Summa Silver Outlines Plans for Upcoming Drill Program on the Extension of the Prolific Tonopah Mining District, Nevada
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 (SSVR) ha annunciato piani per un programma di perforazione di 7.000 metri presso il suo Progetto Hughes nel Distretto Minerario di Tonopah, Nevada. Il programma si concentrerà sulle scoperte Ruby e Sapphire, situate da 1,3 a 4,2 km a est del distretto storico. Le perforazioni precedenti hanno rivelato risultati significativi, inclusi 1.450 g/t di equivalenti d'argento su 3,0 m. La società è completamente finanziata dopo un recente finanziamento di 6,5 milioni di dollari, con inizio delle perforazioni previsto per dicembre. Il programma mira a testare la continuità della mineralizzazione su 600 metri verso est da Ruby utilizzando fori pre-collaudati a circolazione inversa completati attraverso perforazioni di nucleo.
Summa Silver Corp (SSVR) ha anunciado planes para un programa de perforación de 7,000 metros en su Proyecto Hughes en el Distrito Minero de Tonopah, Nevada. El programa se centrará en los descubrimientos Ruby y Sapphire, ubicados entre 1.3 y 4.2 km al este del distrito histórico. Las perforaciones anteriores revelaron resultados significativos, incluyendo 1,450 g/t de equivalente de plata en 3.0 m. La empresa está completamente financiada tras una reciente financiación de 6.5 millones de dólares, con el inicio de la perforación programado para diciembre. El programa tiene como objetivo probar la continuidad de la mineralización a lo largo de 600 metros hacia el este desde Ruby utilizando agujeros de pre-perforación de circulación inversa completados a través de perforaciones de núcleo.
Summa Silver Corp (SSVR)는 네바다의 토노파 광산 지구에 위치한 휴즈 프로젝트에서 7,000미터 시추 프로그램 계획을 발표했습니다. 이 프로그램은 역사적인 지구에서 동쪽으로 1.3km에서 4.2km 떨어진 곳에 위치한 루비 및 사파이어 발견에 초점을 맞출 것입니다. 이전 시추에서 1,450 g/t의 은 상당량이 3.0m에 걸쳐 발견되는 중요한 결과가 드러났습니다. 회사는 최근 650만 달러의 자금 조달을 통해 완전히 자금을 확보했으며 시추는 12월에 시작될 예정입니다. 이 프로그램은 루비에서 동쪽으로 600미터에 걸쳐 광물화의 연속성을 시험하는 것을 목표로 하며, 코어 시추를 통해 완료된 역순환 예비 구멍을 사용할 것입니다.
Summa Silver Corp (SSVR) a annoncé des plans pour un programme de forage de 7 000 mètres sur son projet Hughes dans le district minier de Tonopah, Nevada. Le programme se concentrera sur les découvertes Ruby et Sapphire, situées entre 1,3 et 4,2 km à l'est du district historique. Des forages antérieurs ont révélé des résultats significatifs, y compris 1 450 g/t d'équivalent en argent sur 3,0 m. L'entreprise est entièrement financée suite à un financement récent de 6,5 millions de dollars, avec un début de forage prévu pour décembre. Le programme vise à tester la continuité de la minéralisation sur 600 mètres vers l'est à partir de Ruby en utilisant des trous pré-percés à circulation inverse complétés par un forage à carotte.
Summa Silver Corp (SSVR) hat Pläne für ein 7.000 Meter Bohrprogramm in seinem Hughes-Projekt im Tonopah-Minenbezirk, Nevada, bekannt gegeben. Das Programm wird sich auf die Entdeckungen Ruby und Sapphire konzentrieren, die 1,3 bis 4,2 km östlich des historischen Bezirks liegen. Frühere Bohrungen ergaben signifikante Ergebnisse, darunter 1.450 g/t Silberäquivalent über 3,0 m. Das Unternehmen ist nach einer kürzlichen Finanzierung über 6,5 Millionen Dollar vollständig finanziert, und die Bohrungen sollen im Dezember beginnen. Das Programm zielt darauf ab, die Mineralisierungsstetigkeit über 600 Meter nach Osten von Ruby aus zu testen, wobei reversierte Zirkulations-Bohrungen in Kombination mit Kernbohrungen zum Einsatz kommen.
- Fully funded with recent $6.5M financing
- Previous high-grade drilling results showing up to 1,450 g/t silver equivalent
- Strategic location near second-largest historic silver producer in Nevada
- All 6 holes drilled have intersected high-grade zones
- None.
Drilling to begin with evaluating the scale of significant silver-gold mineralization at the Ruby discovery
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2024) - Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) (FSE: 48X) ("Summa" or the "Company") is pleased to provide details regarding the upcoming drill program across the highly-prospective eastern extension of the Tonopah Mining district at the Hughes Project at Tonopah, Nevada (the "Hughes Project").
