drilling will be to expand on previously reported high-grade silver and gold intercepts at hole spacings suitable for mineral resource estimation. Further details on specific targets and total meters to be drilled will be finalized and announced in due course as the Company continues to await assays from the 14 outstanding holes remaining from the 2020 drill program.

Key highlights from the 2020 drill program so far include*:

• 3,760 g/t silver equivalent (1,762 g/t Ag and 19.99 g/t Au) over 2.5 m from 347.1 m within
  596 g/t silver equivalent (286 g/t Ag and 3.10 g/t Au) over 18.5 m from 347.1 m in SUM20-06
• 6,220 g/t silver equivalent (2,910 g/t Ag and 33.1 g/t Au) over 0.7 m from 397.4 m within
  3,182 g/t silver equivalent (1,495 g/t Ag and 16.9 g/t Au) over 1.4 m from 397.4 m in SUM20-20

*see news releases dated September 30^th, 2020 and December 17^th, 2020 for more details

Galen McNamara, CEO, commented: "With the closing of our $10,168,00 financing last month which included a significant investment from Mr. Eric Sprott, the Company has approximately $13,500,000 in cash on hand. We are fully financed to complete aggressive drill programs at both Hughes, NV and Mogollon, NM in 2021 as we push towards mineral resource estimates. National Drilling EWP is a safety, environmental and client focused leader in both reverse-circulation and core drilling in the United States with clients that include some of the largest mining companies in the world. We're happy to welcome National back to the project after executing a safe and efficient program last year. In addition, we look forward to releasing the remaining results form the 2020 drill program and will do so once results become available."

2020 Drill Results Update

Due to ongoing delays at geochemical analytical labs, assay results for 14 of 29 holes drilled during the 2020 drill program remain pending. Samples submitted to ALS Global of Reno, NV in early December are now being assayed in Vancouver after being crushed and pulverized at preparation facilities in Mexico. The Company will release results once the data have been received, interpreted, and modelled. The Company is currently reviewing all available options to speed up analytical turn-around times for exploration programs in 2021. 

Qualified Person

The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company, and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp
Summa Silver Corp is a Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property features a number of high-grade past-producing mines which operated between the 1880's and 1942.

Follow Summa Silver on Twitter: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

ON BEHALF OF THE BOARD OF DIRECTORS
"Galen McNamara"
Galen McNamara, Chief Executive Officer
info@summasilver.com 
www.summasilver.com

Investor Relations Contact:
Kin Communications
Nima Shafigh
604-684-6730
SSVR@kincommunications.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 closing of the Offering, the expected use of proceeds of the Offering, the participation of Eric Sprott in the Offering, and the exploration and development of the Company's mineral exploration projects.

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 as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.

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.

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SOURCE Summa Silver Corp.

FAQ

When will drilling start at Summa Silver's Hughes Property?

Drilling at the Hughes Property is expected to start in early to mid-April 2021.

What are the key findings from the 2020 drill program of Summa Silver?

Key findings include 3,760 g/t silver equivalent over 2.5 m and 6,220 g/t silver equivalent over 0.7 m.

How much cash does Summa Silver have for exploration?

Summa Silver has approximately $13.5 million in cash on hand for exploration activities.

Who is conducting the drilling for Summa Silver?

The drilling is being conducted by National Drilling EWP.

What factors have delayed the assay results for Summa Silver's drilling?

Delays at geochemical analytical labs have impacted the turnaround time for assay results.