DRILLING PERMITS ON POTENTIAL HIGH-GRADE SILVER TARGETS
VANCOUVER, BC, June 6, 2024 /CNW/ -- Silver One Resources Inc. (TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to announce the discovery of additional copper and silver prospects with up to 1,240 g/t Ag and 7.79% Cu in selected samples (see Table 1, Figures 1 and 2 below and the Company's news release of May 15, 2024). These samples were collected in the southern portion of the property where multiple copper and silver showings suggest potential for the discovery of porphyry related copper-silver mineralization. This part of the project is immediately northeast of the Freeport McMoRan Miami copper mine and the recently discovered Ocelot porphyry project being actively explored by BHP (see Figure 3 below).
Additionally, the structures thought to host the large silver vein fragments (weighing up to 417 pounds and estimated to contain up to 70% silver) are permitted for drilling (see Company's news release of May 15, 2024 and Figure 4 below). The company is targeting Q3 2024 for this drill program.
Highlights:
New copper showings on recently acquired claims highlight the potential for porphyry related copper mineralization immediately along strike from the Freeport McMoRan Miami copper mine and the recently discovered Ocelot porphyry copper project being explored by BHP.
Highly anomalous copper values in selected samples range between 0.1% to 7.79% and silver between 1 g/t and 1,240 g/t containing locally abundant lead and zinc in veins and breccias.
New silver fragments discoveries reported in the company's news release of May 15, 2024 extend the area of potential silver vein mineralization for 600+ metres to the west of the previously discovered 417 lb (189 kg) angular and unabraded vein fragment that was estimated to contain over 70% silver and an 18.7 lb (8.5 kg) specimen assaying 459,000 g/t (14,688 oz/t) silver (see news release dated February 5, 2020 and May 15, 2024).
The project is permitted for drilling on these potentially high-grade silver targets (See Figure 4).
Greg Crowe, President and CEO of Silver One commented: "These additional strongly anomalous copper and silver select samples collected from numerous showings, along with previously collected samples, highlight the wide distribution of copper-silver mineralization throughout the southern portion of the Phoenix Silver project. The property lies to the northeast of Freeport McMoRan's copper producing Miami Complex and BHP's Ocelot porphyry copper exploration project.
Phoenix Silver lies at the northeast margin of a 30+ km long porphyry copper and silver belt and has excellent potential to host high-grade silver mineralization as well as porphyry related copper-silver mineralization. Some of the deposits in the area that have reported silver associated with copper mineralization include the Pinto, Miami, Silver King and Silver Queen mines (see USGS Porphyry Copper Deposit Model – Scientific Investigations report 2010-5070-B).
A drill permit has been secured to test structures believed to host the very high-grade silver vein fragments (see Company News Release of March 2, 2023). Emphasis will be placed on the 417 vein structure, where numerous high-grade silver fragments have been located along 600+ meters of this east-west trending system. These veins are thought to be the host to the angular and unabraded fragment weighing 417 lb (189 kg) and estimated by specific gravity methods to contain 70% silver. Assays of smaller fragments returned up to 459,000 g/t (14,688 oz/T) silver (see Company News Release of February 5, 2020 and May 15, 2024).
The Phoenix Silver project continues to surprise, not only in the size and distribution of mineralized areas, but also in the high copper and silver grades associated with the mineralized systems. What started as a rare opportunity in potentially identifying veins of extremely rich silver mineralization, has now expanded to include large areas of copper-silver porphyry potential. The Phoenix Silver project is truly a unique and exceptional exploration opportunity."
Figure 1. Left: sample 41550: silver bearing (1,240 g/t Ag) quartzite-manganese hydrothermal breccia with iron oxides, and copper (1.36%), lead (1.57%), zinc (0.29%) oxides in matrix and cavities. Center and right: Sample 41558. Adit exposing qz-Mn vein in bedded pebbly conglomeratic sandstone with copper oxides (azurite-malachite-chrysocolla), plus sulfides chalcocite, galena and minor sphalerite with 458 g/t Ag, 7.79% Cu, 6.2% Pb and 0.42% Zn.
