Vancouver, British Columbia–(Newsfile Corp. – July 21, 2021) – Summa Silver Corp. (TSXV: SSVR) (OTCQB: SSVRF) (FSE:48X) (“Summa” or the “Company”) is pleased to announce the discovery of additional high-grade silver and gold mineralization in the first two holes of the year at the Hughes Property near Tonopah, Nevada.
Key Highlights – Rescue Veins at the Belmont Mine
Note: AgEq based on 100(Ag):1(Au), true widths are unknown
Galen McNamara, CEO, stated: “Hole SUM21-30 ranks very favourably with the best holes drilled globally on any silver-focused project in recent memory. It is also important to note that it is only the 30th hole drilled on the project to date. In the bigger picture, the discovery of grades well over 10,000 g/t silver equivalent at Hughes is an exciting new development for the Tonopah Mining District. Drilling will continue for the remainder of 2021 as we drive towards unlocking the full potential of this classic American mining district. We continue to be well funded for this objective with over $9.5 million in working capital.”
Table 1: Assay Results
|Drill Hole||From (m)||To (m)||Length (m)||Au (g/t)||Ag (g/t)||AgEq* (g/t)|
*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%.
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The 2021 drill program was initially designed to test the lateral and vertical extent of structurally controlled, epithermal-related, high-grade silver and gold mineralization discovered during the 2020 drill program. Based on an updated synthesis of all 2020 drill data, multiple priority drill targets were defined.
One of the first targets tested in 2021 was the Rescue vein system (SUM21-030 and 032; Table 1), part of the Belmont Mine target area. Six holes were drilled at Rescue in 2020 and intersected numerous intervals of high-grade mineralization over a strike length of 360 metres (Figure 2).
Hole SUM21-30 tested the up-dip continuity of mineralization near SUM21-20 (6,220 g/t AgEQ over 0.7 metres within 3,182 g/t AgEq over 1.4 metres; see news release dated December 17th, 2020) and hit the highest grade intersection to date on the property; 11,992 g/t AgEq over 0.9 m within 4,408 g/t AgEq over 2.8 m from 430.6 m. This interval demonstrates the significant high-grade potential of this target within the Rescue vein system and together with results from 2020, represents a priority area for further drilling.
Hole SUM21-032 was a 50 metre step-out along the vein from hole SUM20-06 and intersected a broad alteration zone that returned 155 g/t AgEq over 15.1 metres including 525 g/t AgEq over 1.2 metres from 397.4 m. Defining the strike-extent of this broad zone of continuous silver mineralization, with local high-grade intervals (e.g., SUM20-06; 596 g/t AgEq over 18.5 metres including 3,760 g/t AgEq over 2.5 metres; see news release dated September 30th, 2020) is considered a priority for future drilling.
In both holes the high-grade intercepts comprised silver-sulfosalt bearing, banded to brecciated quartz ± adularia veins with associated argillic alteration halos. The south-west striking, structurally-controlled veins are hosted in intermediate to felsic volcanic and volcaniclastic rocks of the Mizpah Formation. Assays are pending from three additional holes drilled into the Rescue vein system, with more holes currently being planned.
Table 2: Drillhole Information
|Drill Hole||Easting||Northing||Azimuth||Dip||Pre-Collar Depth (RC)||Final Depth (Core)|
Coordinates are NAD27, Zone 11N.
Analytical and QA/QC Procedures
All samples were sent to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA30”) and silver via atomic emission spectroscopy after four-acid digestion (“AgMA-AAS”). Samples that assayed over 5 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GR30”). Samples that assayed over 200 ppm Ag were re-run via fire assay for Ag with a gravimetric finish (“Ag-GRAA30”). In addition to Paragon 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.
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.
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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.
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.