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Summa Silver Corp
Symbol SSVR
Shares Issued 66,839,511
Close 2022-05-02 C$ 1.13
Recent Sedar Documents

Summa Silver drills 31 m of 459 g/t AgEq at Mogollon

2022-05-03 10:05 ET - News Release

Mr. Galen McNamara reports

SUMMA SILVER DRILLS 31 M OF 459 G/T SILVER EQUIV. IN 270 M STEP-OUT HOLE AT MOGOLLON, NEW MEXICO

Summa Silver Corp. has released high-grade silver and gold drill results from the Mogollon property near Silver City, N.M.

Key highlights

  • 31.0 metres at 459 grams per tonne silver equivalent* (3.88 g/t gold, 129 g/t silver) including 0.5 m at 6,311 g/t silver equivalent (66.8 g/t Au, 638 g/t Ag) and two m at 1,223 g/t silver equivalent (9.32 g/t Au, 431 g/t Ag) in MOG22-05 where total grade thickness through all mineralization is 14,233 g/t AgEq*m;
  • Aggressive stepout: Hole MOG22-05 is a 270-metre stepout from previously reported MOG22-04 which intersected 11.6 m at 450 g/t silver equivalent (2.7 g/t Au, 220 g/t Ag);
  • Open in all directions: The newly drilled mineralized zone at the Consolidated Extension target remains open to expansion in all directions;
  • Aggressive drill plan: The company anticipates a minimum of 25,000 m of drilling in 50 holes is necessary for a spacing of approximately 50 m between holes covering an area of approximately 500 by 300 m to publish its first resource estimate on this first Mogollon property target;
  • Work just beginning: The Consolidated Extension target represents only 1.5 per cent of the total prospective vein and structure length present on the property. All other prospective areas remain largely unexplored;
  • Drilling to resume at Mogollon: The company is planning to resume drilling at Mogollon within 30 days and after the completion of required continuing wildlife surveys;
  • Drilling ongoing at the Hughes property: The core drilling program at the Hughes property at Tonopah, Nev., continues to be fully operational and assays for five additional holes are pending.

*Silver equivalent (AgEq) based on 85 Ag to one Au at Mogollon, true widths are unknown.

Galen McNamara, chief executive officer of Summa Silver, stated: "With only six holes drilled at Mogollon, and all of them hitting substantial high-grade silver and gold, it is clear we are only in the very early innings here. Hole MOG22-05 is also the strongest hole drilled to date by the company. It already stacks up very favourably when compared to world-class drill results from our much more advanced peers featuring substantially higher market capitalizations. We look forward to continuing to aggressively drill-out this high-grade zone and our Hughes property in Nevada this year."

Assay results

The focus of the Mogollon drill program is testing unmined extensions of the Consolidated mine, centred on the north-trending, epithermal-related Queen vein. Holes MOG22-05 and -06, targeted vein-hosted mineralization along strike to the north and down-plunge to the south from the Consolidated mine stopes. Both holes intersected broad zones (up to 31 m) of epithermal-related alteration, veining and brecciation with locally strong concentrations of silver-gold sulphide mineralization. These results continue to demonstrate the high-grade nature of the Queen vein and also the strong grade continuity along the vein and within the complex broad vein system.

Assay results from drill holes MOG22-05 and -06 are reported in the table included.

Hole MOG22-05 intersected 459 g/t silver equivalent over 31 m from 291 m down hole including higher grade subintervals of 1,903 g/t AgEq over 1.8 m including 6,311 g/t AgEq over 0.5 m from 291 m down hole and 1,223 g/t AgEq over two m from 319 m down hole. The thickness of this high-grade zone confirms the substantial strength of the epithermal-related mineralizing system surrounding the Consolidated mine.

Hole MOG22-06 intersected 200 g/t AgEq over 10.4 m from 358.1 m down hole. This is the deepest hole testing the extensions of the Consolidated mine drilled by the company to date. It confirms a depth extent of mineralization beginning at surface, as marked by the presence of historic stopes, and continuing to a depth of at least 425 m where it remains open to continued expansion.

 
                                      ASSAY RESULTS 

Drill hole  From (m)  To (m)  Length (m) Au (g/t) Ag (g/t) AgEq* (g/t) Grade thickness (AgEq x m)

MOG22-05      291.0   322.0        31.0     3.88      129         459                     14,223          
Including     291.0   292.8         1.8     19.8      220       1,903                          
Including     292.3   292.8         0.5     66.8      638       6,311                          
Including     319.0   321.0         2.0     9.32      431       1,223                          
MOG22-06      358.1   368.6        10.4     1.25       94         200                      2,777           
And           372.1   373.7         1.6     0.60       44          95                          
And           378.2   382.0         3.8     1.03       54         142                          

Note: AgEq based on 85 (Ag) to one (Au), true widths are not yet known. Reported intervals are 
based on a 100 g/t AgEq cut-off grade. Metal recoveries are assumed to be 100 per cent.

Using cumulative grade thickness as a proxy for the tenure of mineralization and also for modelling the presence of plunging high-grade shoots, these holes continue to confirm the considerable exploration potential along strike and down-dip surrounding the Consolidated mine.

The Queen vein system consists of a hanging wall of silicified and brecciated andesite and rhyolite cut by zones of colloform-banded chalcedonic quartz veins increasing in frequency with depth toward the Queen vein. The Queen vein is highly complex with strong textural evidence for multiple epithermal-related fluid events that formed calcite and quartz veins, quartz-rich breccias with bladed quartz, colloform banding, and local silver and gold-bearing sulphides. The footwall to the Queen vein system consists of intensely silicified and brecciated andesite with locally abundant silver and gold-bearing sulphides as disseminations and banded within chalcedony-rich veins. Drill holes on 50 to 100 m centres are designed to systematically test the lateral and vertical continuity of mineralization over a strike length of approximately 500 m and near-vertical, down-dip extent of over 300 m beginning at approximately 130 m below surface.

Analytical and quality assurance/quality control procedures

Drill core was sawn in half at Summa's core logging and processing facilities at the Mogollon property. Samples were sent to Paragon Geochemical Laboratories in Sparks, Nev., for preparation and analysis. Paragon meets all requirements of the International Accreditation Service AC89 and demonstrates compliance with ISO/IEC Standard 17025:2017 for analytical procedures. Samples were analyzed for gold via fire assay with an AA finish and silver via atomic emission spectroscopy after four-acid digestion. Samples that assayed over eight parts per million Au were rerun via fire assay with a gravimetric finish. Samples that assayed over 100 ppm silver were rerun via fire assay for Ag with a gravimetric finish. In addition to ALS quality assurance/quality control protocols, Summa Silver implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and certified reference materials at systematic and random points in the sample stream.

Qualified person

The technical content of this news release has been reviewed and approved by Mr. McNamara, PGeo, the CEO of the company and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp.

Summa Silver is a Canadian junior mineral exploration company. The company owns a 100-per-cent interest in the Hughes property located in central Nevada and has an option to earn 100-per-cent 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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