Table 1: Selected assays in new claims staked in the Phoenix Silver Project (October 23, and December 19, 2023 news releases). Samples are selected dump and rock chip samples as indicated. Selected copper assays are shown in Fig. 2.
Sample
Ag (g/t)
Pb (%)
Zn (%)
Cu (%)
Description
41550
1240
1.57
0.30
1.36
Grab sample. NE80 Vn structure 2m thick in caved-in 15m-long trench. Dump sample qz-Mn bx with FeMnOx mtx & (CuPbZn)Ox in mtx, vugs & fx
41551
70
2.46
1.21
0.13
Grab sample. NE70 Vn structure. 5x5m, 4m deep pit at the base of a 40m trench dug along structure. Dump Qz-Mn bx with CuOx (azurite, malachite) & Pb-ZnOx
41552
28
0.04
0.21
0.93
5m roadcut channel in thin bedded ss-shales. FeOx in ss mtx; Bed planes and fx are stained w/CuOx
41553
15
0.12
0.90
2.41
Select rock chips (3m)from outcrop in roadcut, approx. 1-3% malachite-azurite
41554
145
2.21
0.56
3.24
Dump sample from 7x5m wide 2.5m deep pit. 1% CuOx (Chrysocolla and FeMnOx) in hematized ss-shales
41555
417
7.58
1.68
2.93
Dump. FeMnOx w/0.5% CuOx (chrysocolla-malachite & trs PbOx). Dumps are scattered all along NE52SW structure
41556
207
8.67
4.28
1.63
Dump @ capped 40-50m shaft in the middle of five open cuts and pits along approx. 100m stretch. Qz-MnVn fragments w/CuOx staining and filling vugs in bedded qz-ss-shales. NE50 structure approx. 2-3m wide dip 80NW
41557
71
0.05
0.30
0.02
Dump sample from a 80m long SE35NW trench by end of road @base of quartzite peak. Massive black-brownish earthy to compact MnFeOx
41558
458
6.21
0.43
7.79
Sample 1/3 dump and 2/3 rock chips from the ceiling of adit entrance located @ middle of qzite peak. N30E poddy qz-Mn vein with ~1-3%CuOx (azurite-malachite-chrysocolla), plus sulfides chalcocite?, gn>sl
41559
241
0.24
0.22
0.06
Dump (mix of MnFeOx dissem & filling breccia plus trs CuOx) from a 30m deep shaft within a 150m long open cut. Source is a Qz-Mn vn 4-5m thick
41560
22
0.51
0.28
0.52
Dump from a ~25m deep, 12m long open cut exposing a NE20 1.5m wide steeply dipping (80deg NE) structure w/Cu staining (azurite-malachite). Felsic dike cuts cgl interbedded with thin layers of silicified shales.
41561
69
0.02
0.06
0.01
Dump. MnFeOx diss, filling breccia& fractures in highly fractured white quartzite. Fx trend N60E
41562
123
0.91
0.58
0.11
Chips 40 cm Vn NE70SW dip NW75. QzMnBx Vn w/Mn fill & trs Cu-PbZn Ox in fx bedded qzite alternating w/pebbly cg & fine to medium grained ss.
41563
72
2.31
0.29
0.08
Dump same litho &minz as above
41564
138
0.63
0.30
0.35
Dump. Same litho &minz as 41565
41565
320
2.44
0.33
0.29
Chips (2m) NE55SW dip70 NW 4-5m wide structure with vein composed of mtx supported qz breccia w/1-2% MnFeOx & (Cu-Pb-Zn)Ox
41566
590
4.89
1.68
0.37
Dump. Same litho as 41567
41567
104
2.62
0.40
0.12
70m deep shaft in a 2-3m wide structure composed of sheeted veins NE750SW dip 700NW in strongly fractured quartzite. Chips collected @ 50 cm fault breccia within the structure w/Fe-MnFeOx, PbOx & minor CuOx.
