New claims are unexplored and cover possible extensions of historically producing silver-gold veins already on the project
Vancouver, August 30,2022 – Summa Silver Corp. (“Summa” or the “Company”) (TSXV:SSVR) (OTCQX:SSVRF) (Frankfurt:48X) is pleased to announce that it has staked a large package of contiguous mining claims at its high-grade Mogollon Project near Silver City, New Mexico.
- In-the-Shadow of a Significant American Mining District: The newly staked claims are contiguous with the Mogollon Project and are located to the north and west of the Consolidated Extension target (see attached figure).
- Project Size Increased Substantially: The Mogollon Project now covers 3,886 acres, a nearly 65% expansion over the previous 2,382 acres.
- Prospective Vein Extensions: The new claims cover prospective extensions of several historically producing high-grade silver-gold veins.
- Unexplored Ground: Even though numerous prospect pits and trenches are known to exist, no modern exploration has ever been completed on the new claims.
- Drill Program Update: With drilling at the Hughes Project, Nevada now complete for the year, the Company is preparing to resume drilling at the Mogollon Project in September.
- Building on Significant Results: All 6 holes drilled to date by the Company at the Mogollon Project have intersected high-grade silver-gold mineralization. Highlights include:
- 31.0 m at 448 g/t silver equivalent* (129 g/t Ag, 3.88 g/t Au) in MOG22-05¹
- 11.6 m at 429 g/t silver equivalent* (220 g/t Ag, 2.70 g/t Au) in MOG22-04²
* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au, with metallurgical recoveries of Ag – 90% and Au – 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)). True widths are not yet known.
1.Reported May 3, 2022
2. Reported March 3, 2022
Galen McNamara, CEO, stated: “Although the Mogollon mining district remains underappreciated, we think it has good potential to develop into a classic American mining district. Within that context, acquiring mineral rights to more land via inexpensive claim staking was an easy decision, particularly given that the new claims are known to have a number of prospect trenches and remain completely unexplored by modern methods.”
The new 1,504 acre claim package, acquired via staking, is contiguous with the Mogollon Project (Figure 1). Based on project-scale geological modeling, LiDAR interpretation and recent prospecting, the western side of the project area was considered highly-prospective to host the potential extensions of multiple high-grade, fault-controlled silver and gold-bearing epithermal-related veins. The faults and associated veins are predominantly east-west striking (e.g., Last Chance, Johnson-Trilby, Maud, Fanney, Gold Dust) or north-south striking (e.g., Great Western, Pacific) and are locally exposed over their known km-scale strike length in historic prospect pits where recent rock-chip sampling has returned high-grade gold and silver results (Figure 1 and see January 20th, 2022 news release). Along strike and outside of the patented claims, the veins are mostly concealed below soils, however, numerous prospect pits have been identified along interpreted strike-extensions. These areas were prioritized for staking and will be fully evaluated in upcoming exploration programs.
Consolidating the western claims eliminates multiple gaps in the Mogollon Project boundaries, particularly central to the project (Figure 1). The near-contiguous property package now covers an area of approximately 16 km². This significant land position, covering most of the historic Mogollon district, provides exceptional exploration potential to locate high-grade gold and silver mineralization across areas historically overlooked.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Investor Relations Contact:
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 exploration and development of the Company’s mineral exploration projects including completion of drilling activities, and the resumption of activities at the Mogollon Project.
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.