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Summa Silver Corp
Symbol SSVR
Shares Issued 95,723,700
Close 2023-09-12 C$ 0.43
Market Cap C$ 41,161,191
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Summa Silver compiling historical data on Mongollon

2023-09-12 15:51 ET - News Release

Mr. Galen McNamara reports


Summa Silver Corp. has released results from continuing data compilation at the Mogollon project near Silver City, N.M., 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 kilometres of targets have emerged on the Queen vein, where compilation of historic underground sample data from has revealed numerous unmined zones of high-grade mineralization.
  • Highlights include grades up to 5,173 grams per tonne (g/t) silver equivalent (AgEq) (2,398 g/t silver (Ag) and 35.3 g/t gold (Au)) from the Eberle mine, up to 2,564 g/t silver equivalent (1,199 g/t Ag and 17.4 g/t Au) from the Deadwood mine and up to 382 g/t silver equivalent (92 g/t Ag and 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 two kilometres of mineralized zones discussed in this news release represent less than 3 per cent of the cumulative 75 kilometres of prospective vein and structure length known to be present.
  • Preparations for a fall drill program at the Mogollon project are well under way and details will be shared once planning is finalized.
  • The company remains well financed with $7.5-million in working capital.

Silver equivalent is calculated using $20 (U.S.) per ounce (oz) Ag and $1,800 (U.S.) per oz Au, with metallurgical recoveries of Ag of 90 per cent and Au of 95 per cent. AgEq equals (Ag grade times Ag recovery) plus ((Au grade times Au recovery) times (Au price divided by Ag price)).

Galen McNamara, chief executive officer, 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."

Mogollon drill targets

The north-trending Queen vein has been traced on the Mogollon project along strike for over 7.5 kilometres 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 the following.

Eberle: The Eberle mine is centred on the structural intersection between the east-west-trending Maud S vein and the north-south-trending Queen vein. The mine, approximately 1.3 kilometres 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 metres from the northern extent of the lowest level on the Maud S vein, returned grades of up to 5,173 g/t silver equivalent and an average of 1,650 g/t silver equivalent (1). 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 unmined extensions.

Deadwood: The Deadwood mine is centred on the Queen vein, approximately 2.1 kilometres 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 (2). Drilling to test the downdip and along strike potential of the Queen vein proximal to the Deadwood mine is warranted.

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

Based on this compilation, targets will be ranked and prioritized for future exploration drill programs. Planning is under way 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. 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 were conducted at the Eberle mine in 1977 by Challenge Mining (1), at the Deadwood mine by Texasgulf in 1981 (2) and at the Clifton adit by Cordex Syndicate in 1985 (3). These data have been compared with 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, PGeo, the chief executive officer 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 these data as a guide to plan exploration programs. No independent QA/QC (quality assurance/quality control) 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 is a junior mineral exploration company. The company owns a 100-per-cent interest in the Hughes project, located in central Nevada, and has an option to earn a 100-per-cent 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.

(1) Challenge Mining Company internal report, 1986.

(2) Monterey Mining and Oil Corp. internal report, 1975.

(3) Cordex Syndicate internal level plans, 1985.

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