Summa Silver Commences Drill Program at the Hughes High-Grade Silver Project, Tonopah, Nevada

Multiple Targets Ready-To-Drill Expanding
on High-Grade Results from 2020

Vancouver, April 20, 2021 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB: SSVRF) (Frankfurt:48X) is pleased to announce that it has commenced an over 10,000 meter drill program at the Hughes Property near Tonopah, Nevada. The program will consist of both reverse circulation (RC) and core drilling. An RC rig is currently in full operation on the project and two additional core rigs are scheduled to arrive within the next few weeks.

Key Highlights

  • Just Beginning to “Scratch-The-Surface”: The Hughes property contains a large number of drill-ready targets proximal to high-grade intersections from 2020. To fully assess the resource potential of the entire project, extensive drilling is required.
  • High Potential Drilling: Targets were selected based on an updated and comprehensive three-dimensional model of all 2020 drill results together with geology, veins and underground workings of the historic Tonopah Mining District (see attached figures).
  • Modern Exploration in the Heart of the District: Drilling has started around the Rescue veins where modelling has identified the presence of multiple parallel-striking veins that require immediate drill testing. Numerous additional veins in the Belmont Mine and Murray target areas also remain un-tested.
  • Additional Drilling at the Ruby Discovery: Representing the potential extension of the Tonopah District and located 1.3 km east of the Belmont Mine, this discovery which remains open in all directions will be tested for further mineralization.
  • Final Assays from 2020 Return High-Grade Silver and Gold:
    • 2,930 g/t silver equivalent (460 g/t Ag and 24.7 g/t Au) over 0.4 m from 375.0 m within 561 g/t silver equivalent (103 g/t Ag and 4.58 g/t Au) over 2.0 m from 375.0 m in SUM20-21
    • 3,210 g/t silver equivalent (1500 g/t Ag and 17.1 g/t Au) over 0.3 m from 234.1 m within 665 g/t silver equivalent (323 g/t Ag and 3.42 g/t Au) over 1.8 m from 232.6 m in SUM20-29
  • Fully Funded: With approximately $13.0M in working capital Summa is ready to execute aggressive drill programs throughout 2021.

Galen McNamara, CEO, stated: “As we begin our 2021 drill program at Hughes, it is clear that the Tonopah Mining District still contains zones of substantial high-grade mineralization. Based on the drilling we completed in 2020 and subsequent surface exploration which is now on-going, it is our belief that we are only just beginning to scratch-the-surface here and extensive further work will be required before we can begin to understand the scale of the mineralized zones.”

2021 Drill Program

The focus of the 2021 drill program will be to test for continuity and the strike-extent of mineralization intersected during the 2020 drill program. Four primary targets will be investigated; Belmont Mine, Murray, Mizpah Extension and Ruby. Additional targets such as the 725 veins are being ranked and prioritised and may also be further tested.

Belmont Mine: Based on a refined exploration model for the Belmont Mine target, numerous holes are planned to test the strike-extent of high-grade Ag and Au mineralization associated with the Rescue veins. Modelling suggests these high-grade near-vertical, southwest-striking veins (e.g., 3,760 g/t silver equivalent over 2.5 m in SUM20-06) remain open in multiple directions. An RC rig is currently drilling a set of pre-collars at this target.

Murray Area: Several holes in 2020 tested the gently dipping, southwest-striking Murray vein hosted along the property-scale Tonopah fault at the Murray area. Mineralization is associated with broad intervals of strong argillic alteration cored by zones of quartz stockwork up to 30 metres wide and local mineralized epithermal-related quartz veins (e.g., 1,079 g/t silver equivalent over 0.9 m in SUM20-17) Based on the distribution of mineralized intercepts along the prospective structure, additional drilling is planned to investigate grade-continuity as a well as the down-dip potential of the vein.

Mizpah Extension Area: Two holes in 2020 tested the gently to steeply dipping veins in the Mizpah Extension area. Both holes cut zones of intense hydrothermal alteration along with banded and brecciated epithermal related veins and two zones of mineralization (e.g., 290 g/t silver equivalent over 4.0 m in SUM20-09). Additional drilling is planned to test the lateral and dip extents of the mineralized zones and to investigate the orientation of the veins in the area.

