VANCOUVER, B.C., Dec. 19,
2023 /PRNewswire/ -- Silver One Resources Inc.
(TSXV: SVE) (OTCQX: SLVRF) (FSE: BRK1) – ("Silver One" or the
"Company") is pleased to announce the staking of additional claims
to the east of those announced in the Company's news release of
October 23, 2023. These new
claims further expand the ground holdings at its Phoenix Silver
Project near Globe, Arizona.
The newly acquired area more fully covers regional magnetic
anomalies located in the southern part of the property. These
anomalies are part of a prolific, 30+ km long,
northeast-trending porphyry copper belt; host to several large
porphyry copper deposits such as Resolution (Rio Tinto-BHP),
Carlota (KGHM), Pinto Valley (Capstone Copper) and Globe/Miami
(Freeport McMoran) -See Figure 1.
Greg Crowe, President and CEO
of Silver One commented: "The staking of these new claims is an
affirmation of the company's commitment to seek and take advantage
of opportunities to grow. We are not only continuing to explore the
silver anomalies in the central and northern parts of the property,
which includes the drill-permitted area covering the potentially
very high-grade silver targets, but we are also expanding our land
position around magnetic anomalies identified to date. The magnetic
anomalies constitute promising copper targets in a region holding
immense potential for porphyry copper systems. These anomalies,
along with the select vein samples that returned high-grade copper
values in the southern part of the Phoenix Silver project (see
Figure 2) are strongly suggestive of a copper system at depth.
Silver One is looking forward to fully exploring the property and
to unlocking value for our
investors."
Highlights:
- The Phoenix Silver property has expanded in size and scope to
cover the original very high-grade silver vein targets and the more
recently outlined areas of potential porphyry copper targets.
- The Project now covers 6,141 hectares (15,175 acres) along the
northeastern extension of a 30+ km long system hosting past and
current producing silver and copper mines. This belt is the
focus of new exploration efforts by several companies to
potentially outline new porphyry copper and silver related
targets.
- Silver One is planning on drilling the potentially very
high-grade silver targets, which are already permitted, in
2024. The Company also plans to conduct sampling and
geophysical surveys to better outline potential porphyry copper
targets in the southern part of the property.
Silver One's new staking has strategically secured 260
unpatented lode claims covering 2,090 hectares (5,165 acres) in an
area renowned for its geological copper and silver potential, as
illustrated by the Resolution deposit, one of the world's largest
undeveloped copper deposits, BHP's new Ocelot copper
discovery, Freeport McMoRan's Miami complex immediately southwest of Phoenix
Silver, other producing copper mines, as well as associated
regional magnetic anomalies possibly indicative of porphyry copper
deposits. In total, the property now extends over 6,141
hectares (61.4 square kilometers or 15,175 acres) (Figures 1 and 2)
which cover both the potential very high-grade silver and the
porphyry copper targets.
The new claims occur along a prolific present and past-producing
northeast-trending, 30+ km long porphyry copper belt.
Freeport McMoran is currently operating the Miami copper mine immediately southwest of
Phoenix Silver, Capstone operates Pinto Valley Mine, and KGHM owns
the Carlotta Mine (Figure 1). Several other companies,
including BHP, Rio Tinto and South 32, are actively exploring the
area. Select rock samples collected from the southern
portion of the Phoenix Silver property have returned several values
over 1% copper (see Figure 2 and October 23,
2023 and July 28, 2020 news
releases).
Silver One is leveraging the use of advanced exploration
technology to identify promising new targets. The reprocessing of
drone-borne and publicly available regional magnetic data using
magnetic vector inversion (MVI) modelling has revealed strong
northeast-trending magnetic anomalies at Phoenix Silver, which are
similar to those found at Globe-Miami
and elsewhere along the 30+ km long mineralized belt (Figure 1
shows regional magnetic anomalies. Figure 2 shows both local and
regional magnetic anomalies - See October
23, 2023 and Jan 11, 2021 News
Releases). The MVI processing and Interpretation was done by Carl
Windels Consulting, Denver,
Colorado.
The expansion of the property aligns with the Company's plans to
grow through the development of existing properties and
acquisitions. Thus, the new claims acquired through staking offer
an excellent opportunity to explore highly sought-after targets in
the mining industry such as porphyry copper systems along with
pursuing its primary goal of finding and developing quality silver
assets.
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 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,
potentially increasing the substantive silver mineralization
along-strike from the two past-producing open pits.
The Company has staked 636 lode claims and entered into a
Lease/Purchase Agreement to acquire five patented claims on its
Cherokee project located in Lincoln
County, Nevada. The Property hosts multiple
silver-copper-gold vein systems, traced to date for over 11 km
along-strike.
Silver One holds an option to acquire a 100% interest in the
Phoenix Silver Project. The Phoenix Silver 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 and Phoenix Silver Projects, obtaining
the necessary permits to carry out its activities and the need to
comply with environmental and governmental regulations.
Mineralization at nearby deposits is not necessarily indicative of
mineralization at Silver One's properties. 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.
NEITHER 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.
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SOURCE Silver One Resources Inc.