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”).
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.”
Figure 1: Map showing new project boundary and areas of interest
Figure 2: Longsection of the Queen Vein between the Consolidated and Deadwood mines
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.
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.
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ON BEHALF OF THE BOARD OF DIRECTORS
1Monterey Mining and Oil Corporation internal report, 1975
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