Ruby Discovery: One drillhole in 2020 tested the Ruby target, located 1.3 kilometres east of the Belmont Mine, and cut broad zones of intense hydrothermal alteration with local zones of mineralized banded and brecciated epithermal related veins (e.g., 1,597 g/t silver equivalent over 0.5 m in SUM20-10). The lateral extent of mineralization along strike will be tested in the 2021 drill program.

Drilling Methods: A mix of RC and core drilling is planned for the 2021 program. The upper parts of holes will be drilled with RC methods as pre-collars to depths of up to 250 meters. Holes will then be completed through target zones with core drilling. Pre-collaring holes with RC will result in significant time and cost savings. Completing holes with core methods will result in greater geological and assay certainty. The estimated depth of pre-collars is based on of the Company’s geologic modeling.

Final Results from 2020 Drill Program

The 2020 drill program was designed to test the lateral and vertical extent of structurally controlled, epithermal-related, high-grade silver and gold mineralization historically mined in the Tonopah district. Based on a predrilling compilation of all available historic drill and underground geological, structural and assay data, four priority targets were selected; Belmont, Murray, Mizpah Extension and Ruby. These targets cover an east-west strike length of approximately 4 km and were systematically tested in 29 drill holes.

Results from the final nine holes are reported in Table 1. The final hole from the Rescue vein (SUM20-021; Table 1) demonstrates that high-grade Ag-Au mineralization continues along strike from holes SUM20-006 (3,760 g/t silver equivalent over 2.5 metres) and SUM20-020 (Figure 2). New high-grade results from the 725 veins confirm the significance of this area and together with previously reported data, the results suggest that vein-hosted mineralisation at 725 is open in multiple directions.

Table 1: Hughes Property Assay Results

Drill Hole

 Vein Series

 From (m)

 To (m)

 Length (m)

 Au (g/t)

 Ag (g/t)

 AgEq* (g/t)

SUM20-14

Murray

328.5

329.5

1.0

1.34

134

268

SUM20-15

725

No Significant Intersections                                                                     Target Area Stoped-Out by Historic Mining Operations

SUM20-16

Murray

No Significant Intersections

SUM20-18

Murray

361.8

362.7

0.9

0.68

60

128

SUM20-21

Rescue

375.0

377.0

2.0

4.58

103

561

including

375.0

375.4

0.4

24.7

460

2930

SUM20-22

Rescue

No Significant Intersections                                                                  Hole Overshot Target

SUM20-24

IOU

213.4

219.5

6.1

0.71

33

105

SUM20-24

475.1

475.4

0.3

0.87

100

187

SUM20-24

509.3

509.7

0.5

0.57

72

129

SUM20-26

725

182

184.6

2.6

1.12

106

218

including

183.9

184.3

0.4

2.86

258

544

SUM20-26

189.4

192.4

3

0.86

101

188

SUM20-26

199.2

201.4

2.2

1.46

143

289

including

200.6

201.4

0.8

3.05

300

605

SUM20-29

725

171.7

172

0.3

4.41

467

908

SUM20-29

224.5

225

0.5

6.23

568

1191

SUM20-29

232.6

234.4

1.8

3.42

323

665

including

234.1

234.4

0.3

17.1

1500

3210

AgEq based on 100 (Ag):1 (Au), True widths are not yet known, Reported intervals are based on a 100g/t AgEq cut-off grade. Metal recoveries are assumed to be 100%

Table 2: Drillhole Information

Target Area

 Drill Hole

 Easting 

 Northing 

 Azimuth

 Dip

 Pre-Collar Depth (RC)

 Final Depth (Core)

Murray

SUM20-14

479304

4214160

189

-46

N/A

549

Murray

SUM20-15

480850

4213875

175

-62

N/A

268

Belmont

SUM20-16

479430

4214109

188

-52

N/A

530

Murray

SUM20-18

479430

4214109

135

-73

N/A

439

Belmont

SUM20-21

481201

4213534

164

-76

268

488

Belmont

SUM20-22

481201

4213534

128

-76

335

518

Belmont

SUM20-24

481160

4213625

305

-69

299

500

Belmont

SUM20-26

480850

4213875

130

-67

N/A

232

Belmont

SUM20-29

480850

4213875

146

-74

N/A

335

Coordinates are NAD27, Zone 11N

Analytical and QA/QC Procedures

All samples were sent to ALS Global Ltd. (“ALS”) in Reno, NV for preparation and analysis. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed for gold via fire assay with an AA finish (“AU-AA23”), and 48 other elements, including silver, via a combination of atomic emission spectroscopy and mass spectroscopy after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au via AU-AA23 were re-run via fire assay for Au with a gravimetric finish (“AU-GRA21”). Samples that assayed over 100ppm Ag via ME-MS61 were re-run via fire assay for Ag with a gravimetric finish (“AG-GRA21”). In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Summa Silver implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.

