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Summa Silver Corp
Symbol SSVR
Shares Issued 105,000,000
Close 2023-11-17 C$ 0.42
Market Cap C$ 44,100,000
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Summa Silver plans winter drill program at Mogollon

2023-11-20 12:38 ET - News Release

Mr. Galen McNamara reports

SUMMA SILVER PLANS DRILLING AT THE HIGH-GRADE MOGOLLON SILVER-GOLD PROJECT, NEW MEXICO

Summa Silver Corp. is planning a winter drill program at its Mogollon project near Silver City, N.M. The program is scheduled to begin before the end of November and will consist of 1,500 to 2,000 metres of core drilling across three new targets along the Queen vein.

Key highlights:

  • High-potential targets: Drill holes have been designed to test targets immediately below and along strike from zones of known high-grade mineralization.
  • Surgical approach to continued discovery: The targets are the result of extensive data compilation efforts which have evolved over several years and are designed to maximize ounce-in-the-ground discovery efficiency.
  • Size and scale on the Queen vein: All holes will represent significant stepouts along a strike length of nearly two kilometres on the Queen vein.
  • Drilling highlights from the Queen vein so far:
    • MOG22-05: 448 grams per tonne silver equivalent over 31 metres (129 g/t silver, 3.88 g/t gold);
    • MOG22-10: 640 g/t AgEq over 9.9 m (306 g/t Ag, 4.26 g/t Au);
    • MOG22-16: 433 g/t AgEq over 23.2 m (134 g/t Ag, 3.66 g/t Au).
  • Expanded exploration permit in hand: To accommodate additional drilling platforms, the company has been granted an amendment to the current Part 3 minimal impact exploration permit by the state permitting agency.

Galen McNamara, chief executive officer, stated: "We are now making final preparations to resume exploration drilling at the Mogollon project in New Mexico. The targets for this season have been selected with precision and are designed to test the scale of high-grade silver and gold mineralization present in the Queen vein. Our team very much looks forward to resuming drilling as we press forward within this storied American silver district and special part of rural New Mexico."

Mogollon exploration drill program

The drill program, set to resume in November, is designed to test the silver and gold potential of three zones (South Queen, Eberle and Clifton) along the north-striking Queen vein. The 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, shallow and mineralization is open for expansion.

Three priority drill targets include:

  • South Queen: The South Queen target is centered on the structural intersections between the east-west-trending Last Chance and Anne E veins, and the north-south-trending Queen vein. In this area, the Queen vein consists of two discrete strands both of which have potential to host high-grade mineralization. Drilling will test both strands of the vein with two pierce points per hole expected.
  • Eberle: The Eberle target comprises high-grade extensions of the Eberle mine, centred on the structural intersection between the east-west-trending Maud S vein and the north-south-trending Queen vein. The mine, developed on three levels, produced 10,000 tonnes of ore (pre-1916), where more recent underground channel samples assayed up to 5,173 g/t silver equivalent (see the company's press release dated Sept. 12, 2023). Drilling at Eberle will test for unmined extensions of high-grade silver and gold mineralization near the prospective vein intersection.
  • Clifton: The Clifton target comprises potential zones of high-grade mineralization below the Clifton adit. The adit was driven along the Queen vein for over 400 m where limited production was recorded and historic sampling from along the adit returned grades of up to 382 g/t silver equivalent (see the company's press release dated Sept. 12, 2023). Drilling will test for mineralization extensions proximal to areas of higher-grade mineralization observed in historic samples.

The drill program will consist of 1,500 to 2,000 metres of diamond drilling. A drill contractor is in place and mobilization has begun. Drilling is set to begin November and will continue through February of 2024.

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 junior mineral exploration company. The company owns a 100-per-cent interest in the Hughes project located in central Nevada and 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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