New claims cover prospective areas of open-ended and undrilled targets
Vancouver, March 28, 2022 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQB: SSVRF) (Frankfurt:48X) announces it has acquired an additional 1,446 acres of mineral rights contiguous with the Hughes Property near Tonopah, Nevada via claim staking.
- In-the-Shadow of a Prolific American District: The newly staked claims are contiguous with the Hughes property and are centered approximately 4.6 km northeast of the Belmont Mine and 3 km northeast of the Ruby Discovery (see attached figure).
- Property Size Increased Substantially: The Hughes Property now covers 5,504 acres, a nearly 40% expansion over the previous 3,969 acres.
- Unexplored Areas: The claims remain largely unexplored due to the presence of post-mineralization cover rocks.
- Highly Prospective Ground: Previously reported geophysical and soil geochemical data highlighted numerous untested targets interpreted to have potential for high-grade silver-gold veins, as well bulk-tonnage style disseminated gold mineralization. Many of these targets remained open for expansion towards and into the newly acquired claims.
- Core Drilling Update: A second drill is now onsite and is fully operational. The focus of the resource-delineation drill program is first on the Murray vein with one rig concentrating on step-out holes and the other drilling infill targets.
Galen McNamara, CEO, stated: “The acquisition of this new group of claims continues to solidify our land position in this classic American mining district. With the recent purchases first of the Bullfrog district and then the Goldfield district by major mining companies, there are now very few historic districts like Tonopah remaining in the hands of junior mining companies in Nevada. We believe strongly that the potential for new discoveries immediately surrounding the Tonopah area remains high, and we plan to aggressively pursue our targets soon.”
The new claims were strategically acquired via claim staking to cover key areas of previously reported open-ended high-chargeability IP (induced polarization) anomalies and path-finder element soil geochemical anomalies (see June 22, 2021 and August 16, 2021 News Releases). The claims are underlain by a thin veneer of young Red Mountain volcanic rocks with numerous erosional windows into older prospective Seibert Formation and Fraction volcanics, host to regionally important gold deposits (e.g., Divide, Hasbrouck, Three hills). Exploration will focus on these rocks by defining the limits of the strong IP and geochemical targets identified in previous programs. The northeast extent of many of the anomalies are open for expansion towards and into the newly acquired claims (Figure 1). IP lines are planned to extend the 2021 grid to the northeast and soil-geochemical surveys are planned to investigate the extent of the strong multi-element anomalies, interpreted to be locally associated with Seibert and Fraction volcanics. Detailed prospecting and geological mapping are also planned to systematically assess the older rocks for alteration and mineralization. These new data will be used to advance the property-wide exploration model with the aim of developing new drill targets.
Figure 1: Map showing the new Hughes property boundaries and open target anomalies
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 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.
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.