VANCOUVER, BC, Oct. 8, 2024 /PRNewswire/ -- Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to announce it has commenced a property-wide airborne geophysical survey at its high-grade Phoenix Silver Project located near Globe, Arizona.
The goal of this survey is to potentially outline areas of alteration that may be associated with buried porphyry related mineralized systems. The property lies at the northeast end of a 50+ kilometer belt that is host to multiple porphyry copper mines and prospects. These include the nearby Miami-Inspiration producing complex operated by Freeport McMoRan and the newly discovered Ocelot project being explored by BHP. Both occur along strike from our Phoenix Silver property, where multiple select grab samples have returned high copper and silver values (see Figures 1 and 2 and News Release of June 6, 2024).
The geophysical program will cover an area of 100 km2 and consists of a helicopter borne Z-Axis Tipper Electromagnetic system (ZTEM) survey that will be conducted by Geotech Ltd. This type of electromagnetic survey has been particularly successful in delineating alteration halos associated with porphyry copper deposits around the world. At the Phoenix Silver project, the survey is expected to be useful in outlining structures as well as areas of hydrothermal alteration potentially related to mineralization.
The survey will be completed in October 2024, with data processing and interpretation to follow. Once this data is integrated with existing geological, geochemical, and geophysical data, it is hoped that new silver and copper targets will be identified.
Greg Crowe, Silver One's President, CEO and Director, commented, "The silver targets on the property continue being the focus of our exploration and, to that end, the company commenced drilling the first week of October (see News Release of Oct. 2, 2024). The potential for copper, however, is also compelling and as such we have commenced an airborne ZTEM survey to assess the porphyry copper potential in the property. This type of mineralization is similar to the along strike and nearby Miami copper complex being operated by Freeport McMoRan and the recently discovered Ocelot porphyry system being explored by BHP. The Ocelot hosts multiple intercepts of 250+ meters averaging 0.6-0.7% copper and lies beneath the historic Dominion mine that produced base metals, silver, and gold from near surface veins. Both the Miami and Ocelot are along strike and are part of a 50+ km long porphyry belt that projects northeastwards beneath the Phoenix Silver project."
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.
Figure 1: Phoenix Silver location map showing copper belts of the Miami-Globe porphyry copper district. Major mines and deposits include the Miami-Inspiration mining complex and BHP's porphyry copper discovery area. Blue contours are regional magnetic (MVI – contour interval 0.0002 SI) anomalies which are spatially coincident with the mineral belts of the Miami-Globe copper district.
Figure 1: Phoenix Silver location map showing copper belts of the Miami-Globe porphyry copper district. Major mines and deposits include the Miami-Inspiration mining complex and BHP’s porphyry copper discovery area. Blue contours are regional magnetic (MVI – contour interval 0.0002 SI) anomalies which are spatially coincident with the mineral belts of the Miami-Globe copper district.
Figure 2 – Map of the Phoenix Silver property, showing main veins and targets. Target#1 (or 417 Target Area) encompasses the 417 lb silver fragment and multiple veins currently undergoing drilling. Targets south of the 417 area, include polymetallic veins as well as alteration zones potentially associated with porphyry-style mineralization.
Figure 2 – Map of the Phoenix Silver property, showing main veins and targets. Target#1 (or 417 Target Area) encompasses the 417 lb silver fragment and multiple veins currently undergoing drilling. Targets south of the 417 area, include polymetallic veins as well as alteration zones potentially associated with porphyry-style mineralization.
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.
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