Summa Silver Identifies Multiple Underground High-Grade Zones of up to 5,173 g/t Silver Equivalent, Mogollon Project, New Mexico

12 September 2023
264

Summa Silver Corp.

TSXV: SSVR | OTCQX: SSVRF | FSE: 48X

Summa Silver Corp. announce results from ongoing data compilation at the Mogollon Project near Silver City, New Mexico (the “Mogollon Project” or “Mogollon”), including historic underground rock sampling data completed by previous owners of the project. These data highlight the expansion and exploration potential of multiple high-grade zones along the Queen Vein.

Key Highlights

  • Two kilometers of targets have emerged on the Queen Vein where compilation of historic underground sample data from has revealed numerous un-mined zones of high-grade mineralization (see attached figures).
  • Highlights include grades up to 5,173 g/t silver equivalent (2,398 g/t Ag, 35.3 g/t Au) from the Eberle Mine, up to 2,564 g/t silver equivalent (1,199 g/t Ag, 17.4 g/t Au) from the Deadwood Mine, and up to 382 g/t silver equivalent (92 g/t Ag, 3.5 g/t Au) from the Clifton Adit.
  • These unmined zones are open to expansion with strong potential for continued high-grade mineralization below and along strike from historic mine workings.
  • The Mogollon Project continues to feature large-scale discovery potential where the 2 km of mineralized zones discussed in this news release represent less than 3% of the cumulative 75 km of prospective vein and structure length known to be present.
  • Preparations for a fall drill program at the Mogollon Project are well underway and details will be shared once planning is finalized.
  • The Company remains well financed with $7.5M in working capital.

* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag – 90%, Au – 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Galen McNamara, CEO, stated: “At Mogollon, the Queen Vein is now starting to demonstrate its true potential. Of note, both the Deadwood and Eberle mines were only added to the land package relatively recently. Data compilation has now revealed that both mines host significant potential for new discovery along strike and at depth. We look forward to resuming drilling at Mogollon this fall and will provide an update on program details when planning is complete. We also plan to share an update from the Hughes Project in Nevada soon. Drilling at Hughes has been delayed due to mechanical issues, ground conditions and part shortages. However, the final hole of the season remains in progress and delays have been at minimal cost to the Company.”

Figure 1: Longsection of the Queen Vein and Targets
Figure 2: Location of mines along the Queen Vein.

Mogollon Drill Targets

The north trending Queen Vein has been traced on the Mogollon Project along strike for over 7.5 km and has been the focus of recent drill testing at the Consolidated Mine. Numerous historic mines have also exploited the Queen Vein, however underground developments are relatively small. Historic mines with drill-ready targets include:

Eberle: The Eberle Mine is centered on the structural intersection between the east-west trending Maud S vein and the north-south trending Queen Vein. The mine, approximately 1.3 km south of the Consolidated Mine, was developed on three levels where 10,000 tonnes were reportedly processed prior to 1916. Seven samples, collected over 60 m from the northern extent of the lowest level on the Maud S vein, returned grades of up to 5,173 g/t silver equivalent (Table 1) and average 1,650 g/t silver equivalent1. These high-grade assays highlight the importance of grade controlling structural intersections as well as outline a priority area for follow-up drilling to test for additional un-mined extensions (Figure 1).

Table 1: Eberle Mine – Historic Underground Sample Assay Highlights

Sample IDMineAgEq (g/t)Au (g/t )Ag (g/t)
EB21Eberle5,17335.32,398
EB20Eberle3,80827.41,628
EB9Eberle7457.2145
EB3Eberle6966.9123
EB19Eberle6164.1294
EB17Eberle5645.1139
EB22Eberle4983.4228
EB18Eberle4893.1251
EB4Eberle4783.6189
EB5Eberle4593.4186
EB8Eberle4624.1123
EB16Eberle4003.887
EB10Eberle3402.7117
EB23Eberle2521.7117
EB11Eberle2492.449
EB27Eberle2221.785
EB12Eberle2202.149
EB25Eberle2031.496
EB14Eberle2031.763
EB26Eberle1781.468
EB7Eberle1641.268
EB2Eberle1411.059
EB13Eberle1351.236
EB24Eberle1341.051
EB15Eberle1081.022
EB1Eberle1030.749
* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag – 90%, Au – 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Deadwood: The Deadwood mine is centered on the Queen Vein, approximately 2.1 km south of the Consolidated Mine. The mine consists of seven levels of development where 75,450 tonnes were reportedly mined prior to 1942 grading 4.6 g/t gold and 239 g/t silver. Based on historic production data, significant zones of high-grade mineralization were left underground. Samples collected from the northern extents of the lowermost levels returned grades of up to 2,564 g/t silver equivalent (Table 2)2. Drilling to test the down-dip and along strike potential of the Queen Vein proximal to the Deadwood mine is warranted (Figure 2).