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 Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has ever been completed.

 

Follow Summa Silver on Twitter: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

 

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”

Galen McNamara, Chief Executive Officer
Vancouver, BC, Canada
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

 

INVESTOR RELATIONS CONTACT:

Kin Communications
Nima Shafigh
604-684-6730
SSVR@kincommunications.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: the release of assays, potential mineralization at the Tonopah Mining District, and the exploration and development of the Company’s mineral exploration projects including drilling programs and objectives.

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; and other related risks and uncertainties.

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.

Summa Silver Drills 2,995 g/t Silver Equivalent over 0.8 m at the Hughes Property, Nevada

High-Grade Silver and Gold Intersections Confirmed in Step-Out Holes

Significant Follow-Up Drill Program to Commence Shortly

Vancouver, March 31, 2021 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB: SSVRF) (Frankfurt:48X) is pleased to announce additional high-grade silver-gold intersections from the Hughes Property in central Nevada.  These results build on previously reported intercepts and demonstrate high-grade continuity along numerous high-priority veins. Results from this batch of assays are from three vein sets in the Belmont Mine target.

Key Highlights

Rescue Veins in the Belmont Mine Target Area:

      • 2,995 g/t silver equivalent (1,480 g/t Ag and 15.15 g/t Au) over 0.8 m from 378.5 m in SUM20-19
      • SUM20-19 is a 50 m step-out from SUM20-06 which intersected 3,760 g/t AgEq (1,762 g/t Ag and 19.99 g/t Au) over 2.5 m and a 50 m step-out from SUM20-20 which intersected 6,220 g/t AgEq (2,910 g/t Ag and 33.1 g/t Au) over 0.7 m

725 and IOU Veins in the Belmont Mine Target Area:

      • 1,269 g/t silver equivalent (580 g/t Ag and 6.89 g/t Au) over 0.7 m from 156.0 m in SUM20-28 (450 m northwest of the Rescue vein series)
      • 823 g/t silver equivalent (393 g/t Ag and 4.3 g/t Au) over 0.6 m from 395.8 m in SUM20-23 (250 m north of the Rescue vein series)
        Note: AgEq based on 100 (Ag):1 (Au), True widths are unknown.

Further Assays Pending and Drilling Imminent:  Assays remain pending for 9 holes from the 2020 drill program with the 2021 drill program set to begin in the first half of April.

Exploration Underway: The Company is currently conducting a pre-drilling exploration program which includes an airborne LiDAR survey and geological mapping. Soil and induced polarization surveys focused on the eastern extension of the Tonopah District are also scheduled for this spring.

Fully Funded for Aggressive Drill Programs: The Company is well funded with approximately $13.2M in working capital.

Galen McNamara, CEO, stated: “Multiple vein systems in the historic Belmont Mine continue to return exceptional grades with continuity now shaping up nicely. With this year’s exploration now beginning, our focus will be on both mineral resource style step-outs, and discovery of additional strong mineralization on the eastern extension of what is one of the most heavily endowed silver districts in the United States.”

Table 1: Assay Results – Belmont Mine Target Area

Drill Hole  Vein Series  From (m)  To (m)  Length (m)  Au (g/t)  Ag (g/t)  AgEq* (g/t)
SUM20-19 Rescue 370.5 371.2 0.7 0.95 156 251
SUM20-19 Rescue 378.5 379.3 0.8 15.15 1480 2,995
SUM20-19 Rescue 394.3 395.6 1.3 2.45 112 357
SUM20-23 IOU 381.1 381.4 0.3 6.37 556 1,193
SUM20-23 IOU 395.8 396.4 0.6 4.30 393 823
SUM20-23 IOU 400.1 401.0 0.9 1.53 146 299
SUM20-25 IOU 336.5 336.8 0.3 2.40 175 415
SUM20-27 725 149.1 149.9 0.8 2.18 164 382
SUM20-27 725 160.3 160.6 0.3 1.87 125 312
SUM20-27 725 165.7 166.1 0.4 1.10 99 209
SUM20-28 725 156.0 156.7 0.7 6.89 557 1,246

-AgEq based on 100 (Ag):1 (Au), True widths are not yet known, Reported intervals are based on a 150g/t AgEq cut-off grade. Metal recoveries are assumed to be 100%.

