New areas cover zones of known strong mineralization and unexplored vein extensions
Vancouver, June 21, 2023 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQX:SSVRF) (Frankfurt:48X) is pleased to announce that it has acquired an additional 3,985 acres of mineral rights at its high-grade silver-gold Mogollon Project near Silver City, New Mexico (the “Mogollon Project”).
- Northern Extension of the Mogollon District: A contiguous block of 200 unpatented mining claims was staked north of the Mogollon Project boundary covering unexplored multi-kilometer extensions of the Queen Vein, Great Western Vein and others (see attached figures).
- Acquisition of the Deadwood Mine: Two patented mining claims were purchased covering the strongly mineralized and largely unexplored historic Deadwood Mine on the Queen Vein two kilometers south of the Consolidated Mine.
- Project Size Significantly Increased: The Mogollon Project now covers 7,730 acres of mineral rights in private and federally administered lands, a 106% expansion over the previous 3,745 acres.
- Multiple Targets are Unexplored: None of the new areas have seen meaningful exploration activity and represent significant new discovery opportunities.
- Drilling is Ongoing at the Hughes Project, Nevada: A diamond drill rig is currently in operation at the Company’s Hughes Project, testing targets which may represent the eastern extension of the historic Tonopah mining district.
- Well Financed: The Company remains well financed with $9.5M in working capital.
Galen McNamara, CEO, stated: “Given our strong belief that the Mogollon Project could be one of the great precious metal-rich vein fields left remaining in the United States, increasing the size of the project largely through inexpensive claim staking was a key step for us. To the north, new veins and vein-extensions have already been identified that are marked by the presence of historic prospect pits, portals and shafts. These historic workings have long been forgotten and are likely well over a century old. To the south at the historic Deadwood Mine, the Company has acquired historic data showing zones of strong mineralization in the old mine workings that we are currently digitizing.”
Staked Unpatented Mining Claims
A block of 200 unpatented mining claims was staked along the northern project boundary, effectively extending the project 3.5 km to the north (the “Unpatented Claims”) (Figure 1). The Unpatented Claims are located within Gila National Forest. The area was selected for staking based on extensive research of publicly available historic and technical data coupled with the observation that the Queen Vein is plainly visible on public satellite imagery (e.g. Google Earth) over land that was open to staking.
The Unpatented Claims are transected by multiple east-west and north-south oriented faults where numerous historic prospect pits, portals and shafts have already been identified in the field. These historic mine workings mark the surface expression of mineralized veins and vein-sets. Similar to previous exploration completed by the Company in the core of the Mogollon district, areas of historic disturbance will be the initial focus of systematic geological mapping and sampling as specific targets are identified and advanced.
Purchased Patented Mining Claims
Two patented mining claims (the “Patents”) covering approximately 33 acres were purchased outright from an arms-length third party for CAD $20,000. The Company also granted a 1% NSR to the vendor, half of which can be purchased for CAD $500,000 prior to the start of production from the Patents, should such production be economically and environmentally justified.
The Patents are host to the historic Deadwood Mine which consists of a 180 m vertical shaft and approximately 1,500 m of underground development on seven levels in drifts and cross-cuts. The mine is reported to have produced 75,450 tonnes grading 4.6 g/t Au and 239 g/t Ag prior to 1942¹. Additionally, the Company has separately acquired and is currently digitizing and verifying historic data showing that significant zones of mineralization were left remaining underground in the Deadwood Mine in two discrete strands of the Queen Vein.
¹Monterey Mining and Oil Corporation internal report, 1975
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 a 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
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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 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; the ongoing conflict in Ukraine; and other related risks and uncertainties disclosed in the Company’s public disclosure documents.
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.