Silver One Resources annuonces commencement of a 7,500-meter reverse circulation drilling program on its 100% owned Candelaria Project located in western Nevada, USA. This program will augment results beyond the significant progress made in the 2021 drill and exploration programs, as the Company proceeds to define updated resources and advances towards an economic study in 2022.
The upcoming drill program will consist of up to 32 holes and will concentrate on two main goals. It will continue to examine and potentially expand near-surface silver-oxide mineralization along strike from the previously mined Mount Diablo and Northern Belle open-pits .
Drilling will also fill in areas along the potential extensions to the higher-grade, down-dip continuation of the mineralized system. Drilling in 2020-2021 intercepted multiple high-grade intervals in the hundreds of grams per metric tonne ("g/t") silver with significant gold values. These higher grade intercepts were outlined in the Company's July 15, 2021 news release, where a high-grade intercept of 1,070 g/t silver and 1.48 g/t gold over 4.57 meters, within a 25.91-meter interval that averaged 248.5 g/t silver and 0.40 g/t gold in hole SO-C-21-92 was reported and in a May 26, 2021 Company news release where a high-grade intercept of 1,776 g/t silver and 2.55 g/t gold over 1.52 meters, within a 7.62-meter interval that averaged 563 g/t silver and 0.73 g/t gold in hole SO-C-21-73 was delineated.
Additionally, a reinterpretation of the magnetic data (see Company News Releases of November 18, 2019, and July 15, 2021) is being undertaken, with the aim of helping to refine additional deep porphyry related targets similar to those identified in hole SO-C-21-081 in which over 350 meters of porphyry-style alteration starting at a depth of approximately 600 meters below the near-surface, silver oxide mineralization was intersected (see Company news release of July 15, 2021).
Porphyry-style mineralization has also been noted in material collected on historic adit dumps, where selected rock samples with skarn alteration and coarse-grained chalcopyrite, returned assays of up to 2.76% copper, 25 g/t silver and 0.67 gm/t gold. These skarn rock types are often spatially close to larger porphyry mineralized systems. Targets identified through the geophysical re-interpretations will be the focus of future drilling.
Gregory Crowe, President and CEO commented: "The 2022 exploration season is looking to be very active for Silver One. We will be significantly advancing our past-producing Candelaria silver project through drilling, metallurgical studies, resource updates and an economic study. Additional surface exploration and geophysical studies will advance other aspects of the property. Silver One will also continue to advance its very high-grade silver opportunity at its Phoenix Silver Project, Arizona, where it is awaiting a drill permit through the Forest Service. The Company will also be examining permitting of additional targets at its high-grade, silver-gold-copper vein system at Cherokee, Nevada."