Phase I Program Summary

The Phase I drill program in 2020 was designed to test the lateral and vertical extents of structurally controlled, epithermal-related, high-grade silver and gold mineralization historically mined in the Tonopah District. Nineteen holes tested numerous steeply-dipping, west-southwest striking veins and secondary splays in the Belmont Mine target area. At each vein location (e.g., Rescue, IOU and 725), a series of holes tested the along-strike and down-dip extensions of mineralization in approximately 50 m centered piece-points along the vein (see attached figures). In most cases, mineralization consists of locally Ag-sulfasalt bearing, banded to brecciated quartz ± adularia veins with associated argillic alteration halos hosted in intermediate to felsic volcanic and volcaniclastic rocks. Vein thickness varied from a few centimeters to a few meters. Assays for 5 holes are reported in Table 1 and results are still pending from 9 holes.

Phase II Program

A significant follow-up drill program is planned and will commence shortly. A drill contractor has been selected and program details will be released once targets are ranked and prioritized.

Remote Sensing and Geological Mapping

The company is currently flying a LiDAR (light detection and ranging) survey and are collecting high-resolution ortho-images over the entire project area. The data will be used to identify areas of historic disturbance potentially related to surface mineralization and to provide robust topographic control for future modelling and ground-based surveys. The company has also initiated a property-scale geological mapping program aimed at refining the geological model for the district. A focus will be on defining the footprint-extent of outcropping hydrothermally altered bedrock as well as mapping along key structures. Systematic rock-chip samples will be collected to aid in advancing the geochemical model for the district as well as defining new drill targets.

Table 2: Drillhole Information

Target Area  Drill Hole  Easting   Northing   Azimuth  Dip

 Pre-Collar Depth (RC)

(m)

 Final Depth (Core)

(m)

Belmont SUM20-19 481201 4213534 186 -72 280 476
Belmont SUM20-23 481160 4213627 317 -74 293 578
Belmont SUM20-25 481160 4213627 337 -73 317 548
Belmont SUM20-27 480850 4213875 125 -71 N/A 281
Belmont SUM20-28 480850 4213875 123 -74 N/A 321

Coordinates are NAD27, Zone 11N.

Analytical and QA/QC Procedures

All samples were sent to ALS Global Ltd. (“ALS”) in Reno, NV for preparation and then to North Vancouver, Canada for analysis. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed for gold via fire assay with an AA finish (“AU-AA23”), and 48 other elements, including silver, via a combination of atomic emission spectroscopy and mass spectroscopy after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au via AU-AA23 were re-run via fire assay for Au with a gravimetric finish (“AU-GRA21”). Samples that assayed over 100ppm Ag via ME-MS61 were re-run via fire assay for Ag with a gravimetric finish (“AG-GRA21”). In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Summa Silver implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.

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 Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has ever been completed.

 

Follow Summa Silver on Twitter (@summasilver) and on LinkedIn

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”

Galen McNamara, Chief Executive Officer
Vancouver, BC, Canada
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

 

INVESTOR RELATIONS CONTACT:

Kin Communications
Nima Shafigh
604-684-6730
SSVR@kincommunications.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: the release of assays, and the exploration and development of the Company’s mineral exploration projects.

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; and other related risks and uncertainties.

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.

Summa Silver Executes Drilling Contract for the High-Grade Hughes Silver-Gold Property, Nevada

Vancouver, March 17, 2021 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB: SSVRF) (Frankfurt:48X) is pleased to announce that it has engaged National Drilling EWP of Elko, NV to carry out drilling at the Company’s high-grade silver-gold Hughes Property near Tonopah, Nevada in 2021.

Drilling is expected to start in early to mid-April. The focus of the drilling will be to expand on previously reported high-grade silver and gold intercepts at hole spacings suitable for mineral resource estimation. Further details on specific targets and total meters to be drilled will be finalized and announced in due course as the Company continues to await assays from the 14 outstanding holes remaining from the 2020 drill program.

