Canadian silver explorer and developer Silver One Resources Inc. (SVE:TSX.V; SLVRF:OTCQX; BRK1:FSE), today announced its latest drill results from its 7,500M (meters) reverse circulation (RC) drill program at its Candelaria silver project in Nevada.
Silver One Resources indicated that since November 2018, it has drilled over 25,000 M (meters) across 131 holes at Candelaria using RC, core, and sonic drilling methods. The firm noted the goal of the current infill drill program is to test the extensions to silver-oxide mineralization adjacent to the past producing open pits.
The company stated that its recent 36-hole, 7,500 m drill program was designed specifically to test extensions of silver-oxide mineralization from neat the Mt. Diablo pit and then further down-dip to areas where step-out holes had been drilled west of the Mt. Diablo open pit in 2021.
The firm listed that starting from a downhole depth of 68.58m, hole SO-C-22-119B returned 1,339 g/t Ag and 1.22 g/t Au over 10.67 m. The company noted that this intercept was part of a larger segment that recorded 48.77 m of 332 g/t Ag and 0.39 g/t Au.
The company reported several other notable assay results, including 501.5 g/t Ag and 0.76 g/t Au over 3.05 m at hole SO-C-22-106A in the Mt. Diablo eastern extension, 518.5 g/t Ag, and 0.85 g/t Au over 3.05 m in hole SO-C-22-125 from the Mt. Diablo down-dip extension, and 777 g/t Ag and 1.38 g/t Au over 3.05 m in hole SO-C-22-130 in the Northern Belle pit down-dip extension.
Silver One emphasized that these assay results from step-out drilling confirm that mineralization continues to extend down dip and along strike to 400 m west and 450 m east of the Mount Diablo pit, as well as down-dip from both the Northern Belle and Mt. Diablo open pits. The company said that its future drilling work will target the extension of the mineralization down-dip and along strike from these two areas.
The firm pointed out that "the Candelaria mineralization is now known to extend nearly 2 Km along strike and 1 Km in the down-dip direction and remains open in all directions."
The company's President and CEO, Greg Crowe, remarked, "We are very encouraged by the positive results from the assays of our recent round of reverse circulation drilling. Holes drilled confirmed continuity of the mineralization down-dip and along-strike to the east and west of the past producing Mt. Diablo pit, where drilling indicates that silver and gold grades exceed historical average grades mined by open pit."
Crowe added, "The mineralization defined to date is still open both along strike and down dip from both Mt. Diablo and Northern Belle pits, and further exploration is highly warranted."
The company noted that in August 2020, a resource report was completed showing that the Candelaria Project had an Indicated resource of 30 Moz (million ounces) Ag and an Inferred resource of 15.397 Moz Ag.
Silver One is a silver-focused exploration and development firm based in Vancouver, B.C., Canada, that invests in properties in the U.S., Mexico, and Canada. The company's "flagship" property is the Candelaria Mine project located in central west Nevada off U.S. Route 95 between Reno and Las Vegas. Silver One currently holds an option to acquire a 100%-interest in Candelaria, which is a former producing mine.
In addition, the company has staked claims and entered into an agreement to acquire five patented claims on its Cherokee project located in Lincoln County, Nev., in an area that is known to host multiple silver-copper-gold vein systems. The firm also owns options to acquire a 100% interest in the very high-grade native Silver Phoenix Project that lies within the Arizona Silver Belt.
Silver One Resources started the day with a market cap of around $48.9 million, with approximately 217.71 million shares outstanding. SLVRF shares opened 10% higher today at $0.2485 (+$0.0233, +10.35%) over yesterday's $0.22.52 closing price. The stock has traded today between $.2485 and $0.3503 per share and is currently trading at $0.2569(+$0.0311, +13.77%).
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