Table 2: Deadwood Mine – Historic Underground Sample Assay Highlights

Sample IDMineAgEq (g/t)Au (g/t )Ag (g/t)
6355Deadwood2,56417.41,199
6356Deadwood2,32216.21,045
6318Deadwood1,20011.0292
6452Deadwood7246.5186
6354Deadwood5063.0277
6334Deadwood4873.5210
6324Deadwood4803.3225
6317Deadwood4693.1232
6338Deadwood4663.0235
6340Deadwood4572.8238
6336Deadwood3902.4202
6323Deadwood3432.2169
6332Deadwood3381.9193
6333Deadwood3381.9193
6321Deadwood3262.4131
6326Deadwood3021.7173
6353Deadwood2391.2149
6312Deadwood2351.4128
6335Deadwood2311.6107
6316Deadwood2251.4113
6319Deadwood1740.2177
33464Deadwood1300.780
6331Deadwood1310.964
6339Deadwood1240.678
6327Deadwood1170.859
33465Deadwood1090.662
* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag – 90%, Au – 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Clifton: The Clifton Adit was driven along the Queen Vein for over 400 m where limited production was recorded. Sampling from along the Clifton Adit, with vein samples every 30 to 50m, support the prospectivity of the Queen Vein between the Consolidated and Eberle mines with samples up to 382 g/t silver equivalent (Table 3)3. Drill testing for mineralization extensions above and below the Clifton Adit is warranted.

Table 3: Clifton Adit – Historic Underground Sample Assay Highlights

Sample IDMineAgEq (g/t)Au (g/t)Ag (g/t)
36556Clifton3823.592
36575Clifton2551.5137
36566Clifton2241.3125
36572Clifton1851.289
36560Clifton1120.846
36557Clifton1000.839
36561Clifton950.738
* Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag – 90%, Au – 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Based on this compilation, targets will be ranked and prioritized for future exploration drill programs. Planning is underway for the next phase of drilling at Mogollon set to commence in late-October. Drill targets will be announced in the coming weeks.

Historic Underground Rock Samples

In total, 87 underground samples with assay data have been compiled and recovered from historic underground plan maps from the Eberle, Deadwood and Clifton mines, centred on the north-south trending Queen Vein (Figure 1). Most of the samples were collected either across or along veins over measured distances. However, sample collection procedures were not documented, and vein widths are often greater than the size of the underground workings. Therefore, all samples are treated herein as grab samples and assumed to be selective in nature. Sampling and geological mapping was conducted at the Eberle mine in 1977 by Challenge Mining1, at the Deadwood mine by Texasgulf in 19812 and at the Clifton Adit by Cordex Syndicate in 19853. These data have been compared to known mining records to confirm the sampled areas were not exploited, either before or after the sampling.

Qualified Person

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.

Technical Disclosure

The reader is cautioned that the historical results from the Queen Vein are based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. The Company considers these historical results relevant as it is using this data as a guide to plan exploration programs. No independent QA/QC protocols are known for these samples and as such analytical results may be unreliable. However, the Company has completed extensive sampling and drilling programs on the Queen Vein both of which show that it is strongly mineralized. The Company’s current and future exploration work includes verification of the historical data through additional sampling and drilling.

About Summa Silver Corp

Summa Silver Corp is a junior mineral exploration company. The Company owns a 100% interest in the Hughes project located in central Nevada and has an option to earn 100% interest in the Mogollon project located in southwestern New Mexico. The high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes project. The Mogollon project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company’s involvement.

Follow Summa Silver on Twitter: @summasilver
LinkedIn: 
https://www.linkedin.com/company/summa-silver-corp/

ON BEHALF OF THE BOARD OF DIRECTORS

“Galen McNamara”
Galen McNamara, Chief Executive Officer
[email protected]
www.summasilver.com

Investor Relations Contact:
Giordy Belfiore
Corporate Development and Investor Relations
604-288-8004
[email protected]
www.summasilver.com

References

1.Challenge Mining Company internal report, 1986
2. Monterey Mining and Oil Corporation internal report, 1975
3. Cordex Syndicate internal level plans, 1985

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