Key Highlights:
Extension of the Tonopah District: Approximately 7,000 m of drilling is planned between the Ruby and Sapphire discoveries located 1.3 to 4.2 km east of the edge of the Tonopah Mining District, the second largest historic silver producer in the State of Nevada (see attached figures).
Establishing Scale: Holes are planned to test the extent and continuity of high-grade mineralization across at least 600 m eastward from Ruby.
Chasing New Veins: Drilling will begin at Ruby with a series of step-out holes from high-grade mineralization discovered in previous drill programs, including:
1,450 g/t silver equivalent* (8.41 g/t Au, 813 g/t Ag) over 3.0 m in SUM23-59
430 g/t silver equivalent* (2.47 g/t Au, 243 g/t Ag) over 2.0 m in SUM20-10
392 g/t silver equivalent* (3.04 g/t Au, 147 g/t Ag) over 3.0 m in SUM23-60
Drilling to Begin Soon: The drill program will consist of a series of reverse-circulation ("RC") pre-collared holes which will be completed through the prospective target zones via core drilling. RC and core drilling rigs have been secured with drilling scheduled to begin in December.
Fully Funded: The company is fully funded for this planned drill program having recently closed a
$6.5M financing.
*Silver equivalent is calculated using US
Galen McNamara, CEO, stated: "Our geological team has always strongly believed that the eastern extension of the Tonopah district represents the best high-grade silver target in the State of Nevada. So far our work there has indeed underscored this potential where to date all 6 holes drilled looking for Tonopah-style veins have cut high-grade zones up to 4.2 km east of the old mining district. Given that historic production from Tonopah totalled 175M oz of silver and 1.86 M of gold along a trend of 4 km, a potential additional 4.2 km extension of the district represents an exciting and unique American silver opportunity. We very much look forward to the start of drilling in December."
Figure 1: Hughes Project Drill Targets
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Figure 2: Hughes Project Long Section
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The Drill Program
The upcoming drill program at Hughes Project will focus primarily on the high-grade, silver-gold Ruby target and its prospective, eastern extension.
The Target: The Ruby target is centered on the Ruby vein system located 1.3 km east of the Belmont Mine (Figure 1). The first three holes drilled by the Company in 2020 and 2021, including the discovery hole SUM20-10 (430 g/t silver equivalent (2.47 g/t Au and 243 g/t Ag) over 2m, see the Company's press release dated December 17, 2020), intersected local zones of strong, epithermal-related silver-gold mineralization. The zone is characterized by a broad halo of pyrite-rich, phyllic alteration transitioning to strong argillic + silica alteration peripheral to local zones of strong epithermal-related gold and silver mineralization hosted in quartz-rich breccias and veins.
Following discovery, a 3D IP geophysical survey, centered east of the Ruby discovery, identified numerous broad coincident chargeability and resistivity anomalies, including one immediately along strike to the east of the drilled Ruby area. Exploration drilling, targeting the proximal coincident anomalies, yielded significant zones of mineralization including 1,450 g/t silver equivalent* (8.41 g/t Au, 813 g/t Ag) over 3m in SUM23-59 (see the Company's press release dated August 2, 2023) and 392 g/t silver equivalent* (3.04 g/t Au, 147 g/t Ag) over 3.0 m in SUM23-60 (see the Company's press release dated December 7, 2023). The intercept in SUM23-60, a 600 m step out from the Ruby vein, is within a 500 m interval of strong and locally pervasive hydrothermal alteration highlighted by local intervals of strong silver-gold mineralization in meter-scale quartz rich breccias and veins. Mineralization at Ruby is open in every direction.
The Plans: Approximately 7,000m of combined reverse circulation (RC) and diamond drilling (RC pre-collars with diamond tails) at Ruby and east towards Sapphire are planned to evaluate the scale, structural controls, mineralization continuity, presence of parallel vein-sets and the near-surface potential of the target area which include:
- A series of systematic step-out holes at Ruby from high-grade, vein and breccia-hosted mineralization intersected in SUM23-59 where pierce-points on approximately 85m centres along the projected Ruby vein-system are designed to test for mineralization extension and continuity (Figure 2).
- Additional holes at Ruby will include a 250m step-out between holes SUM23-59 and SUM23-60 (an untested strike-length of ~500m) as well as a fence of holes through the projected Ruby vein system at a position to be guided by early results of the program (Figure 2).
Data from these holes will be used to inform the structural and mineralization model as well as to plan additional holes as the program progresses.
The Timeline: Drill rigs have been secured and drilling is set to commence with the mobilization of an RC rig in early December followed by a diamond drill rig.
Corporate Update
Further to the Company's news release dated November 1, 2024, with respect to the closing of a brokered private placement of units for gross proceeds of
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 junior mineral exploration company. The Company owns a
Follow Summa Silver on Twitter: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/
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: exploration and development of the Company's mineral exploration projects including completion of surveys and drilling activities; the release of assays.
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; 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.
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FAQ
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