18:57:20 EDT Mon 17 Jun 2024
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Summa Silver Corp
Symbol SSVR
Shares Issued 95,723,700
Close 2023-10-19 C$ 0.425
Market Cap C$ 40,682,573
Recent Sedar Documents

Summa Silver earns 100% interest in Mogollon project

2023-10-19 19:10 ET - News Release

Mr. Galen McNamara reports


Summa Silver Corp. is completing all option payments to Allegiant Gold Ltd. for the Mogollon project near Silver City, New Mexico, to earn 100-per-cent ownership of the project.

Galen McNamara, chief executive officer, stated: "Over the past three years, exploration results from Mogollon have shown that it has the potential to be one of the best silver and gold vein fields remaining in the United States. This is a project that we're very happy to own 100 per cent. The world is now changing rapidly. We strongly believe that in the coming years responsibly tapping domestic sources of metals will be vital to both financial security and the green energy transition. I would like to thank Allegiant for their collaborative approach since we optioned the project in 2020. I'm looking forward to continuing to collaborate closely and welcome them as significant shareholders of the company."

Mogollon project payment

In connection with the option and joint venture agreement dated Aug. 21, 2020, between the company and Allegiant regarding the project, the company intends to issue 8,912,884 common shares at a deemed price of 45.79 cents per consideration share to Allegiant pursuant to the option agreement. Upon issuance of the consideration shares, the company will have satisfied the requirements to exercise the phase two option pursuant to the option agreement and acquire 100-per-cent ownership of the project. The company expects to issue the consideration shares in the coming days. The consideration shares will have a statutory hold period of four months and one day from the date of issuance.

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.

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