Key highlights from the 2020 drill program so far include*:

  • 3,760 g/t silver equivalent (1,762 g/t Ag and 19.99 g/t Au) over 2.5 m from 347.1 m within 596 g/t silver equivalent (286 g/t Ag and 3.10 g/t Au) over 18.5 m from 347.1 m in SUM20-06
  • 6,220 g/t silver equivalent (2,910 g/t Ag and 33.1 g/t Au) over 0.7 m from 397.4 m within 3,182 g/t silver equivalent (1,495 g/t Ag and 16.9 g/t Au) over 1.4 m from 397.4 m in SUM20-20

*see news releases dated September 30th, 2020 and December 17th, 2020 for more details

 Galen McNamara, CEO, commented: “With the closing of our $10,168,00 financing last month which included a significant investment from Mr. Eric Sprott, the Company has approximately $13,500,000 in cash on hand. We are fully financed to complete aggressive drill programs at both Hughes, NV and Mogollon, NM in 2021 as we push towards mineral resource estimates. National Drilling EWP is a safety, environmental and client focused leader in both reverse-circulation and core drilling in the United States with clients that include some of the largest mining companies in the world. We’re happy to welcome National back to the project after executing a safe and efficient program last year. In addition, we look forward to releasing the remaining results form the 2020 drill program and will do so once results become available.”

2020 Drill Results Update

Due to ongoing delays at geochemical analytical labs, assay results for 14 of 29 holes drilled during the 2020 drill program remain pending. Samples submitted to ALS Global of Reno, NV in early December are now being assayed in Vancouver after being crushed and pulverized at preparation facilities in Mexico. The Company will release results once the data have been received, interpreted, and modelled. The Company is currently reviewing all available options to speed up analytical turn-around times for exploration programs in 2021.

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 Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property features a number of high-grade past-producing mines which operated between the 1880’s and 1942.

 

Follow Summa Silver on Twitter: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

 

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”

Galen McNamara, Chief Executive Officer
Vancouver, BC, Canada
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

 

INVESTOR RELATIONS CONTACT:

Kin Communications
Nima Shafigh
604-684-6730
SSVR@kincommunications.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: the closing of the Offering, the expected use of proceeds of the Offering, the participation of Eric Sprott in the Offering, and the exploration and development of the Company’s mineral exploration projects.

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; and other related risks and uncertainties.

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.

Summa Silver Corp. Closes $10,168,000 Private Placement Financing, Including an Investment by Eric Sprott

Vancouver, February 19, 2021 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV: SSVR) (OTCQB: SSVRF) (Frankfurt: 48X) is pleased to announce that it has closed the non-brokered private placement financing of units of the Company (the “Units”) at a price of $1.00 per Unit (the “Offering”) for gross proceeds of $10,168,000. Participation in the Offering included an order of $2,000,000 from Mr. Eric Sprott.

Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price of $1.75 per Warrant Share for a period of 24 months from the closing of the Offering.  If the closing price of the Common Shares is at a price equal to or greater than $3.00 for a period of ten consecutive trading days, Summa will have the right to accelerate the expiry date of the warrants by giving notice, via a news release, to the holders of the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said news release.

Galen McNamara, CEO of the Company, stated: “Closing this financing has placed Summa Silver in a strong position to push forward with aggressive exploration programs in two of the most prospective high-grade silver districts in the United States. I would like to thank all new and existing shareholders for their continued support.  We look forward to continuing our aggressive approach to value creation as we chase high-grade discoveries in 2021.”

The Company issued 10,168,000 Units at a price of $1.00 per Unit pursuant to the Offering. Net proceeds of the Offering will be used for exploration, corporate development, and general working capital purposes. Securities issued pursuant to the Offering are subject to a four month and one-day statutory hold period. The Offering Is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.

In connection with the Offering, the Company paid total finders’ fees of $555,100 in cash and issued 555,100 finders’ warrants (the “Finders’ Warrants”) to eligible finders.  Each Finders’ Warrant is exercisable into one Common Share of the Company at a price of $1.00 for a period of two years.

Eventus Capital Corp. and Mackie Research Capital Corp. acted as finders in connection with a portion of the Offering.

About Summa Silver Corp

Summa Silver Corp is a Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property features a number of high-grade past-producing mines which operated between the 1880’s and 1942.

Follow Summa Silver on Twitter and LinkedIn

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”

Galen McNamara, Chief Executive Officer
Vancouver, BC, Canada
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

INVESTOR RELATIONS CONTACT:

Kin Communications
Arlen Hansen
604-684-6730
SSVR@kincommunications.com

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) 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: the exploration and development of the Company’s mineral exploration projects.

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; and other related risks and uncertainties.

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.