41568
406
6.11
1.74
0.94
Dump Azurite malachite in MnOx trs py boxworks & vuggy textures w Pb-Zn Ox
41569
51
0.97
0.29
0.05
Chips 2m channel within 6m wide structure composed of a fragment supported silicified qzite breccia cemented w/ MnFeOx and minor Pb-Zn & CuOx in mtx
41570
1090
3.64
0.49
0.89
Dump. Qz-Mn breccia, fx and sheeted veins in a 2 to 4 m wide structure oriented NE58, 72NW in white qzite w/ferruginous matrix. FeMnOx & PbZnCuOx in fx, vugs and matrix. Fine grained galena relics and py boxworks. Trs chlorite alteration in fx.
901
130
1.51
1.80
0.40
Grab sample. MnOx in fx in medium grained qz sandstone. Massive 3cm-thick vns in a pink rhyolite w qz eyes. NE86 dike extends for 100s meters
902
457
0.24
0.87
0.46
Grab sample. Massive MnOx & psilomelane in fine grained rhyolite and coarse red granite. MnOx skw in rhyolite
903
1.6
0.02
0.32
0.00
Grab sample. NS 4m wide trench with MnOx with brecciated wallrock
904
276
1.46
1.69
0.42
Dump. Pile of high-grade dense MnOx with quartz from epithermal vein
906
1.3
0.01
0.09
2.30
Chips 30cm. NE30, 90deg, 30 cm MnOx vein in pink granite
Note: Assays from select samples are not necessarily representative of the mineralization hosted on the property. Abbreviations:Bx-breccia, cgl- conglomerate, deg-degrees, dissem-disseminated, fx-fractures, gn-galene, litho- lithology, mtx-matrix, minz-mineralization, ox-oxides, py-pyrite, qz-quartz, sl-sphalerite, ss-sandstone, trs-traces, vn-vein.
Elevated copper and silver values with abundant manganese, iron oxides and local base metals (lead and zinc) shown in Table 1 above, are representative of the mineralization in veins, hydrothermal breccias, and fracture systems that are widespread throughout the southern part of the property. These values along with elevated molybdenum (to 239.9 ppm in sample 41558) and local chlorite hydrothermal alteration suggest the presence of intrusive centered hydrothermal systems and are distal manifestations potentially related to the margins of porphyry copper deposits. Examples of these manifestations can be seen at the Silver Queen and Silver King mines which are the surface expression of the Magma and Resolution copper deposits, and the Old Dominion vein which is the surface expression of the Ocelot porphyry copper discovery. Polymetallic epithermal veins similar to those found in the property (see Fig 1) also occur in the periphery of other copper deposits such as Butte Montana.
Silver One plans to drill the high-grade silver targets. It will also continue the geologic reconnaissance mapping and sampling of the new claims staked in October and December 2023.
Figure 2: Property Map showing selected copper assays (see Table 1), silver targets, copper targets and regional magnetic anomalies (contours are 0.0002 increments in SI units).
Figure 3: Phoenix Silver location map showing new claims staked in October and December 2023 as well as the location of 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 porphyry copper district.
Figure 4. 417 Area map showing the location of selected silver fragments found along the western portion of the 417 Vein. Permitted drill pads within the high-grade silver target are shown with orange squares.
Analytical and QA/QC
Thirty five chip and dump select samples were collected by Company geologists during property visits conducted in March and April 2024. Samples varying in size from approximately 2 kg to 5 kg were submitted to Skyline Assayers and Laboratories ("Skyline") in Tucson, AZ, USA (ISO accredited Laboratory, certificate #2353.01 ISO/IEC 170025:2017) for sample preparation and analysis. Samples were analyzed by ICP/MS for forty-one elements with aqua regia digestion. Over limit copper, lead and zinc were analyzed by ore-grade four acid digestion ICP/OES (0.5 g sample). Gold as well as overlimit silver were analyzed by 30 g FA/Gravimetric assay). Skyline inserts blanks, standards and includes duplicate analyses to ensure proper sample preparation and equipment calibration.
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 owns 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 unmined historic resources as well as in previously identified high-grade silver intercepts down-dip, which can potentially increase 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, recently permitted for drilling, which 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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