$11.5M Financing Ramps-Up Drill Program Based on Extent and Strength of Visual Mineralization Drilled in First Holes, Assays Pending
Vancouver, February 14, 2022 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB: SSVRF) (Frankfurt:48X) is pleased to provide an update on exploration activities at its high-grade Mogollon Property, near Silver City, New Mexico.
- Accelerated Drilling at Mogollon: A second diamond drill rig has recently arrived on site and is now in full operation. Both rigs are focused on testing for unmined extensions of the historically producing high-grade Consolidated Mine.
- Drill Holes Progressing: Four holes have so far been completed on the Mogollon Property and an additional 2 are in progress. The Company anticipates that approximately 25,000 m of drilling in 50 holes is necessary at Consolidated in 2022 (see attached figures).
- Strong Vein Zones Intersected: All holes have intersected significant zones of quartz-carbonate veins, stockworks and breccias over core lengths of up to 50 m commonly featuring visible silver sulfide minerals. This is a strong indication that the core is mineralized (see previously released core photos).
- Consolidated Extension Target: High-grade mineralization has been intersected in historic drilling over an area of 500 x 300 m where it remains open to expansion and 9 historic holes intersected an average grade of 506g/t AgEq* over an average length of 12.0 m¹.
- Discovery Just Beginning: The Consolidated Extension target represents only 1.5% of the total vein and structure strike length present on the Mogollon Property.
*Silver equivalent (AgEq) based on 85(Ag):1(Au).
Galen McNamara, CEO, stated: “The arrival of a second rig at Mogollon is an important step towards executing our aggressive drilling plans in 2022. Our primary focus this year is to build ounces largely via step-out drilling into veins of proven high-grade silver and gold mineralization. As drilling progresses, we look forward to sharing progress updates and releasing assays in batches as we receive them.”
Drill Program Expanded
A second core drill rig is now in full operation on the Mogollon Property. Similar to the first rig, the additional rig will focus on testing for unmined extensions of the Consolidated Mine, centered on the north-trending, epithermal-related, Queen Vein. Based on encouraging visual observations from the first hole (see December 14th, 2021 news release), securing a second drill was considered necessary to fully evaluate the potential of the target in a timely manner.
Drill holes, north and south of the Consolidated mine workings, will be on 50-100 m centers designed to test the lateral and vertical continuity of vein- and footwall-hosted mineralization over strike-length of approximately 500 m and a near-vertical, down-dip extent of over 300 m, beginning at 130 m below surface.
Figure 1: Consolidated Extension Target Longsection
Figure 2: Mogollon Property showing current drill area and other targets
The 2,467-acre Mogollon Property is located in the historically prolific Mogollon mining district of southwest New Mexico, approximately 120 km north of Silver City. Numerous underground workings have exploited high-grade gold and silver veins from three primary mines; Fanney, Last Chance and Consolidated. Mining ceased in 1942 and the district has since been largely inactive besides a few exploration drill programs in the 1980s and in 2010; totalling 15,600 m. The property hosts approximately 34 km of near-continuous epithermal-associated veins and faults where only 1.7 km of those veins and faults have been drill tested. The Mogollon Property therefore offers a unique opportunity to build high-grade ounces near historic past-production while systematically exploring for new discoveries using modern techniques.
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.
The Company also announces that it has signed a contract with Triomphe Holdings Ltd., the parent company of Capital Analytica, for ongoing social media consultation. The services provided by Capital Analytica will include press initiatives and social media consulting, as well as engagements with arm’s length parties for an aggregate gross expenditure of $120,000 over a 6-month period, with the potential for a follow-on service contract. No stock-based compensation has been provided.
About Summa Silver Corp
Summa Silver Corp is a Canadian junior mineral exploration company. The Company owns a 100% interest in the Hughes property located in central Nevada and has an option to earn 100% interest in 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 is the largest historic silver producer in New Mexico. Both properties have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company’s involvement.
ON BEHALF OF THE BOARD OF DIRECTORS
Galen McNamara, Chief Executive Officer
Vancouver, BC, Canada
Galen McNamara, Chief Executive Officer
INVESTOR RELATIONS CONTACT:
¹ Drill Logs, Cordex Exploration Company Records, 1984-1989
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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 including completion of surveys and drilling activities.
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.