Mr. Greg Crowe reports

SILVER ONE COMPLETES THE 100% ACQUISITION OF ITS PHOENIX SILVER PROJECT IN ARIZONA

Silver One Resources Inc. has exercised its option to acquire a 100-per-cent interest in the high-grade Phoenix silver project, located within the Arizona silver belt.

Highlights of Phoenix silver project:

• Phoenix silver project covers 6,141 hectares along the northern extension of a prolific 30-plus-kilometre-long mineralized trend hosting past and current producing silver and copper mines;
• Permitted for drilling on high-grade silver targets;
• Very high-grade native silver vein fragments, including a 189-kilogram (417-pound) specimen estimated to contain over 70 per cent silver and an 8.5-kilogram (18.7-pound) specimen assaying 459,000 grams per tonne (14,688 ounces per ton) silver.

Greg Crowe, president and chief executive officer of Silver One, commented: "Acquiring a 100-per-cent interest in Phoenix silver represents a rare opportunity in potentially identifying extremely rich silver vein mineralization. Large angular and unabraded vein fragments were detected by metal detectors and uncovered in overburden within a metre of surface. These have been interpreted as being near their original source as silver is very soft and large fragments break apart easily upon transport over even small distances. One vein fragment weighed 189 kg (417 lb) and was estimated by specific gravity methods to contain 70 per cent silver. Assays of smaller fragments returned up to 459,000 grams per tonne (14,688 ounces per ton) silver.

"A drill permit has been secured to test structures believed to be the host to these very high-grade vein fragments (see company news release of March 2, 2023).

"The southern portion of the project also hosts regional trending veins and breccia zones, with several selected samples returning over 1 per cent copper. The property lies to the northeast of Freeport McMoran's copper-producing Miami complex and BHP's Ocelot porphyry copper exploration project. Phoenix silver lies at the northeast margin of a 30-plus-kilometre-long porphyry copper and silver belt, and has excellent potential to host very high-grade silver mineralization, as well as porphyry-related copper mineralization."

To acquire a 100-per-cent interest in the Phoenix silver project, Silver One paid $350,000 (U.S.) and issued 10 million common shares of Silver One over three years to the property vendors. The central portion of the claim block is subject to a 2-per-cent net smelter royalty, which can be purchased for $1.0-million (U.S.).

Qualified person

The technical content of this news release has been reviewed and approved by Robert M. Cann, PGeo, a qualified person as defined by National Instrument 43-101, an independent consultant to the company.

About Silver One Resources Inc.

Silver One is focused on the exploration and development of quality silver projects. The company owns a 100-per-cent interest in its flagship project, the past-producing Candelaria mine located in Nevada. Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production. Additional opportunities lie in previously identified high-grade silver intercepts downdip and potentially increasing the substantive silver mineralization along strike from the two past-producing open pits.

The company has staked 636 lode claims and entered into a lease/purchase agreement to acquire five patented claims on its Cherokee project located in Lincoln county, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 kilometres along strike.

Silver One owns a 100-per-cent interest in the Phoenix silver project. The Phoenix silver project is a very high-grade native silver prospect that lies within the Arizona silver belt, immediately adjacent to the prolific copper-producing area of Globe, Ariz.

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