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Summa Silver Corp
Symbol SSVR
Shares Issued 105,000,000
Close 2023-12-06 C$ 0.56
Market Cap C$ 58,800,000
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Summa Silver drills three m of 392 g/t AgEq at Hughes

2023-12-07 11:14 ET - News Release

Mr. Galen McNamara reports


Summa Silver Corp. has discovered a new high-grade vein zone in final assay results from the recently completed drill program at the Hughes project in Nevada. In addition, the company has commenced its drill program at the Mogollon project in New Mexico. Approximately 2,000 metres of drilling is planned across three new targets along the Queen vein at the Mogollon project.

Hughes project discovery highlights:

  • 392 grams per tonne silver equivalent* over three m (3.04 g/t gold, 147 g/t silver) in a newly discovered vein-zone approximately 650 m east of the Ruby zone in hole SUM23-60;
  • Eastern extension of the Tonopah mining district: Three new discoveries were made in 2023 between 1.5 kilimetres and 4.7 km along strike from the historic Tonopah mining district;
  • New zones open for expansion: All new zones are open in all directions and require stepout drilling over a total trend length of 6.5 km.

Mogollon project drill program highlights:

  • High-potential targets: Drill holes have been designed to test targets immediately below and along strike from zones of shallow high-grade mineralization;
  • Size and scale on the Queen vein: All holes will represent significant stepouts along a strike length of nearly two km on the Queen vein;
  • Drilling highlights from the Queen vein:
    • MOG22-05: 448 g/t AgEq* over 31 m (129 g/t Ag, 3.88 g/t Au);
    • 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).

*Silver equivalent is calculated using $20 (U.S.)/ounce Ag, $1,800 (U.S.)/oz Au with metallurgical recoveries of Ag -- 90 per cent, Au -- 95 per cent.

Galen McNamara, chief executive officer, stated: "At Hughes, we have made three new vein discoveries in only six exploration holes in 2023. High-grade silver and gold zones which are open in all directions have now been intersected up to 4.7 km east along strike from the Tonopah mining district, one of the most prolific historic silver camps in the United States. With this in mind, we will approach additional discovery aggressively and with high conviction for future success. At Mogollon, our approach to discovery for this program will be marked by a series of aggressive yet precisely planned drill holes guided by our ever-increasing understanding of high-grade shoots in the Queen vein. We look forward to sharing results as they become available."

Completed Hughes drill program

The recently completed exploration drill program at Hughes project consisted of reverse circulation (RC) and diamond drilling across five previously undrilled epithermal vein targets, all located east and northeast of the historic Tonopah mining district. The purpose of the reconnaissance-style drill program was to test for epithermal-related veins and vein-sets along trend to the east from the Ruby discovery and to define the eastern extension of the district. Three new vein discoveries have so far been made.

Recently completed SUM23-60 consisted of 335 m of RC precollar followed by 454 m of diamond core tail to a final depth of 790 m. From near the top of the hole, SUM23-60 intersected favourable Mizpah formation andesite characterized by broad zones of pyrite-rich, phyllic alteration with local zones of pervasive clay/silca alteration with metre-scale quartz-rich breccias and vein-sets. The hole bottomed in Tonopah formation felsic rocks with local zones of clay alteration. The hole intersected over 500 m of strong and locally pervasive epithermal-related hydrothermal alteration with elevated pathfinder element geochemistry (such as arensic and antimony) highlighted by local intervals of silver- and gold-bearing veins in metre-scale quartz rich breccias and veins. An upper zone of 392 g/t silver equivalent* (three g/t Au, 147 g/t Ag) over three m from 323.2 m down hole demonstrates the mineralization potential of the greater Ruby target as this zone is approximately 300 m above the favourable Ruby horizon, defined approximately 650 m to the west. Further drilling across the unconstrained Ruby area is warranted to define the structural controls and mineralization potential of the area.

Commencement of Mogollon drill program

The Mogollon drill program is designed to systematically test the high-grade mineralization potential of new targets located along the Queen vein. The winter drill program will now consist of significant stepout holes along an approximately two km strike length, south of the Consolidated target. Three targets have been prioritized and are proximal to historic, small-scale underground mines where mineralization is open for expansion. Targets include South Queen, Eberle and Clifton. The drill is currently on hole MOG23-20, testing the South Queen target.

Analytical and quality assurance/quality control procedures

Drill core and RC chip 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 atomic absorption finish (Au-AA30) and samples that assayed over eight parts per million were rerun via fire assay with a gravimetric finish (Au-GR30). Silver and trace elements were analyzed via inductively coupled plasma mass spectroscopy after four-acid digestion (49MA-MS). Samples that assayed over 100 ppm Ag were rerun via fire assay for Ag with a gravimetric finish (Ag-GR30). In addition to Paragon quality assurance/quality control protocols, Summa 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.

Corporate update

The company has approved the grant of 2,305,000 incentive stock options to certain officers, directors, employees and consultants of the company. The options vest over a two-year period following the grant date, are exercisable at a price of 62 cents and expire on Dec. 6, 2028.

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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