Summa Silver Corp. Upsizes Financing to $10,000,000 with Mr. Eric Sprott to Participate

Vancouver, BC – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB: SSVRF) (Frankfurt:48X) is pleased to announce that it is increasing the size of the previously announced non-brokered private placement to up to 10,000,000 Units of the Company (the “Units”) at a price of $1.00 per Unit for gross proceeds of $10,000,000. Participation in the Offering is now expected to include Mr. Eric Sprott, through 2176423 Ontario Ltd, a corporation beneficially owned by him. Eventus Capital Corp. and Mackie Research Capital Corp. have been appointed as finders in connection with the offering.

Galen McNamara, CEO of the Company, stated: “The participation of Mr. Sprott in the current financing represents a significant endorsement of Summa Silver’s ongoing work at our US-based silver properties. I am very much looking forward to our upcoming drill programs as we aggressively pursue high-grade results in 2021.”

Each Unit will be comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price of $1.75 per Warrant Share for a period of 24 months from the closing of the Offering.  If the closing price of the Common Shares is at a price equal to or greater than $3.00 for a period of ten consecutive trading days, Summa will have the right to accelerate the expiry date of the warrants by giving notice, via a news release, to the holders of the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said news release.

Closing of the Offering is subject to regulatory approval and all securities to be issued pursuant to the Offering will be subject to a four-month hold period under applicable Canadian securities laws. The Company may pay finder’s fees commensurate with regulatory policies on a portion of the Offering of up to 6% in cash and 6% in finder’s warrants exercisable for one common share at an exercise price of $1.00 for two years. Proceeds from the Offering are expected to be used for exploration, corporate development, and general working capital purposes.  Closing of the Offering is expected to occur on or about February 16, 2021 (the “Closing Date”) and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.

About Summa Silver Corp

Summa Silver Corp is a Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property features a number of high-grade past-producing mines which operated between the 1880’s and 1942.

Follow Summa Silver on Twitter & LinkedIn

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

Investor Relations Contact:

Kin Communications
Arlen Hansen
604-684-6730
SSVR@kincommunications.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: the closing of the Offering, the expected use of proceeds of the Offering, the participation of Eric Sprott in the Offering, and the exploration and development of the Company’s mineral exploration projects.

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; and other related risks and uncertainties.

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.

Summa Silver Corp. Announces $8,000,000 Private Placement Financing

Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB: SSVRF) (Frankfurt:48X) is pleased to announce a non-brokered private placement financing of Units of the Company (the “Units”) at a price of $1.00 per Unit (the “Offering”) for gross proceeds of $8,000,000. Eventus Capital Corp. and Mackie Research Capital Corp. have been appointed as finders in connection with the Offering.

Each Unit will be comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price of $1.75 per Warrant Share for a period of 18 months from the closing of the Offering.  If the closing price of the Common Shares is at a price equal to or greater than $3.00 for a period of ten consecutive trading days, Summa will have the right to accelerate the expiry date of the warrants by giving notice, via a news release, to the holders of the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said news release.

Galen McNamara, CEO of the Company, stated: “Summa Silver holds two of the best high-grade silver development projects in the United States today. We are delighted to welcome new investors to the Company and look forward to continuing an aggressive modern hunt for silver resources.” 

Closing of the Offering is subject to regulatory approval and all securities to be issued pursuant to the Offering will be subject to a four-month hold period under applicable Canadian securities laws. The Company may pay finder’s fees commensurate with regulatory policies on a portion of the Offering of up to 6% in cash and 6% in finder’s warrants exercisable for one common share at an exercise price of $1.00 for two years. Proceeds from the Offering are expected to be used for exploration, corporate development, and general working capital purposes.  Closing of the Offering is expected to occur on or about February 16, 2021 (the “Closing Date”) and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.

About Summa Silver Corp

Summa Silver Corp is a Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property features a number of high-grade past-producing mines which operated between the 1880’s and 1942.

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 Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 due to heavily depressed metal prices and little to no modern exploration work has ever been completed.

 

Follow Summa Silver on Twitter: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

 

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”

Galen McNamara, Chief Executive Officer
Vancouver, BC, Canada
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

 

INVESTOR RELATIONS CONTACT:

Kin Communications
Arlen Hansen
604-684-6730
SSVR@kincommunications.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: the closing of the Offering, the expected use of proceeds of the Offering and the exploration and development of the Company’s mineral exploration projects.

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; and other related risks and uncertainties.

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.