Tillkännagivande • Jun 13
Silver One Resources Inc. Identifies New Porphyry-Related Copper-Silver-Gold Targets, Expands Land Holdings and Continues Metallurgical Drilling on Silver Mineralization at its Candelaria Project, Nevada
Silver One Resources Inc. identified new targets and continues to expand ground holdings at its flagship property, the past-producing Candelaria Silver Mine in Nevada. Recent and historical work, including geology, rock and soil geochemical sampling, IP and 3D magnetic data modelling, have revealed new exploration targets and expanded previously known targets. As a result, the Company has staked an additional 336 claims in the north and western part of the property. To date, the Company controls 20,376 acres (8,246 hectares) of patented and Bureau of Land Management ("BLM") ground covering the areas of historic mining, leach pads, new targets and potential along-strike extensions to the known mineralized systems. Silver One is also continuing its metallurgical diamond drilling program in anticipation of an update to the historical resource completed by Silver Standard in 2001. In addition to the reverse circulation (RC) drilling completed in April and the ongoing core drilling program for metallurgical testing, Silver One has been busy conducting other important surveys at Candelaria. Over the last few months, the company reprocessed, and 3D modeled detailed airborne magnetic data, conducted an induced polarization (IP) survey over the entire extent of the property, and conducted extensive surface sampling as well as expanded geological mapping along highly prospective areas of interest. Coincidental geophysical anomalies and other geological/geochemical features represent four potentially mineralized areas within the property. These include, in order of priority, the area beneath the past producing open pits, the recently discovered Red Hill copper showings, the area of surface skarn mineralization to the south of the Georgine Pit and the Green Nick showings to the east of the Mount Diablo open pit. All have coincidental IP (Metal Factor) and magnetization vector inversion (MVI) anomalies together with strongly elevated copper, silver and gold in select rocks and/or soil samples. Another area of coincidental, anomalous IP (Metal Factor) and MVI anomalies is located 3 kilometers north of the Georgine pit and comprises deep targets (500-1000 meters depth) under post-mineral volcanic cover. Magnetic Data 3D Modelling Airborne gradient magnetic data from a detailed survey commissioned by Silver One in 2019 was reprocessed and modeled using Magnetization Vector Inversion (MVI). This process has been effective in mineral exploration and has been especially successful in modelling porphyry copper deposits in the Americas. The technique has been refined and utilized at Candelaria to identify magnetic bodies and alteration areas potentially associated with productive intrusive bodies. It has also been useful in identifying structures which can typically control the silver and other mineralization in the district. The modelling reveals a series of anomalies interpreted as apophyses (near-surface extensions to potentially mineralized, larger intrusive bodies at depth) and alteration possibly associated with porphyry-style mineralized systems. Depth of these anomalies are interpreted by the geophysical MF and MVI data to vary from near surface (100 m) to over 1,000 meters. The modelling has also been used to characterize the Candelaria silver-oxide and deeper oxide-sulphide mineralization, which is well known between the Mount Diablo and Northern Belle pits. The identified features have then been utilized to search for similar characteristics elsewhere on the property, revealing anomalies often associated with the top of apophyses and/or margins of interpreted alteration/intrusive zones. These anomalies also form part of the targets. MVI anomalies were followed up with additional geophysics and were the focus of the IP surveys that cover the entire property. Induced Polarization ("IP") surveys An IP survey was conducted to further investigate the magnetic anomalies and revealed strong metal factor (MF) anomalies, (low resistivity and high chargeability) around the Candelaria historical resource area. MF anomalies persist down-dip from the mineralized pits, suggesting continuity of the mineralization beyond the limits of the historic Mount Diablo and Northern Belle pits and beyond the area of Silver One's recent drilling. Despite the fact that the majority of the mineralization mined at Candelaria is oxidized, a strong metal factor anomaly persists around the resource area and may be representative of more sulphide-rich mineralization at depth. Similar MF values continue east and west from the Northern Belle and Diablo pits to the Green Nick prospect to the east, to the area south of the Georgine pit, and to the Red Hill showing to the west of the pits (see Figure 2). Sampling Extensive (over 1300 samples) surface rock and soil sampling conducted by Silver One and SSR reveal several clusters of high silver, gold, copper and other trace elements which delineate significant anomalies. These anomalies, in combination with coinciding geophysical anomalies, are considered promising drilling targets. Around the historic pits, the surface assays have expanded the footprint of the mineralization about a kilometer east and west of the Mt. Diablo and Northern Belle pits, and around 400 meters west of Georgine pit. Additionally, Silver One's recently completed 7,500 m reverse circulation drilling has visually further expanded the area of the historic resource mineralization 300 meters east of the Mt. Diablo pit. The total expansion gained with all Silver One's drilling to date is approximately 500 meters west and 400 meters east of the Mt. Diablo pit. Assays from the 7,500 program are pending. Other relevant targets identified to date include the Red Hill target (where four rock chip samples report copper grades between 0.7% and 1.5% over widths between 1 to 1.5 meters), the Green Nick target (where multiple assays from select rock chip samples report highly anomalous gold between 0.20 to 0.88 g/t, silver between 84 to 585 g/t, and copper between 397 to 1,526 ppm), and the Georgine target located south of the Georgine pit (with gold values between 0.55 to 2.78 g/t, silver between 215 to 557 g/t and copper between 0.1 to 4.5%). Soil sampling has been conducted in the Georgine and Red Hill areas where assays results reveal anomalous values generally coinciding with rock geochemistry anomalies. Analytical Details Grab and chip samples collected by Silver One varied from 1 kg to 5 kg and were assayed by American Assay Laboratories ("AAL") in Sparks, NV, USA (ISO accredited Laboratory, ISO/IEC 17025:2017). Samples were analyzed for thirty seven elements by ICP-MS. Over limit copper, lead and zinc were analyzed by ore-grade volumetric analysis. Silver One inserted commercial standard and blanks in the sample batches. AAL inserts blanks, standards and includes duplicate analyses to ensure proper sample preparation and equipment calibration.